GENTING'S ECHO AMBITIONS NOW UP TO QUEENSLAND

Written on the 4 September 2015 by Nick Nichols

GENTING'S ECHO AMBITIONS NOW UP TO QUEENSLAND

ASIAN leisure group and cruise line operator Genting Hong Kong has been given the green light by NSW regulators to lift its stake in Echo Entertainment (ASX:EGP) from 10 per cent to 23 per cent.

The NSW Independent Liquor and Gaming Authority (ILGA) today finally announced THAT approval had been granted for the application that was lodged by Genting in 2012.

However, the Asian company which owns Star Cruises and has since expanded into resorts, now has to wait on the Queensland Government's blessing before proceeding.

ILGA says its approval caps Genting's voting power in Echo at a 23 per cent rather than 25 per cent.

In granting the approval, ILGA says it took into consideration whether Genting and any individual or entity connected with the company would be suitable associates of the management of The Star Sydney, Echo's flagship property.

The authority concedes the application took longer than expected, initially blaming Genting for not providing it with required information.

It says Genting also had since made investments in a number of jurisdictions where the authority 'had little background knowledge, requiring on several occasions the commencement of new lines of investigation'.

"The authority at all times worked to bring the investigation to a conclusion as soon as it was in a position to do so," says Chris Sidoti, the ILGA chair in his decision.

Genting is controlled by Malaysian billionaire KT Lim and the group also controls one of Asia's largest gaming companies, Genting Singapore. It has investments in a number of US casinos.

ILGA says its investigation into Genting has been run independently of the Office of Liquor Gaming and Racing in Queensland, although it says it has liaised with the Queensland authority when needed.

There is no indication when the Queensland decision will be handed down.

Echo's shares, which have benefitted from a strong FY15 financial performance, rose to a high of $4.80 on the news this morning.


Author: Nick Nichols

Latest News

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter