Hong Kong-listed LET Group Holdings, an investor in the Asia-Pacific casino project, says it has revised its deal with the buyer regarding the sale of land in Hokkaido, Japan.
In May, the LET Group said one of its affiliates had agreed to sell the Hokkaido land for a total of $27 million. In a filing Monday, the LET Group said the subsidiary had received a third deposit of $2.3 million from the suitors as of Sept. 20.
Under the revised agreement, if the deal is not completed "on or before October 2, 2023," the price will rise to US$27.6 million. It added that the deadline could be extended to October 31 if some conditions are met.
With a total area of 220,194 square meters (2.37 million square feet), the land is close to Yotei Mount, a popular ski and outdoor activity spot on Japan's northernmost main island of Hokkaido (pictured). The group originally wanted to develop a non-game ski resort featuring 50 villas, 20 town houses, and a hotel with more than 40 rooms on the land.
The first buyer was Nauticawt Energy Pte Ltd, a Singaporean corporation controlled by Malaysian investor Chea Meng Pui. In July, the RET Group said Nauticawt Energy "allocated, transferred and offered all of its contractual status, rights, titles, obligations and interest on land in Hokkaido" to ST Moritz Group Inc.
The new buyer is a company established in the British Virgin Islands, primarily engaged in investment holdings. In a previous filing, it was described as being wholly owned by Raymond Shao Leong Yap, the nominee for the original buyer's final profit owner.
LET Group has been implementing so-called "cost-cutting programs," including the sale of some non-core businesses. Net proceeds from the Hokkaido land deal will be used to repay the group's outstanding debt, develop its business and general working capital, a previous filing said.
LET Group reported a profit of HK$450.6 million (US$57.5 million) in the six months to June 30, compared with a loss of HK$387.1 million in the year-ago period.
The company has been interested in several casino projects in the Asia-Pacific region during its business process.
Indirect manager of Philippine Stock Exchange-listed SunTrust Resorts Holdings, Inc., which developed plans for casino hotels in the Philippine capital, Manila Westside City.
SunTrust Resorts in August reaffirmed its plans to start operations at the property in the fourth quarter of 2024.
LET Group also controls Hong Kong-listed Summit Ascension Holdings, which owns a number of Tigray de Crystal Casino Resorts near Vladivostok, Russia's Far East.
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