Landing Intl. seeks approval for London casino acquisition

HK-listed Landing International Development Ltd will soon seek shareholder approval for the acquisition of Les Ambassadeurs Club Ltd. during a special general meeting held in April.

In December, Landing International announced it struck a deal to acquire all the shares of the London-based luxury casino for GBP 137 million (US$192.7 million), subject to shareholder approval.

According to the filing from Landing International, the London based luxury casino currently operates 45 table games, with historical strength in European and Middle Eastern high-roller customers. In recent years, emphasis has been placed in expanding its Asian customer base.

“Moving forward, the Target Company will continue to expand and focus on the Chinese markets for high-rollers.”

Les Ambassadeurs Club reported operating profit of approximately GBP 3.5 million in 2015, a 83 percent decline compared to 2014, according to the filing from Landing International.

The casino group says the acquisition “represents a unique and good investment opportunity that allows the Company to step up its investment and presence in the gaming industry and to enhance the future earning capability and potential of the Group.”

The special general meeting to decide upon the acquisition is scheduled for April 27, said the filing.