Scientific Game

Genting sells Star Entertainment Group stake

Friday, 14 July 2017 06:43
Share
Visit us

Genting Group has sold its stake in Australian casino operator Star Entertainment Group, according to a report in the Australian Financial Review.

Investment Bank UBS is said to have managed the block trade, which saw Genting offload 46.4 million shares – representing 5.62% of shared capital – at AU$5.07 per share.

The block trade had first been proposed last October but may be considered somewhat of a surprise given speculation in recent years that Genting Chairman Lim Kok Thay was planning to increase his company’s stake.

Genting, through its various subsidiaries, bought a 9.7% stake in Star Entertainment Group – formerly known as Echo Entertainment – in 2012 and in the same year lodged an official application with the NSW state government seeking permission to raise its stake further beyond the 10% cap.

The drawn-out approval process took more than three years but was finally given the green light 2015 with the NSW Independent Liquor and Gaming Authority and the Queensland Attorney General granting permission for Genting to raise its stake up to 24.99%.

That scenario never eventuated, while Star Entertainment has since partnered with Chinese conglomerate Chow Tai Fook and Hong Kong developer Far East Consortium on the AU$2 billion Queen’s Wharf Development in Brisbane.

Notably, the AFR points to a familiar entity as possibly taking advantage, stating that, "Sources suggested Crown or related entities may have bought some of the shares on offer ... analysts and fund managers have posed the question in recent weeks over whether Crown Resorts chairman John Alexander would consider ramping up the local business with a tilt at The Star."

 

 

What's new

Inside Asian Gaming takes a look back at the biggest stories of the past week

Inside Asian Gaming takes a look back at the biggest stories of the past week Inside Asian Gaming takes a look back at the biggest stories of the past week Friday, 23 February 2018 06:55

TGG to deploy content on Solaire Resort & Casino’s gaming floor

TGG to deploy content on Solaire Resort & Casino’s gaming floor Hong Kong’s TGG Interactive has announced a deal with Manila’s Solaire Resort & Casino to integrate the Philippines casino operator to its Asian VIP and middle-class focused digital gaming machine library on the casino floor. In a press release, TGG said that the successful deployment at S... Friday, 23 February 2018 05:20

Saipan gaming commissioner accuses Macau casinos of not reporting real VIP volumes

Saipan gaming commissioner accuses Macau casinos of not reporting real VIP volumes The Executive Director of the Commonwealth Casino Commission (CCC), the gaming regulatory body of the Northern Mariana Islands, has attributed the comparatively enormous VIP rolling chip volumes running through Imperial Pacific International’s (IPI) Saipan casino to Macau operators failing to repo... Friday, 23 February 2018 05:06

Macau’s Chinese New Year visitation grows 6.5%

Macau’s Chinese New Year visitation grows 6.5% Macau’s visitor arrivals surged by 6.5% year-on-year to more than 960,000 during Chinese New Year, including around 710,000 from mainland China, according to preliminary statistics released by the Macao Government Tourism Office (MGTO). The figures cover the seven days of Spring Festival Golden W... Friday, 23 February 2018 04:27

Current Issue

Design For Profit

Design For Profit Architect Paul Steelman provides his insights into designing the most expensive privately funded buildings on earth and making and breaking trends. By Muhammad Cohen | Editor-at-Large EMINENT casino architect Paul Steelman helped create the Asian gaming boom with the groundbreaking design of Sands... Monday, 29 January 2018 15:11

Climbing the mountain

Climbing the mountain   ASX-listed Silver Heritage Group finally launched hotel and casino operations at its new Tiger Palace Resort Bhairahawa in late 2017, having survived the 2015 earthquake, a fuel blockade on the Nepal-India border and an AU$19 million (US$14.4 million) funding shortage as a result of the delays. ... Monday, 29 January 2018 15:07

Can sportsbooks survive a 1% tax on handle?

Can sportsbooks survive a 1% tax on handle?   The big news coming out of the United States this year is the likely striking down of the federal ban on sports betting. But with many states licking their lips in anticipation of added tax dollars, the sports betting industry may well have another crippling fight on its hands. THE US Supreme C... Monday, 29 January 2018 15:05

Herman Ng:Macau Pioneer

Herman Ng:Macau Pioneer Inside Asian Gaming discovers a bit more about Herman Ng, CEO and Executive Director of Macau-based slot machine services firm Asia Pioneer Entertainment (APE). Ben Blaschke: Can you start by telling us a bit about yourself and your background? Herman Ng: I grew up in Macau and then when I was 16 ... Monday, 29 January 2018 14:52