Genting Singapore, one of the two investors in the Jeju Myths and History Theme Park has pulled out of the project. The Hong Kong-based Landing International, the other investor, purchased its stake. Mike Laidman reports. Report
Genting Singapore released some surprising news on November 11th through its website.
According to the post, the company has pulled out of the Jeju Myths and History Theme Park construction.
[slug] Genting Singapore sells stake to Landing International
Genting has sold its half of the shares for the huge project to partner investor Hong Kong-based Landing International.
The two investors had begun working in Jeju, each holding a 50% stake in what will become one of the largest theme parks in Asia.
Genting Singapore sold its shares for 420 million US dollars, equivalent to 490 billion won.
Genting had invested some 380 million dollars in the theme park, and now stands to gain over 40 million dollars in profit from the sale.
The Singapore investor says it is focusing on other businesses and will instead invest money in a Japanese resort project once investment laws are revised so that a foreign company is able to invest in such a business.
[slug] Landing Intl. becomes sole investor in Landing Jeju Development
Now, Landing International has become the sole investor in Landing Jeju Development, the developer of the Jeju Myths and History Theme Park.
Landing International and Genting had previously split the shares for the theme park down the middle.
Since the acquisition was made, Landing Jeju Development has become the only subsidiary of Landing International.
Landing Jeju Development circulated a press release and announced that work on the Jeju Myths and History Theme Park project will continue to progress smoothly and according to the initial plans, and that the acquisition will have nothing to do with the final results.
Sync Representative / Landing Jeju Development Despite the acquisition, nothing will be changed in the Jeju Myths and History Theme Park project. <씽크:람정제주 관계자> "우리 람정제주는 제주신화월드 사업 추진하는데는 외형상으로 당초 계획됐던 프로젝트에 수정이나 차질을 빚는 것은 하나도 없습니다."
The construction for the theme park has been underway for some time, and more than 700 million dollars have already been spent on construction.
But the question remains why did Genting Singapore decide to pull out of the deal?
Some assume that it is because the plan to open a casino in the theme park faced difficulties.
In fact, Genting Singapore had partnered with Landing International to invest in another Jeju casino business, but suddenly decided to sell off its shares and withdraw last year.
Sync Provincial representative Landing International brought Genting Hong Kong into the casino business to buy Genting Singapore’s stake last year. The casino firm then changed its name to Landing. <씽크:제주도 관계자> "(란딩이) 끌어들인 것은 겐팅 홍콩입니다. 싱가포르가 아니고 그 카지노도 중간에 지분을 란딩이 다 인수했어요. 그래서 상호도 란딩으로 다 바꾼 것이고..."
The Jeju Myths and History Theme Park is being likened to Jeju’s Sentosa.
Despite assurances otherwise, now that Genting Singapore, the parent company of Sentosa, has pulled out of the project, people are worried about how this could affect things moving forward.
