Yesterday, Landing International Development Ltd., a Chinese investment holding company, announced in a special filing that it will operate a new gambling venue in South Korea. It has been estimated that the project would cost the company the amount of HK$868.7 million or US$112 million.
Landing is to purchase Wealth Seed Group Ltd., that currently operates the gambling venue in question. The so-called Alpensia casino is part of the Holiday Inn Resort in the Pyeongchang county. At present, only foreigners can enter the premises of the venue.
Pyeongchang is known to be the host of the 2018 Winter Olympics.
At first, Landing International will deposit the amount of HK$210 million and 3.6 billion in shares to Jumbo Prize Ltd. These shares are about 16.29% of the company’s entire capital. The deal is expected to be finalized by the end of February, 2015.
According to Landing International’s filing, the Alpensia casino offers sixteen gaming tables. Of those, nine are intended for baccarat. What is more, a total of forty-two slot machines are also available to visitors. The venue’s new operator plans to increase the number of facilities to seventy gaming tables.
Landing International’s filing also pointed to the fact that the company has been interested in expanding its investments in Korea since the end of 2013. The gaming operator considers its new project to be an excellent opportunity to consolidate its presence on local market.
Landing International believes that the company will only benefit from the location of its new venue. The 2018 Winter Olympics will certainly bring more visitors and the profits are expected to increase significantly.
Currenlty, Landing International is patronizing two more gambling-related projects on the territory of South Korea.
The holding works in a collaboration with Genting Singapore PLC on a US$2.2-billion complex on the Jeju Island, which is planned to offer various casino and accommodation options to visitors. The construction of the facility is expected to start in the second half of 2015.
What is more, Landing International works with Genting Hong Kong Ltd. on a joint venture. The two companies are to take over the reigns of Hyatt Regency Jeju Hotel’s casino, which has already been established. It is important to note that this venue too is intended for foreign visitors only.
Residents of South Korea are not allowed access to local casinos, except for that at Kangwon Land.
As it was announced earlier this year, South Korean government promised to stimulate the growth of the gambling industry in the country and to work with operators, so as for more Chinese tourists to be attracted to the country and the gambling opportunities it offers.
Since April, 2014, the Yangyang Airport and the Jeju Airport are the two entry points where Chinese citizens can enter South Korea without visas. That is, a group of at least three tourists from China can stay in the country for no more than 72 hours and they do not need visas.
