• 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
  • Industry Talk
  • Trends & Tech
  • iGaming
  • 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 says not linked to online gaming platforms
    Genting says not linked to online...

    Mar 13, 2023  

  • Genting may monetise assets in bid for NY licence: analyst
    Genting may monetise assets in bid for...

    Feb 24, 2023  

More news
  • Macau March GGR up 247pct y-o-y, to US$1.6bln: govt
    Macau March GGR up 247pct y-o-y, to...

    Apr 01, 2023  

  • Some Macau hotels say no rooms vacant 3 days of Easter
    Some Macau hotels say no rooms vacant 3...

    Mar 31, 2023  


Latest News

Macau March GGR up 247pct y-o-y, to US$1.6bln: govt

Macau March GGR up 247pct y-o-y, to US$1.6bln: govt

Apr 01, 2023  

Macau’s casino gross gaming revenue (GGR) was up 246.9 percent year-on-year in March, to just under MOP12.74 billion (US$1.58 billion). The March tally was up 23.4 percent month-on-month,...
Read More
Some Macau hotels say no rooms vacant 3 days of Easter

Some Macau hotels say no rooms vacant 3 days of Easter

Mar 31, 2023  

Macau 2023 GGR at 45pct of pre-Covid level: Moody’s

Macau 2023 GGR at 45pct of pre-Covid level: Moody’s

Mar 31, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Efforts have pivoted to the construction of the hotel tower, with plans to launch a soft opening before the end of 2024 and a grand opening in 2025”

Casino investor LET Group

On the development of a casino hotel in Manila, the Philippine capital



Most Popular

  • Some Macau hotels say no rooms vacant 3 days of EasterSome Macau hotels say no rooms vacant 3 days of Easter March 31, 2023
  • Macau 2023 GGR at 45pct of pre-Covid level: Moody’sMacau 2023 GGR at 45pct of pre-Covid level: Moody’s March 31, 2023
  • Macau March GGR up 247pct y-o-y, to US$1.6bln: govtMacau March GGR up 247pct y-o-y, to US$1.6bln: govt April 1, 2023
  • LET Group narrows year loss, Manila site open end 2024LET Group narrows year loss, Manila site open end 2024 March 31, 2023
  • Japan govt delays IR decision due to local elections: reportJapan govt delays IR decision due to local elections: report March 30, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us