New South Wales Independent Liquor and Gaming Authority has given the green light to Genting Hong Kong to increase its stake in Australian casino operator Echo Entertainment above 10 percent.
According to local media, a filing by Genting Hong Kong on Friday consenting to increase shares in Echo Entertainment to 10 percent with a 23 percent cap pending further approval by the Independent Liquor and Gaming Authority (ILGA), who noted that the approval process “has taken considerably longer” than expected, was given on Thursday, September 3. The company applied to have its voting power increased in 2012. The regulator attributed the lengthy delays to, “This was due, first, to delays in Genting Hong Kong providing information to the authority and, second, to Genting Hong Kong making significant new investments in jurisdictions where the authority had little background knowledge, requiring on several occasions the commencement of new lines of investigation.”
Additional approval is necessary and is being sought by the Hong Kong-listed company from the Queensland Attorney General and Minister for Justice. According to Genting Hong Kong’s annual report filed last September, the firm’s stake in Echo Entertainment was 6.6 percent.
Echo Entertainment own Star Casino in Sydney, New South Wales as well as the Treasury Casino and Hotel in Brisbane and Jupiters Hotel and Casino on the Gold Coast in Queensland, announced last month it plans to rename all its properties under the Star name and re-brand itself as The Star Entertainment Group.
Included in Genting Hong Kong’s business holding’s are, Resorts World Manila, Star Cruises, which dominates the Asia-Pacific market, Crystal Cruises, and an approximate 13.3 percent stake in Norwegian Cruise Line.