Genting HK gets nod from regulator to raise stake in Aussie casino group

The Star Casino in Sydney, Australia.
The Star Casino in Sydney, Australia. PHOTO: BLOOMBERG

SINGAPORE - Mainboard-listed Genting Hong Kong (HK) said on Friday (Sept 4) that it has received approval from one of two Australian regulatory authorities to raise its stake in Echo Entertainment Group above 10 per cent.

The New South Wales Independent Liquor and Gaming Authority gave its consent on Sept 3 for Genting HK to increase its shareholding in Brisbane-based Echo above 10 per cent, but not more than 23 per cent without further approval.

Genting HK said it is still trying to get similar approval from the Office of Liquor and Gaming Regulation in Queensland.

As at September 2014, Genting HK held a 6.6 per cent stake in Echo, which owns and runs The Star Casino in Sydney, Treasury Casino and Hotel in Brisbane, and Jupiters Hotel and Casino on the Gold Coast.