South Korea – Landing looks to move Hyatt Regency casino licence to Jeju Shinhwa WorldBy Phil - 31 August 2017
Landing International Development has applied to relocate its foreigner-only casino licence from Hyatt Regency Jeju Hotel to Jeju Shinhwa World, which is expected to open sometime in 2019.
Landing said in a filing to the Hong Kong Stock Exchange: “It is recognised that casino is one of the most essential facilities within an integrated resort to complement better offerings to its visitors with a complete hospitality experience; and in order to leverage and utilise current casino operation resources within the group’s business as a whole, the group is exploring the possibility of relocating Landing Casino to Jeju Shinhwa World. Under the current development plan, Jeju Shinhwa World will house a family theme park offering more than 20 rides and attractions in seven different zones under the themes of myths and legends from different parts of the world, a water park and one of South Korea’s most exciting retail and food complexes.”
The application came as Landing posted a 24.8 per cent year-on-year drop in revenues from Hyatt Regency Jeju Hotel, which generated roughly US$22.3m in the six months to June 30.
Overall the group’s gaming division brought in a profit of HK$45.27m, compared to HK$82.08m in the first half 2016. The company’s Les Ambassadeurs Club in London produced first-half revenue of around HK$427.9m.