- Paul Suen Cho Hung set to purchase casino for a reported £244 million
- Les Ambassadeurs was previously owned by Landing International who bought it for £137 million in 2015
Renowned high-end Mayfair casino Les Ambassadeurs is to change hands once again with Birmingham City’s owner Paul Suen Cho Hung set to buy the casino for around £244 million.
The casino was previously owned by Hong Kong company Landing International Development, which bought it for £137 million in December 2015 but earlier this month they listed the property as for sale.
The reason for their move is believed to be a restructuring programme allowing the group to focus on their considerable South Korean investments, most notably the ongoing development of leisure and entertainment venue, Jeju Shinhwa World.
Speaking earlier this month about their decision to put the land-based casino up for sale, Dr. Yang Zhihui, the Chairman and Executive Director of Landing, said that the company was attempting to refocus on the opportunities available in the Southeast Asian market:
“The vibrant economy in the region has created an affluent of tourists demanding for high-quality leisure and entertainment experience to visit world-class tourism destinations in various regions.”
Mr Suen, who is one of the UK’s richest Chinese investors, owns Birmingham City, a football club that is currently in the English Championship, the second tier of English football.
With a personal fortune estimated to be around £440 million, Mr Suen has a reputation for saving struggling companies and has earned the nickname “King of Penny Stocks” in Asia.
His purchase of Birmingham City was widely seen as an investment offering the chance to sell the club on for a significant profit if it returns to the Premier League.
But to achieve that goal, experts believe the club would need to invest significant sums to attract better players, but Suen has thus far only made £10.6 million available, and has dispensed with the services of three managers.
The news that he has spent £244 million on purchasing Les Ambassadeurs is not likely to be well received by Birmingham fans.
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