2019_47_trustly.gif
2019_47_trustly.gif
2019_47_trustly.gif
CLOSE
× Gambling News In-Depth iGaming Calendar Connections GI Friday Trafficology GI Magazine GGA 2019 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
2019_42_enteractive.gif
GI FRIDAY: WEEKLY NEWSLETTER
THE GI HUDDLE PODCAST
NEW! #006 - LISTEN NOW
Gaming Industry Conferences (22:37)
#005 - LISTEN NOW
The role of gambling media (27:11)
#004 - LISTEN NOW
What is the role of a Gambling regulator? (29:09)
#003
The Future of Gambling Sponsorship in Sport (30:50)
ANALYSIS
MUST READ
IN-DEPTH 15 November 2019
The customer is always right
READ MORE
PREMIUM CONNECTIONS