{"id":777016386,"date":"2024-06-13T09:40:42","date_gmt":"2024-06-13T12:40:42","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777016386"},"modified":"2026-04-22T09:12:05","modified_gmt":"2026-04-22T12:12:05","slug":"new-silkroad-to-sell-majority-stake-in-jeju-casino","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/new-silkroad-to-sell-majority-stake-in-jeju-casino","title":{"rendered":"New Silkroad to sell majority stake in Jeju casino"},"content":{"rendered":"\n

New Silkroad Culturaltainment has sold a 72 per cent stake in its subsidiary MegaLuck Company.<\/p>\n\n\n\n\n\n\n\n

South Korea.- New Silkroad Culturaltainment Limited<\/strong> has announced through a company filing that it has reached an agreement <\/strong>to sell 72 per cent of its stake in the MegaLuck Casino <\/strong>at KAL Hotel on Jeju island for KRW5bn (US$3.6m) to mitigate its losses. The buyer is Yu Cheng Kuo<\/strong>, who currently holds a 7 per cent stake in MegaLuck and is an independent third party in New Silkroad Culturaltainment.<\/p>\n\n\n\n

The payment will be in three instalments. The first instalment of KRW0.5bn (US$363,172) will be made within 10 business days of signing the agreement, with a second instalment of KRW2.25bn (US$1.6m) due by December 20 and a third of the same amount by June 30, 2025.<\/p>\n\n\n\n

The company said the agreed price\u00a0was determined following an independent valuation. New Silkroad Culturaltainment Limited said the sale stems from a strategic shift to mitigate losses in the entertainment segment, with the proceeds, estimated at HK$26m (US$3.3m), to be reinvested to enhance the group\u2019s cash flow and working capital.<\/p>\n\n\n\n

It said it had incurred losses in its entertainment business of HK$283m (US$36,2m), HK$12m (US$1.5m) and HK$65m (US$8.3m) in each of the past three financial years.<\/p>\n\n\n\n

See also: <\/strong>South Korean casino revenue up 40.7% in 2023<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New Silkroad Culturaltainment has sold a 72 per cent stake in its subsidiary MegaLuck Company.<\/p>\n","protected":false},"author":176,"featured_media":777006346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"New Silkroad Culturaltainment has divested a 72% stake in its MegaLuck Casino subsidiary on Jeju Island, South Korea, to Yu Cheng Kuo for KRW5bn. This strategic transaction aims to mitigate persistent losses within its entertainment segment and reallocate capital to enhance the group's cash flow and working capital. The sale follows an independent valuation, with proceeds estimated at HK$26m.","focusai_entities":"New Silkroad Culturaltainment, MegaLuck Company, MegaLuck Casino, Yu Cheng Kuo, KAL Hotel","focusai_location":"South Korea, Jeju island","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"New Silkroad Strategy?","query":"What is the long-term strategic outlook for New Silkroad Culturaltainment's remaining entertainment assets post-divestment, and how does this align with their core business objectives?"},{"label":"Financial Impact?","query":"How will this divestment impact New Silkroad Culturaltainment's consolidated financial statements, specifically its GGR, NGR, and EBITDA margins, for the upcoming fiscal periods?"}],"footnotes":""},"categories":[157,16338],"tags":[23907],"class_list":["post-777016386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777016386"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016386\/revisions"}],"predecessor-version":[{"id":777016422,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777016386\/revisions\/777016422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777006346"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777016386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777016386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777016386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}