Casinos.co.uk News
|
|
|
|
Monday 11th June 2012
Genting Singapore has reportedly built up a 4.9 percent stake in Australian land-based casino firm Echo Entertainment Group and could be about to enter a takeover battle.
According to a report from the The Australian newspaper, Genting, which is owned by Malaysian multi-national Genting Group, has built up its new $238 million stake in Sydney and Brisbane-based Echo Entertainment over the previous two weeks through broker JP Morgan and could soon be at odds with billionaire James Packer over the future ownership of the Australian operator’s estate.
Genting, through its Genting UK subsidiary, already owns 45 gambling venues throughout the United Kingdom including the prestigious Fox Poker Club in London while its Genting Stanley Alderney operation runs the CircusCasino.com online casino.
Echo Entertainment currently operates four casinos in Australia including The Star in Sydney with Packer’s Crown Limited company holding a slowly increasing ten percent stake in hopes of winning a seat on the board. Reuters reported that any full takeover would most likely cost more than $2.9 billion and face tough regulatory scrutiny.
Source: OnlineCasinoNews
casinos.co.uk news archive | return to homepage |
|
|
|
