Jeju gaming hall renamed MegaLuck
Hong Kong-listed New Silkroad Culturaltainment, which owns a majority share of a foreigners-only casino on Jeju Island in South Korea, sold only 36.74 percent of shares it announced for sale last October. As a result, in December its own controlling stockholder acquired the remaining open-offer shares, reported GGRAsia.
New Silkroad hoped to gross HKD1.47 billion (US$190 million) through the open offer confirmed on December 13. It planned to issue not less than 916 million offer shares at HKD1.60 per share on the basis of two shares for every five shares held in the company. Only 336 million shares were sold, mostly to Macrolink International Land Ltd. Macrolink then bought the remaining shares. Both companies are subsidiaries of Macrolink Culturaltainment Development Co Ltd.
New Silkroad issued a press release earlier this month saying the Jeju casino, which operates out of the Jeju KAL Hotel, has been renamed MegaLuck. It includes one roulette table, two blackjack tables, 25 baccarat tables and 24 electronic gaming machines.
“The renaming signifies the success of the new management in consolidating the existing casino business, and grasping the opportunities brought about by the rapid development of gaming and tourism in Jeju,” said the firm in a statement. It now controls 72 percent of an entity called MegaLuck Co. Ltd., which owns the gaming license.
The company said Lawrence Ho’s Melco International “will provide planning, development and implementation advisory services for the new casino, as well as the preparation and marketing events for the casino’s commercial launch.”
