× Gambling News In-Depth iGaming Calendar Gaming Stocks Connections GI Friday Trafficology GI Magazine GGA 2017 AffiliateCon
NEWS 12 October 2017
Landing International finalises sale of London casino
By Manuel Marti
The Hong Kong-listed Landing International has announced this week it has completed the sale of its London venue Les Ambassadeurs Club and Casino.

The transaction, which took place 11 October, has been tagged at HKD2.5bn (US$320.3m), according to a firm statement.

“All conditions precedent of the disposal agreement have been fulfilled and the completion took place on 11 October 2017,” said Landing International in a filing.

Les Ambassadeurs is situated in Mayfair where it has been operated by Landing International since the start of 2016 when they purchased it for £131m ($173.5m).

After the sale, the casino investor stated it would record a gain before tax of approximately HKD500m ($64m) from the disposal, representing ‘a return on investment of approximately 30%to 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, and this move will ‘strengthen the group’s cash flow and working capital position’. 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.
RELATED TAGS: Land-Based | Casino | Financial
DISCUSS THIS ARTICLE
IN-DEPTH 17 October 2017
A sweet sixteen
It’s been 16 years since Sportradar Founder and CEO Carsten Koerl launched the sports data and digital content business. Gambling Insider got an insight into both his tenure and key developments in the sports betting industry that have shaped their offering
READ MORE
PREMIUM CONNECTIONS