Hong Kong-listed property developer Landing International hopes to expand and diversify its gambling operations to other markets. Its first stop? The UK.
Landing International Development Ltd. has won a bid to acquire UK casino operator Les Ambassadeurs Club Ltd. for £137 million ($207.4 million).
The acquisition, which will be funded by internal resources and debt financing, is Landing’s business breakthrough beyond Asia, says its chairman Yang Zhihui.
Les Ambassadeurs Casino Resorts operates 45 gaming tables offering a variety of games, such as roulette, baccarat, blackjack and three-card poker. According to Twinwood, Les Ambassadeurs’s parent company, the casino resort had a 36% share of the high-end gaming market in terms of casino drop and approximately 27% in terms of attendance.
In a filing with the Hong Kong Stock Exchange (HKEx), Landing said that the resort casino’s rolling chip turnover for the 10 months to October 31 was approximately £2.22 billion. Gaming revenue in the first 10 months of 2015 was nearly £16.44 million. Revenue for full-year 2014 was nearly £104.88 million.
Our management believes that now is the right time to expand and diversify its gambling operations to other markets by investing in a casino with a recognizable brand name, such as Les Ambassadeurs Club and Casino,” said Yang. “This acquisition will allow us to increase investment and increase the presence in the gaming industry for further growth in key financial indicators of the company.”
Myth-History Park obtains multiple tax relief in Jeju
In another filing to HKEx, Landing also announced that its project its Jeju project Myth-History Park has been designated as “Foreign Investment Zone.”
Meaning the development will enjoy 100% exemption on corporation income tax, with a 50% reduction on such tax for a subsequent two years. The project will also receive 100% exemption from customs duties, individual consumption tax and value added tax – as applied to capital goods – for five years; and a 100% exemption from acquisition tax and property tax for a period of 15 years.
The project is expected to enjoy the tax benefits from January 1, 2016 after the completion of several filing and approval. The entire development is expected to be completed by 2019.
