Landing International Development has won a bid to acquire London’s upscale casino Les Ambassadeurs for £137 million. Until now the company has focused on properties on Jeju in South Korea, with a casino in the island’s Hyatt Regency Hotel and a partnership with Genting Singapore to develop a second gambling resort there. According to Landing, the new deal will be paid for through the company’s own internal resources and debt financing.
“Our management believes that now is the right time to expand and diversify its gambling operations to other markets by investing in a casino with a recognizable brand name, such as Les Ambassadeurs Club and Casino. This acquisition will allow us to increase investment and increase the presence in the gaming industry for further growth in key financial indicators of the company,” said company chairman Yang Zhihui.
Les Ambassadeurs operates 45 different tables in roulette, blackjack, baccarat and three-card poker. The casino featured in the 1962 James Bond film Dr. No. Last year it gained notoriety for a highstakes poker game it hosted, after which Dubai-based businessman Iraj Parvizi sued the casino for failing to prevent cheating and collusion against him. He claims Josh Gould and World Series of Poker bracelet winner Roland De Wolfe worked together to con him out of £185,000 in one night, although the total amount he is demanding is to recoup the entire amount of his losses between 2010 and 2013.
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