Planning multibillion-dollar Brisbane resort
The state government of Queensland, Australia has signed off on a request by Genting Hong Kong Ltd. to increase its stake in casino operator Star Entertainment Group Ltd. The global gaming company, a subsidiary of Malaysia-based Genting Berhad, may now raise its stake to more than 10 percent of voting shares, but not more than 24.99 percent, according to a statement from the firm cited by GGRAsia.
Star Entertainment, formerly Echo Entertainment, operates the Treasury Casino and Hotel in the capital city of Brisbane; Jupiters Hotel and Casino on the Gold Coast; and the Star casino resort in Sydney, New South Wales. Last month, Star announced that a partnership it leads including Tai Chow Fook Enterprises and the Far East Consortium will build a massive AUD3 billion (US$2.1 billion) casino project in Brisbane.
According to Echo’s 2015 annual report, Genting HK’s stake in the firm at that time was 6.6 percent. Back in 2012, the company first asked to acquire more than 10 percent of the voting power in the Australian company.
In a filing to the Hong Kong Stock Exchange, Genting HK said it will make further details of the acquisition available to “shareholders and other investors … as and when appropriate.”
Genting HK operates casino cruises under the Star Cruises brand and is a joint venture casino operator in the Philippines.
Star Entertainment will rebrand all its properties with its new name in 2016. The integrated resort development in Brisbane will be known as the Star Brisbane. It is currently scheduled to open in 2022.
