Genting ups stake in UK's casino operator

Nov. 23, 2004 at 9:06 PM
share with facebook
share with twitter

SINGAPORE, Nov. 24 (UPI) -- Malaysia's Genting gaming group has bought a fresh stake in Britain's largest casino operator, Stanley Leisure, the Business Times reported.

The move is seen as a prelude to a joint venture to develop Las Vegas-style casinos in the more liberal U.K. market. The move, however, could also be a sign Genting is no longer betting on Singapore's tentative plan to open a casino.

Genting has been eyeing Singapore to help offset a likely loss of business at its highlands casino in Malaysia, as almost a fifth of Genting's gamblers come from Singapore.

In the British deal, Genting, which is controlled by the Lim family, will increase its stake in the Liverpool-based company to 10 percent from 2.9 percent.

At the same time, Stanley will gain half of London's Maxim Casino, which Genting agreed to buy in September.

It will be the Genting group's third major casino deal in the U.K. this year. Genting International -- a Genting subsidiary whose shares are traded on Clob International in Singapore -- has agreed to acquire interests in Maxims Casino and increase its stake in London Clubs.

Related UPI Stories
Trending Stories