Landing International amends use of share sale proceeds

Chinese property developer Landing International, which is building a $2.2 billion integrated resort on South Korea’s Jeju Island with Genting Singapore, said it’s amending how it plans to allocate some HK$600 million ($77.4 million) raised through a share sale.

The company will now use some $320 million of the amount raised to develop the Jeju resort. It will use $125 million for the casino business, it said in a filing with the Hong Kong Stock Exchange.

The two companies in June said they were delaying ground breaking on the project until the third quarter of this year. The resort is targeted mainly at Chinese gamblers.

The casino, open only to foreigners, will have 800 tables, including 200 for high-stakes gamblers. It will be built on a site with an area of 2.3 million square meters (25 million square feet) and will have a theme park, a mall, luxury apartments and three hotels with 2,800 rooms, Landing said.

The Chinese company also recently paid HK$876 million to the gaming business at the Hyatt Regency on the island.

 

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