Chinese real estate firm Landing International Development Limited has reportedly announced that it is now confident of recovering a large majority of the around $13.4 million that was stolen from a casino within its Jeju Shinhwa World development.
According to a report from Inside Asian Gaming, the cash was pilfered from the Hong Kong-listed operator in January and prompted an intensive search for a missing employee of the giant South Korean property’s Landing Casino. The source detailed that local police subsequently arrested three individuals who have now assisted in the recovery of some $11.8 million, which is currently being held as evidence in an ongoing investigation.
Landing International Development Limited opened its vast Jeju Shinhwa World property in April of 2017 and has since been gradually adding facilities to the Jeju Island development including the 344-unit Somerset Jeju Shinhwa World condominium complex and the 20-ride Shinhwa Theme Park. The 617.7-acre property also features the Shinhwa Shoppes retail area in addition to a convention center, two hotels and the 59,2017 sq ft Landing Casino offering a selection of 239 slots and 155 gaming tables.
Before receiving any information from the police in South Korea and Landing International Development Limited reportedly informed investors that it was unsure if the stolen money would ever be recovered. However, it purportedly used an official Monday filing to proclaim that ‘the seized money will be returned to the group after the relevant investigation and/or legal procedures are completed.’
Reportedly read the Landing International Development Limited filing…
“The seized money is expected to be part of the amount the group missed as a result of the incident.”
In its report on the matter, GGRAsia divulged that Landing International Development Limited issued a profit warning earlier this month in which it predicted that its annual loss for last year could be up to 20% better than the $274.5 million shortfall chalked up for the whole of 2019. The operator purportedly furthermore disclosed that this expected narrowing would not include any of the cash lost as a result of the Landing Casino ‘incident’, which it divulged was ‘being kept in the deposit account of a bank under the name of Jeju police.’
Landing International Development Limited’s filing reportedly read…
“As the investigation of the incident is still ongoing, the company has yet to ascertain the recoverable amount and the definitive amount recognized as a loss in the group’s consolidated financial statements for the year as at the date of this announcement.”