Landing to sell London casino
Landing revealed that it will sell Les Ambassadeurs club casino to focus on Southeast Asian markets.
UK.- Hong-Kong listed Landing International revealed that the company will sell the London-based club casino Les Ambassadeurs. The firm will focus on emerging Southeast Asian markets. Landing started operating the facility in 2016.
The casino club is currently on sale for £240 million, which is a similar amount to what Landing International paid during the first months of 2016 with it was purchased for £137 million. Chairman and Executive Director of Landing International, Dr. Yang Zhihui, said: “The group estimates that it will record a gain before tax and consideration of other transaction costs of approximately £48 million from the disposal, representing a return on investment of approximately 30 to 35 percent expressed as the ratio of estimated gain over initial acquisition consideration.”
The company is focusing on Jeju Shinhwa World in South Korea, expected to be completed in three years with more than 2000 hotel rooms and 1500 apartments and the spotlight under the large casino.
“The leisure and entertainment industry in Southeast Asian markets has high potential with ample business opportunities. The vibrant economy in the region has created an inflow of tourists demanding high-quality leisure and entertainment experiences and to visit world-class tourism destinations in various regions,” Zhihui added.
