Landing International completes purchase of Jeju Hyatt gaming business

Landing International said it has completed the acquisition of the gaming business at the Hyatt Regency on South Korea’s Jeju Island for HK876 million ($113 million).
The hotel was operated under the trade name of Beluga Ocean Casino.
The company will issue a total of 1,459,854,014 shares at HK$0.6 each to pay for the transaction.
"We are excited to complete the acquisition of the gaming business and obtain one of the eight casino licenses granted by the Government of Jeju Island, Korea, enabling the Group to start our gaming and entertainment business immediately,” Landing chairman Yang Zhihui, said. “By settling our payment with consideration shares, we can retain sufficient cash for future business use and seek other investment opportunities."
Landing is also building a luxury resort with Genting Singapore, the operator of Singapore’s Resorts World Sentosa, on the Korean island.
The two announced plans for a $2.2 billion integrated resort in Jeju in February. The casino, open only to foreigners, will have 800 tables, including 200 for high-stakes gamblers, Yang said at the time.
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.