(5 August 2015, Hong Kong) Landing International Development Limited (“Landing International” or the “Company”) (HKEx Code: 00582) is pleased to announce its acquisition of 50% of the issued share capital of a joint venture which holds the Jeju Casino, located at Hyatt Regency Jeju Hotel in Korea, from Genting Hong Kong Limited (“Genting HK”; HKEx Code: 00678). The total consideration reaches KRW130 billion (equivalent to approximately HK$864 million). Upon completion of the acquisition, the joint venture holding the Jeju Casino will become a wholly-owned subsidiary of the Company, and the whole profit from the Jeju Casino will be consolidated and captured in the financial statements of the Company.

Mr. Yang Zhihui, Chairman of Landing International, said, “Since its opening after renovation in January this year, the Jeju Casino has achieved satisfactory results within such a short period, showcasing the significant potential of the gaming industry of Jeju and the casino. Landing International aims to establish its own branding and presence in the gaming industry worldwide, and the acquisition provides a good opportunity for us to work towards the achievement of such an objective. The Jeju Casino, which has been installed and implemented with operation and control systems consistent with international standards and practice, will provide a good platform for us to build up our own brand name and professional team in the gaming industry. On top of the existing experienced and well-trained managerial and operational teams, we will further recruit other top-notched professionals who have extensive experience with Asia and international based gaming operations to provide customers with work-class services and achieve better results.”

Located in the five-star Hyatt Regency Jeju Hotel, the Jeju Casino is pursuant to one of the eight gaming licenses in Jeju under the Tourism Promotion Act. Benefited from the geographical advantage of Jeju Province, coupled with the favourable government policies for tourism and foreign investments, Jeju Province has been recording continuous growth in its tourism and foreign investments, and the number of Chinese tourists to Jeju soared by 58% to 2.9 million in 2014. The Jeju Casino currently has 26 Baccarat tables, 1 Blackjack table, 1 Tai Sai table, 1 Roulette table and 16 slot machines. Through Jeju Casino’s rebranding, change of customer focus and marketing strategy, as well as the strengthened managerial and professional support, the performance of the Jeju Casino improved significantly during the six months ended 30 June 2015 when comparing to that in 2014. Its revenue has grown by 16 times, turning its results from loss to profit.

The consideration of the acquisition will be funded by Landing International’s internal resources and debt financing. The Company will not utilize the proceeds from its rights issue earlier for the payment of the consideration. Pursuant to the Sale and Purchase Agreement, employees seconded by Genting HK will continue to stay in their positions until three months after completion of the acquisition to facilitate a smooth transition of the management of the casino operation.

On the other hand, Genting Singapore PLC (“Genting Singapore”, SGX Code: G13) remains as a partner of the Company for its flagship Myth-History Park integrated resort project (“Jeju Project”) and continues to own 50% of the issued share capital of the joint venture holding the Jeju Project. With construction work started in February 2015, the Myth-History Park is slated to open progressively from 2017 and to be completed by 2019.

Mr. Yang said, “The acquisition will not affect our cooperation with Genting Singapore on the Jeju Project. Instead, we will continue to cooperate closely with Genting Singapore while developing the Jeju Casino and gaining market experience, with an aim of building a world-class integrated entertainment resort in Jeju. We are fully confident in the long-term growth of tourism in Jeju, and will seize every opportunity in the market and bring satisfactory return to our shareholders.”

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Financial information of the joint venture holding the Jeju Casino: