Landing sells Les Ambassadeurs Club and Casino in London at a £48m profit

Landing International, the Hong Kong-listed casino group, has completed the sale of its London venue Les Ambassadeurs Club and Casino.

Completing the deal on 11 October, the property went for £240m ($320.3m).

“All conditions precedent of the disposal agreement have been fulfilled and the completion took place on 11 October 2017,” Landing International said in a statement.

Located in Mayfair, a swanky district in the UK capital, the casino had been operated by Landing for less than two years.

Nevertheless, the company saw a huge mark-up given they had purchased it for a modest £131m at the start of 2016.

After the sale, Landing stated it would record a gain before tax of approximately £48m from the deal, representing “a return on investment of approximately 30 percent to 35 percent expressed as the ratio of estimated gain over initial acquisition consideration”.

The company also said the deal would “strengthen the group’s cash flow and working capital position” as it focused on the development of the Jeju Shinhwa World casino resort complex on the South Korean holiday island of Jeju.