- The New South Wales (NSW) state gaming regulator has granted permission to Genting Hong Kong to lift its stake in casino
The New South Wales (NSW) state gaming regulator has granted permission to Genting Hong Kong to lift its stake in casino operator Echo Entertainment up to 23%, according to the Australian Associated Press (AAP).
Genting HK, a leisure, entertainment and hospitality group, holds a 6.6% stake in Echo, the operator of The Star in Sydney, Brisbane’s Treasury Casino and Jupiters on the Gold Coast.
Echo is also developing a new casino-resort and residential precinct at Queen’s Wharf in Brisbane.
The AAP said the company’s constitution restricted individuals from having a voting power of more than 10%, unless permission is granted by NSW and Queensland gaming authorities.
The NSW Independent Liquor and Gaming Authority considered Genting HK’s application for three years before giving it the green light, and said the Asian company would become “close associates” of The Star if its stake was to grow.
Genting HK still needs approvals from Queensland to lift its stake in Echo, and it said it has not yet made a decision on its investment.
The NSW Gaming Authority said its decision was held up by delays in Genting HK providing information to the authority, and Genting HK’s significant new investments in jurisdictions where the authority had little background knowledge.
Genting HK’s businesses include Star Cruises in the Asia-Pacific, Crystal Cruises, Resorts World Manila and a stake in Norwegian Cruise Line.