Asian casino operator Genting Singapore has reportedly signed a deal that will see it sell its interests in a coming development for South Korea’s Jeju Island so that it can better focus on its Singapore business while saving resources for potential future opportunities in Japan.

According to a report from Asia Gaming Brief citing a company filing, Genting Singapore subsidiary Algona Private Limited is set to sell its 100% stake in Callisto Business Limited to Chinese real estate developer Landing International Development Limited for a total consideration of $420 million.

Through its Happy Bay Private Limited enterprise, Callisto Business Limited owns 50% of Landing Jeju Development Company Limited, which is developing the $2 billion Resorts World Jeju integrated resort on Jeju Island in partnership with Landing International Development Limited.

“The group is comfortable in delivering healthy performance at Resorts World Sentosa,” read the filing from Resorts World Singapore. “The group has narrated its shift to focus on different market segments and has been developing strategies to improve offerings to the affluent target markets. These strategies, including the group’s brand repositioning and development of new facilities, will help it grow within its home base in the near term.”

Genting Singapore declared that the deal represents a “modest gain” relative to its total investment in Callisto Business Limited of $380.76 million while it expects to complete the sale during the first quarter of 2017 and to have received the full consideration by the end of September.

“Recent news reports from Japan are encouraging with regards to the advancement of the process to debate and pass the Integrated Resort Promotion Bill,” read the filing from Genting Singapore. “The group is optimistic that this bill will be enacted in the near future. When this happens, significant resources will need to be devoted to position the group as a strong candidate for the bidding process. This opportunity is of significant value to the growth of the group.”

As part of its refocus, Genting Singapore additionally revealed that its Genting International Resorts Management Limited subsidiary has inked a deal to sell its 50% stake in Autumnglow Private Limited to Landing International Development Limited subordinate Landing Singapore Limited for $0.70.

“The disposals are in the best interest of the company’s shareholders in the short and medium term,” read the filing from Genting Singapore. “The disposals are also value-accretive in the short term for the company’s shareholders.”

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