Landing International to sell Les Ambassadeurs
The Hong Kong-listed Landing International has announced that they will be selling their London-based Les Ambassadeurs club and casino in order to refocus their gaze on the emerging Southeast Asian markets.
Ambassadeurs is currently on sale for HK$2.5b (£240m). The money that Landing Holdings will receive represents a large return on the company’s investment and allows for larger divestment into the Jeju Shinhwa World project.
Les Ambassadeurs is situated in Mayfair where it has been operated by Landing International since the start of 2016 when they purchased it for £137m.
Dr. Yang Zhihui, Chairman and Executive Director of Landing International said: “The group estimates that it will record a gain before tax and consideration of other transaction costs of approximately HK$500,000,000 from the disposal, representing a return on investment of approximately 30–35% expressed as the ratio of estimated gain over initial acquisition consideration.”
Landing International is currently focused on their Jeju Shinhwa World development in South Korea which has taken precedent over their European operations. The entire development is expected to be completed by 2020 with over 2,000 hotel rooms and 1,500 apartments with its focal point being a large casino.
Landing International is currently planning to move their casino into the development increasing its size sevenfold.
In the company’s announcement they stressed that they will continue to focus on the gaming industry.
Dr. Zhihui, added: “The leisure and entertainment industry in Southeast Asian markets has high potential with ample business opportunities. The vibrant economy in the region has created an inflow of tourists demanding high-quality leisure and entertainment experiences and to visit world-class tourism destinations in various regions.“
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