China real estate developer Landing International Development Ltd’s plans to acquire the Alpensia casino at Holiday Inn resort in Pyeongchang, South Korea has fallen through and there doesn’t appear to be a deal in place in the near future.
In a filing the company released last week, Landing International said that some conditions in the sale and purchase agreement between the two companies didn’t get resolved before the agreed-upon deadline.
Under the proposed business transaction, Landing had agreed to pay HKD869 million ($112 million) to Wealth Seed Group Ltd, the firm that operates the foreigners-only Alpensia casino through a Korean subsidiary.
The casino only has a total of 16 gaming tables, including 9 baccarat tables, and 42 slot machines but Landing had plans to expand the casino to include as many as 70 gaming tables.