Genting Malaysia Berhad has announced it will acquire the U.K. casino operations currently held by fellow Genting Group company Genting Singapore PLC.
The casino brands in question include Crockfords, Maxims, Mint, Colony Club, Palm Beach and Circus. In all, under the umbrella of Genting U.K., the deal involves 44 casinos and the rights to certain trademarks.
The deal, for £340 million in cash, is in line with Genting Malaysia’s strategy to grow its core businesses of leisure, hospitality and entertainment internationally.
In a press release, Lee Choong Yan, president and COO of Genting Malaysia, said, “With our proven track record and decades of experience, we have the expertise to unlock the potential of Genting U.K. and grow the U.K. business.’’
Genting Malaysia currently operates the Genting Highlands Resort. Genting Singapore will continue to operate Resorts World Sentosa.
The acquisition is subject to regulatory approvals from Bank Negara Malaysia and the British Gambling Commission, as well as approval from the company’s non-interested shareholders at an extraordinary general meeting to be convened.
