July 8, 2021
In the Philippines and the individual share prices for some of the nation’s largest casino operators have reportedly risen sharply following a dramatic change of heart from President Rodrigo Duterte (pictured).
According to a report from the Bloomberg news service, the 76-year-old leader has been an outspoken critic of gambling for many years and even went so far as to institute a moratorium in 2018 on the building of any new casinos outside of metropolitan Manila’s large Entertainment City zone.
Timely turnaround:
reversed his long-held position on gambling due the need for his nation
to raise much-needed cash amid the coronavirus pandemic. The country of around 109 million people has purportedly recorded
Hong Kong-listed Landing International Development Ltd, promoter of a foreigner-only casino and resort (pictured) on Jeju Island in South Korea, is to raise HKD138.8 million (US$17.9 million), or HKD138.5 million after expenses, via subscription shares, for a combination of capital expenditure on existing facilities at Jeju Shinhwa World, and toward the cost of a new hotel there.
The firm says the move is in anticipation of recovery in tourism later this year, with the easing of the worst effects of the Covid-19 pandemic.
Following the deal, Landing International Ltd, a private firm that is parent to Landing International Development, and is controlled by businessman Yang Zhihui, will have its interest in the latter firm diluted by 7.01 percentage points, to 35.06 percent. Mr Yang is also chairman of the Hong Kong-listed public business.
According to a report from Inside Asian Gaming, the cash was pilfered from the Hong Kong-listed operator in January and prompted an intensive search for a missing employee of the giant South Korean property’s Landing Casino. The source detailed that local police subsequently arrested three individuals who have now assisted in the recovery of some $11.8 million, which is currently being held as evidence in an ongoing investigation.
Expanding estate:
Landing International Development Limited opened its vast
Jeju Shinhwa World property in April of 2017 and has since been gradually adding facilities to the Jeju Island development including the 344-unit
Somerset Jeju Shinhwa World condominium complex and the 20-ride