Genting HK gets nod from regulator to up stake in Aussie casino group
GENTING Hong Kong (HK) has received approval from one of two Australian authorities to raise its stake in Echo Entertainment Group above 10 per cent, the gaming company announced on Friday.
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 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 in Gold Coast.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande
US: S&P, Dow open flat as Middle East jitters ease, Netflix weighs on Nasdaq
DBS puts 46 retail units, HDB shops on market for S$210 million
China to facilitate Hong Kong IPOs and expand Stock Connect
Global equity funds see surge in outflows as rate cut hopes fade