Landing International secures 100% control of JejuShinhwa World project

Hong Kong-listed property developer Landing International Development Ltd. has added another South Korean casino under its belt.

The investment firm announced in a Tuesday filing that it has gained 100 percent control of a foreigner-only casino project, the JejuShinhwa World, on Jeju Island in South Korea.

Landing International already holds 50 percent of the Jeju casino project. The company, however, said in December that it planned to take over the remaining 50 percent stake for a consideration equal to the $380.76 million, which was already contributed to the Jeju scheme by firms, plus a premium of $41.0 million.

Landing International bought the stake from Genting Singapore Plc, which announced in November that it was selling its participation on the Jeju Island casino venture in order to focus on other projects, which includes a possible integrated resort license application in Japan.