LET Group confirms completion of Okinawa land acquisition by Summit Ascent
Strategic collaboration paves the way for Summit Ascent’s entry into a new market, furthering its expansion plans in Asia
Summit Ascent, a leading Russian 바카라 operator, has finalised the acquisition of land rights for an untouched property in Okinawa, Japan, with the aim of establishing a luxurious resort.
The announcement regarding this acquisition was made jointly by the LET Group, Summit Ascent’s parent company, and Summit Ascent themselves on a Friday through a shared statement on the Hong Kong Stock Exchange.
Summit Ascent, the 바카라 operator that has a stake in a massive $1 billion hotel and 바카라 project in Manila, has expressed its intentions to broaden its presence in Asia as part of its strategy to diversify geographically and reduce risks associated with its heavy reliance on Tigre de Cristal.
The LET Group, formerly known as Suncity Group, confirms that the acquisition has met all necessary conditions and was officially completed on July 14, 2023. LET Group had previously withdrawn its bid for a 바카라 in Japan back in 2021.
According to reports, Summit Ascent incurred an estimated cost of HK$280 million ($35.77 million) for acquiring the LET Group’s stake and a 49 percent stake held by other shareholders. Additionally, an additional $25 million ($3.19 million) was allocated for the design and planning of the forthcoming development on the acquired land parcel.
Summit Ascent highlighted that the planned hotel holds significant potential for synergistic collaboration, aligning well with Japan’s objective to establish integrated resorts. These resorts would offer various cross-selling opportunities all including well-known land-based 바카라 brands.
Japan’s central government recently granted approval for a $10 billion integrated resort project in Osaka, which will feature a 바카라 developed by MGM Resorts.
SiGMA Group heads to Manila this week!
With an eye towards new horizons, the SiGMA Group heads to Manila this week – featuring B2B and B2C brands, as well as a number of land-based exhibitors – bringing our vast network in the West closer to Asian suppliers, operators, and affiliates. With endorsement from PAGCOR, the event will take place at SMX, Manila’s largest expo centre. Tune in to SiGMA News for all the latest highlights and updates.
