Genting Malaysia's shareholders have given the go-ahead to the company's acquisition of 44 Genting UK casinos for £340m.
The initial agreement between GENM and its affiliate Genting Singapore, owner of the new Resorts World Sentosa in Singapore, was announced on July 1. Under the terms of the deal, GENM agreed to pay a cash sum for the casino properties, which represent the largest single portfolio of casinos in the UK.
Among the established brands being sold are Crockfords, Colony Club, Maxims, Circus, The Palm Beach and Mint.
The company announced that the move formed part of its long-term strategy to enter markets in Europe and the US, while Genting Singapore is understood to be focusing on its Asian interests.
However, reports suggest that although the acquisition was approved by a majority of shareholders, many minority stakeholders expressed concern about the high cost of the purchase and how the relatively weak UK economy is likely to impact upon the country’s gaming industry.
