Landing International Development, the Hong Kong-listed casino investor, has agreed to sell its Les Ambassadeurs Club and Casino in London.
The sale involves an aggregate consideration of US$320m. The company said in a filing last week: “Based on the latest figures, the group estimates that it will record a gain before tax and other transaction costs of around US$64m from the disposal, representing a return on investment of 30 to 35 per cent.”
The buyer was identified in the filing as Paul Suen Cho Hung. The filing did not provide further detail but media reports have identified him as a Hong Kong investor who last year acquired English football club Birmingham City.
Landing International also owns and operates a casino on the South Korean holiday island of Jeju - the Landing Casino at the Hyatt Regency Jeju Hotel. The firm is also developing a second casino project there - the Jeju Shinhwa World complex that had its initial-phase opening in April.
