Genting buys UK casino businesses for us$ 516 million

Genting Malaysia plans to enter Europe and the United States, where it had separately announced that it had submitted a bid for a video-lottery licence.

President and COO Datuk Lee Chong Yan said the acquisition would give the company access to established casino brands and an extensive network of casinos already operating across Britain. “With our proven track record and decades of experience, we have the expertise to unlock the potential of Genting UK and grow the business in Britain,” he said in the statement.

The acquisition is subject to approvals from Bank Negara and the British Gambling Commission, as well as from the company’s shareholders at an EGM to be convened.

Genting Malaysia told Bursa Malaysia the company was optimistic about the outlook of Genting UK businesses as the operating environment gradually strengthened and the economy improved. However, it said, the Genting UK businesses were subject to risks inherent to the casino gaming industry, which were broadly similar to those currently faced by the company. It said there was no assurance that strategies implemented by the company for Genting UK businesses would produce the desired outcomes.