Landing Buys Genting’s Share of Jeju
Genting Singapore has sold it share in the US$1.8bn Resorts World Jeju integrated casino project destined for Jeju Island in South Korea
Landing International takes over Genting’s Resorts World Jeju project in South Korea, acquiring full rights to the resort development for US$420m
SOUTH KOREA CASINO OPERATIONS
Genting Singapore has sold it share in the US$1.8bn Resorts World Jeju integrated casino project destined for Jeju Island in South Korea to its long-term partner in the project, Landing International, for $420m. No announcement has yet be made on whether the project will retain its original name of Resorts World Jeju, which is a brand owned and developed by Genting.
Te deal has been completed through Genting Singapore subsidiary Algona Private Limited who has sold its 100 per cent share in Callisto Business Limited to Landing.
Callisto Business owned 50 per cent of Landing Jeju Development Company Limited, which is developing Resorts World Jeju. Genting said it was selling its interests in the project to concentrate on its casino in Singapore and also to keep funds reserved for potential gaming developments in Japan. It revealed the deal represented a ‘modest gain’ with its total investment in Callisto Business Limited amounting to $380.76m.
Landing International currently owns and operates two gaming clubs, namely Les Ambassadeurs Club in London, United Kingdom and Landing Casino in Jeju.
Landing Casino is a distinguished gaming club located in the five-star Hyatt Regency Jeju Hotel in Jeju, Korea. It offers its customers an exquisitely decorated gaming floor and several
PAGCOR confirms 25 online gaming licences will be issued
Philippines
PAGCOR, the Philippine Amusement and Gaming Corporation, has confirmed it will offer 25 online gaming licenses in its first batch with 76 companies so far registering their interest.
Chairman and Chief Executive Officer Andrea Domingo said the first licence would only run for a year with the first three to six months allowing PAGCOR time to study online gaming activity.
Te licensees will be entitled
themed gaming salons. Landing confirmed: “Te company has conditionally agreed to acquire and Algona has conditionally agreed to sell, the sale shares at a consideration of USD380,760,000, representing the entire issued share capital of Callisto, which, through its direct wholly owned subsidiary, HBL, owns 50 per cent of the issued share capital of Landing Jeju. Autumnglow is currently a 50 per cent indirectly owned associate of the Company and has been established by the Group and Genting Singapore for managing and operating the hotel establishment within the Jeju Project.”
Resorts World Jeju will be one of South Korea’s largest integrated resorts, spanning across a land area of approximately 2.5 million sq.m. Slated to open progressively from 2017, RWJ will house Jeju’s largest family theme park offering more than 20 rides and attractions in 7 different zones themed after myths and legends from all over the world; Jeju’s largest adventure waterpark and one of Korea’s most exciting themed retail and food complexes. Its premium hotels will have more than 2,000 rooms, boasting luxury villas, Jeju Island’s first six-star hotel and a destination spa. Te hotels are equipped with full meeting and conference facilities that are suitable for hosting regional and international meetings, incentives, conventions and events (MICE). In addition, there will be gaming entertainment; cultural facilities, leisure and entertainment amenities.Te development is expected to be completed by 2019.
Philippine offshore gaming operators and will be allowed to offer casino games through the Internet to foreigners aged over 21 years who are based abroad. Foreigners staying in the Philippines and Filipinos residing abroad will not be permitted to play.
Online casino applications have cost $50,000 whilst applications for sports betting have cost $40,000. Successful applicants must then pay $200,000 for an e-casino license and $150,000 for a sports betting license.
PhilWeb Corp, whose licence to operate e-games wasn’t renewed in the build up to the new legislation being released is confident that it will be
awarded one of the initial licences.
New PhilWeb Chaiman Gregorio Araneta. Said that regaining a licence from PAGCOR was ‘already in progress’ with a relaunch expected before the end of 2016, allowing its 5,000 employees to go back to work.
PAGCOR has just announced that the first nine months of the year generated P35.22bn in revenues, marking a 9.81 per cent increase, up from P32.07bn for the period last year.
Revenue from gaming operations increased by 17 per cent to P38.13bn for the year so far to the end of September.
NEPAL – Silver Heritage has confirmed that Tiger Palace Resort, Bhairahawa, will open in Nepal, close to the border in India in February 2017. In a construction update, the operator said that Mechanical, Electrical, and Plumbing works were 90 per cent complete and that an interior fit out was 65 per cent complete. nternal brickwork and roofing of the hotel is 98 per cent complete. The 100,000m. sq. project will boast 100 five-star hotel rooms, a spa, tennis courts, gym, conference hall, meeting rooms, wedding facilities, six F&B outlets, retail and a 2,471m. sq. casino with 52 tables and 200 electronic gaming machines. In the update, Silver Heritage added that its research highlighted a target market of 15.5m middle and upper class Indians within a six-hour drive along with 215m people in the bordering state in India.
The first phase of the project will cost US$40m. Silver Heritage has appointed Enrico Dovadola, formerly VP Casino Operations at MGM Macau, VP Table Games at Melco-Crown, and most recently Director of Gaming Operations at Grand Ho Tram in Vietnam, to the position of Casino Manager for Tiger Palace Resort Bhairahawa. He has over 18 years of casino operations experience in senior management roles at Casino Resorts in Australia, Macau, and Vietnam and brings a wealth of knowledge and experience to Silver Heritage Group. Mr. Dovadola will be responsible for the planning, set up, training, pre-operations and execution of all facets of casino operations at Tiger Palace Resort Bhairahawa in his role as Casino Manager.
CHINA – Poker Games Interactive LLC and LT Game, a subsidiary of Paradise Entertainment, have entered into a Macau distribution agreement to create video poker games for LT Game’s Live Multiple Game System which has live dealers, supports multiple tables and has a terminal-based multi-game selection system in Macau market.
Dragon Tail Poker is a new five card video poker game that allows players to place bets on extra replacement cards to increase their odds of a winning hand. This new gameplay is based on Poker Game Interactive LLC’s patent on game technique and uses a touch screen design made specifically for the LT Game LMG System.
“Poker Games Interactive is bringing us a unique new way to play video poker” says Jay Chun, Chairman and Managing Director of Paradise Entertainment Limited. “LT Game is always trying our best to keep introducing new games and technologies to casino operators. We are excited to introduce this video poker demo on our LMG System and expect these games to complement our existing baccarat games as we grow the availability of our Stadiums setup in Macau.”
NEWSWIRE / INTERACTIVE /
247.COM P27 ASIA & OCEANIA
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