Monday, June 18, 2012

Genting lifts stake in Aussie casino operator

Malaysian gaming operator Genting Group has lifted its stake in Australian casino operator Echo Entertainment with the purchase of 19.26 million shares worth A$82.6 million (US$83.3 million) by its Hong Kong unit.

The shares represent about 2.8 per cent of Echo, adding to an unspecified stake in Echo that Genting acquired earlier this month through its Singapore unit.

Genting Hong Kong said in a statement to the Hong Kong stock exchange the investment was a good opportunity to diversify its portfolio.

The Australian newspaper said today that Genting met last week with billionaire James Packer, who owns 10 per cent of Echo and is considering an alliance with Genting to help win greater control of the owner of Sydney’s only casino.

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