Landing takes 100 percent ownership of Jeju project

Hong Kong-listed Landing International Development has announced it is now the sole owner of the foreigner-only casino project in Jeju, South Korea.

In December, the company announced it was planning to take the remaining share of Jeju Shinhwa World project, previously known as Resorts World Jeju after Genting announced its exit from the project.

At the time, Genting Singapore’s subsidiary Algona Pte. Ltd. entered into a conditional sale and purchase agreement with Landing International Development Ltd. to dispose of its 100 percent interest in Callisto Business Ltd. for a consideration of approximately US$420 million.

Callisto’s subsidiary owns 50 percent of Landing Jeju Development Co., Ltd, the company developing an integrated resort in Jeju Korea.

In a recent filing from Landing International Development, the Callisto and Autumnglow acquisition took place on January 3, 2017.

“The Company is now the sole legal and beneficial owner of the entire issued share capital of each of Callisto and Autumnglow and wholly owns the Jeju Project,” said the company.