• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

GEN Malaysia sells stake in Maxims casino operator, London

Mar 25, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck, World  


GEN Malaysia sells stake in Maxims casino operator, London

Casino operator Genting Malaysia Bhd says it has disposed of its indirectly-held equity interest in the operator of Maxims, a club-style casino in London in the United Kingdom.

Genting Malaysia told the Malaysian stock exchange, Bursa Malaysia, on Friday that Genting UK PLC, an indirect wholly-owned subsidiary, had sold its entire equity interest in Maxims casino operator Coastbright Ltd, to Sonco UK BidCo Ltd for about GBP34.6 million (US$45.7 million).

Genting Malaysia said Sonco represented a consortium of investors led by Sonco Gaming Inc, a Canadian group that owns, runs and builds gaming establishments.

Genting Malaysia indicated that it would make a gain of about GBP23 million on the sale of its interest in the casino, a property located in the mostly upmarket London borough of Kensington, but said it did not expect the deal to have a material effect on its consolidated earnings, net assets and financial gearing this year.

“The proceeds from the disposal are intended to reduce Genting UK group’s borrowings, and for other potential investment opportunities,” the company told Bursa Malaysia.

The Maxims brand is currently used for facilities – including hotel accommodation and gaming clubs – in casino resorts run by the Genting group in Asia. It was not immediately clear whether the sale of Genting Malaysia’s interest in the operator of Maxims casino in London would affect this branding practice.

Maybank Investment Bank Bhd issued over the weekend a note saying its analysts understood that Maxims in London did not perform well in 2018 because its VIP gaming volumes fell, coinciding with the approach of the original March 2019 deadline for British exit from the European Union.


  • tweet
Related articles
  • Genting Malaysia 4Q EBITDA halved sequentially
    Genting Malaysia 4Q EBITDA halved...

    Feb 26, 2021  

  • GEN Malaysia aims 2Q launch for US$800mln theme park
    GEN Malaysia aims 2Q launch for...

    Feb 23, 2021  

More news
  • Sci Games title ‘Hurricane Horse’ approved within Apac
    Sci Games title ‘Hurricane Horse’...

    Mar 01, 2021  

  • RGB loss slims sequentially for 4Q, annual loss US$7mln
    RGB loss slims sequentially for 4Q,...

    Mar 01, 2021  


Latest News

Sci Games title ‘Hurricane Horse’ approved within Apac

Sci Games title ‘Hurricane Horse’ approved within Apac

Mar 01, 2021  

Scientific Games Corp says it has approval within Asia-Pacific (Apac) for “Hurricane Horse” (pictured), the third Duo Fu Duo Cai-series game on the DualosX cabinet. The company said in an email...
Read More
RGB loss slims sequentially for 4Q, annual loss US$7mln

RGB loss slims sequentially for 4Q, annual loss US$7mln

Mar 01, 2021  

Macau casino GGR down 9pct m-o-m in February: govt

Macau casino GGR down 9pct m-o-m in February: govt

Mar 01, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

”While our financial results for fiscal 2020 were clearly impacted by the pandemic, they also highlighted our strengths, and the effectiveness of our business’ response"

Trevor Croker

Managing director of casino slot machine maker and digital games provider Aristocrat Leisure



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
  • Melco’s Lawrence Ho hopeful on Macau recovery in MarchMelco’s Lawrence Ho hopeful on Macau recovery in March February 26, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us