Genting seem to be having a busy month…
As well as announcing their plans for a $958m investment which would see their maiden casino undergoing a huge facelift, replacing their head of poker, toying with the idea of making their Resorts World Manila casino a £5m IPO, and doing a u-turn on a contested decision not to honour poker tournament dollars, they’re also raising the stakes over in Australia.
The Malaysian gambling conglomerate have increased their stake in the country’s Echo Entertainment Group just a few weeks after their main Aussie rivals, Crown Ltd, sold off 10% of its stake in Echo at a loss. According to a regulatory filing, Genting has upped its stake of 5.2% to 6.6%. The £11.4m share purchase, made on Monday 17th June 2013, was made through Genting’s Hong Kong unit. It’s not currently known whether Crown’s sell-off led to Genting’s decision to buy more shares, but experts say it’s odd that the company only decided to up their stake to 6.6% when they had the option to take it to 10%.
Crown and Echo are currently engaged in a war to determine who will gain a greater hold on Sydney’s many Chinese tourists, who visit the region every year looking to gamble.