Malaysian Company to Buy Casino Group Stanley Leisure
17, September 2006
The easing of British laws regulating gaming and casinos is sparking interest by foreign investors who now view Britain as fertile territory for casino development. One such company is Genting, a Malaysian casino company. Genting's owners, one of the three wealthiest families in Malaysia have made an offer of US $901 million which Stanley's board recommends shareholders to accept. Stanley considers the $901 million offer "fair and reasonable".
Genting has been operating virtually unchecked by competition in Malaysia, but with Macau set to overcome Las Vegas in Casino revenue this year, and the thriving gaming business in Singapore, Genting seeks an opportunity to diversify well in a foreign market. The merger will add 44 casinos to Genting's portfolio and allow it more leverage to vie for a piece of the 17 licenses to be issued in Britain this year.
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