Agreement expired in February
Hong Kong-listed Landing International Development, based in Mainland China, has ended negotiations to acquire the foreigners-only Alpensia Casino at Holiday Inn Resort in Pyeongchang, South Korea, the company has announced.
“Some of the conditions set out in the … sale and purchase agreement had not been satisfied or waived and no extension of the long stop date had been agreed; hence, the sale and purchase agreement lapsed on 28 February 2015,” the company said in a filing reported in GGRAsia.
In December, the firm agreed to pay HKD868.7 million (US$112 million) to buy Wealth Seed Group Ltd., which operates Alpensia. Landing had planned to expand the casino from 16 to 70 gaming tables.
Alpensia will be the leading venue for the 2018 Winter Olympics and Winter Paralympics, GGRAsia reported. Pyeongchang, in the country’s Kangwon Province, will host the Winter Olympics in February 2018.
Landing International has two additional casino investments in South Korea, both in partnership with subsidiaries of Malaysian casino giant Genting Bhd. With Genting Hong Kong Ltd., the company runs a foreigners-only casino at Hyatt Regency Jeju. It has partnered with Genting Singapore Plc. to build a US$1.8 billion casino resort on Jeju Island. That project broke ground February 12, and will open in phases from 2017 through 2019.
