Genting Malaysia is to acquire the UK casino operations of Genting Singapore as part of its strategy to grow its core business.

Genting UK has the largest number of casino properties in the UK with 44 venues, including five located in London. It includes established gaming brands such as Crockfords, Colony Club, Maxims, Circus, The Palm Beach and Mint. Genting Malaysia is to pay £340m to acquire the casinos.

"The acquisition of Genting UK presents GENM with an opportunity to grow, with the resources at our disposal," said Dato’ Lee Choong Yan, president and chief operating officer of GENM. "This acquisition will also provide us with access to established casino brands and an extensive network of casinos already operating across the UK. With our proven track record and decades of experience, we have the expertise to unlock the potential of Genting UK and grow the UK business."

The acquisition complements GENM’s long-term international expansion strategy, with plans to enter markets in Europe and the US, where the company recently announced that it has submitted a bid for a video lottery licence.