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Yang Zhihui’s casino
The company behind a proposed Chinese casino in the Philippines is being investigated by a government commission aimed at curbing its debt-fueled expansion. The company’s chair, Yang Zhihui, was arrested in Cambodia and deported to China after being accused of running an investment scam and bribery. He was photographed with plainclothes law enforcement personnel. However, the company has been unable to comment on the matter.
Landing International Development Ltd. is a Hong Kong-based casino developer. Yang Zhihui, the company chairman, was reported to have disappeared for three months. He had not been seen at the company since August 23, but he has returned to assist with an investigation by the Chinese government. The company’s shares plunged on the news that Yang had been missing. In a Hong Kong stock exchange filing, Landing said Yang had been the target of an investigation involving his ties to China Huarong Asset Management Co. Ltd. It didn’t provide details about the study.
On Thursday, Landing requested a halt to trading in its stock after being unable to contact Yang Zhihui, its chairman, since 2007. The company did not say whether the firm had notified the police or not. On Friday, shares in Landing dropped nearly 33 percent, while they were worth HK$20 in March. The company’s stock price is now worth just HK$3.08.
South Korea’s biggest foreigners-only casino
The government of South Korea has approved the construction of the country’s largest foreigners-only casino, which will be developed by a consortium including Chinese casino operator Caesars Entertainment and Hong Kong-based property developer Lippo Group. The project will cost $805 million and will cater to Chinese tourists. In addition, the casino will feature a movie-themed park. The project is set to open in stages starting from April 2017.
The latest addition to the country’s gambling industry is Kangwon Land, run by the 51%-owned South Korea government. The casino operates under strict revenue limits and is a popular choice among Chinese tourists. In addition to its Chinese patrons, the casino offers free giveaways to lure in Chinese tourists. South Korea is attempting to capture a piece of the lucrative Chinese gambling industry, but it faces stiff competition from rival Asian destinations.
There are many reasons why South Korea should open a foreigners-only casino. First, it would help boost the economy. Gambling is a lucrative industry that has attracted investors from around the world. Though South Korea’s laws are strict, some people are willing to risk their money or even their lives to win big. The U.S. gambling industry generated $43.6 billion in revenues in 2010 and is expected to hit that mark by 2021. This industry has also created many jobs in the U.S.
Jeju’s casino expansion
The Chinese-backed Landing Casino on the island of Jeju, South Korea, is set to open its seven-story, $70 million expansion. This project comes after the island recently completed a military-civilian naval base. Local and international protests have stalled the project over concerns about the impact of U.S. ships and missiles on the island. However, the casino’s expansion is still expected to move forward, thanks to a conditional approval from the Jeju government and the threat of withholding the promise of hiring thousands of locals.
The plan includes a casino area that is about a third of the height of the Dream Tower. Upon completion, the casino will have 150 tables and 51 gaming machines. The plan also calls for a local contribution plan to be implemented and for expanding the current casino to remain over 80 percent resident and youth employment. The Jeju legislative council approved the project on March 25, attaching nine conditions to the governor’s approval.
The project’s progress is contingent upon several factors. For example, a lack of funding has affected the project’s overall cost. While the expansion is necessary to boost tourism, the land has been a stumbling block. The company has reported losing $90.4 million in revenue in 2018 and $274.7 million in 2019. This has led to questions about the future of Landing’s partnership with Jeju Shinhwa World. While Landing has asserted that it had secured all funding for the casino three years ago, it has acknowledged several delays and is unsure about the project.