Sega Sammy to Sell Phoenix Resort to Fortress


Tokyo, May 10 (Jiji Press)--Sega Sammy Holdings Inc. said Friday that it will sell subsidiary Phoenix Resort Co., the operator of the Phoenix Seagaia Resort complex in the southwestern Japan city of Miyazaki, to Fortress Investment Group LLC.

Through the sale, Sega Sammy plans to focus its management resources on its mainstay game business and other operations.

The U.S. investment firm, which has strengths in hotels and other businesses, will lead the management of the resort complex, which includes a hotel and a golf course.

Under the deal, Sega Sammy will sell all Phoenix Resort shares to Fortress and then acquire class shares to be issued by Phoenix Resort to take a 20 pct stake on a voting rights basis. The transactions are scheduled to take place on May 31.

The value of the deal was not disclosed, but Sega Sammy said it expects to book a special profit of about 8.5 billion yen for the year to March 2025.

[Copyright The Jiji Press, Ltd.]

Jiji Press