Landing Now Wholly Owns Former Korean Site

Sat, Jan 7, 2017

Landing International Development has announced it is now the sole owner of the foreigners-only casino project Jeju Shinwa World (l.) in South Korea. The property was originally planned as a Genting Resorts World.

Deal closed January 3

Hong Kong-listed Landing International Development Ltd. has acquired the remaining shares of a casino resort project planned for South Korea. Landing International now “wholly owns the Jeju Project,” said the company.

The project, now called Jeju Shinhwa World, was originally conceived as Resorts World Jeju until Malaysian casino operator Genting withdrew from the project, according to the Asia Gaming Brief.

Last month, Genting Singapore’s subsidiary Algona Pte. Ltd. agreed with Landing International to sell its 100 percent interest in Callisto Business Ltd. for US$420 million. Callisto’s subsidiary owns 50 percent of Landing Jeju Development Co. Ltd., the company developing the integrated resort.

In a recent filing from Landing International Development, the Callisto and Autumnglow acquisition was closed on January 3.

“The company is now the sole legal and beneficial owner of the entire issued share capital of each of Callisto and Autumnglow and wholly owns the Jeju Project,” said the company.

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