Casino operator Genting Singapore is offloading its Korean resort interests in order to focus on its Singapore business and opportunities in Japan, the company said in a statement.
Genting Singapore’s subsidiary Algona entered into a conditional agreement with Landing International Development to dispose of its 100 per cent interest in Callisto Business for approximately US$420m.
Callisto’s subsidiary owns 50 per cent of Landing Jeju Development Company, which is developing an integrated resort in Jeju, South Korea.
The company said in a filing: “Recent news reports from Japan are encouraging with regards to the advancement of the process to debate and pass the Integrated Resort Promotion Bill.
“The group is optimistic that this bill will be enacted in the near future. When this happens, significant resources will need to be devoted to position the group as a strong candidate for the bidding process.”
Source: Asia Gaming Brief
