Tokyo-based pachinko operator Sega Sammy Holdings has now completed its u-turn out of a previously announced project in Busan, South Korea, to concentrate its efforts on the development of Paradise City in Incheon.
Sega Sammy said it has reached an agreement with the Busan authorities to transfer land bought in 2013 for the project back to the Busan Metropolitan City. It has sold the land back for KRW94.4bn (US$83.4m) having bought it for the KRW119.3bn.
Sega Sammy said: “It is hereby notified that Sega Sammy Holdings has reached an agreement with Busan Metropolitan City, South Korea regarding the details of a transfer of acquired land as a result of negotiation on its return. The reasons are to concentrate management resources on Paradise City, the IR (integrated resort) business positioned as a growth business, and to further improve investment efficiency. The company will continue to advance the development of Paradise City, an IR facility under collaboration with South Korea’s Paradise Group, toward its opening in April 2017, and continue preparing for a full-fledged entry into IR business.”