Hong Kong-listed casino investor Landing International Development Ltd. has okayed the sale of its upmarket gaming venue in the United Kingdom.
In a regulatory filing, Landing announced that has put the Les Ambassadeurs Club and Casino on sale for a total consideration of HK$2.5 billion (US$320.16 million) in order to enhance the Company’s cash flow and to allow it to focus its resources on developing Jeju Shinhwa World in South Korea’s Jeju Island.
According to media reports, Les Ambassadeurs Club was purchased by a certain Paul Suen Cho Hung, a Hong Kong investor who acquired English football club Birmingham City last year.
Landing says the sale signals its pivot toward the emerging markets in Southeast Asian regions.
“The leisure and entertainment industry in Southeast Asian markets has high potentials with ample business opportunities. The vibrant economy in the region has created an affluent of tourists demanding for high-quality leisure and entertainment experience to visit world-class tourism destinations in various regions,” Dr. Yang Zhihui, Chairman and Executive Director of Landing International Development Limited. “We are looking for opportunities to diversify into emerging markets in Southeast Asia by investing in projects with high growth potential and favorable investment terms, including seeking out opportunities in the Philippines, so as to establish “Landing” into a renowned leisure and entertainment brand.”
Les Ambassadeurs Club operates pursuant to a casino premises license issued under the Gambling Act 2005 by the City of Westminster. The Club provides 45 gaming tables offering a variety of games including American roulette, baccarat, blackjack and three card poker.
Landing acquired Les Ambassadeurs Club for approximately HK$1.48 billion in April 2016. Les Ambassadeurs posted revenue of HKD427.9 million ($54.8 million) in the first half of 2017.
“While [Les Ambassedeurs] performed well in 2016 and the first half of 2017, the directors consider that this opportunity to divest… of the [property] is in line with the company’s latest business focus and represents a good return for the shareholders,” the company said.