Second Asian-owned casino for sale
Another high-end gambling club in London is going on the block.
Malaysia’s Genting International confirmed last month that it has retained property consultant CBRE to sell its Maxims Casino Club in Kensington. The casino is located in a 150-year-old Victorian townhouse, Palace Gate House, once owned by John Forster, a friend and biographer of Charles Dickens.
Genting first bought Maxims in 2007 from UK casino operator Stanley Leisure. The currently operates over 40 casinos in the United Kingdom. CalvinAyre.com reports that Genting just completed a “multi-million pound refurbishment” of Maxims’ three VIP gaming rooms, which include “exquisite period features.”
CBRE predicts “strong worldwide interest for this thriving business with the benefit of a freehold in one of London’s most prestigious locations.” The sale offers “an exceptionally rare opportunity to gain a foothold in the exclusive London casino market, which benefits from both a strong domestic and international clientele.”
Maybe not so rare. Maxims is the second Asian-owned London casino to go up for sale in recent weeks. Hong Kong-listed Landing International Development Ltd. recently announced it would sell Les Ambassadeurs Club and Casino to Paul Suen Cho Hung, a Hong Kong investor who acquired the Birmingham City Football Club last year. Suen paid HK$2.5 billion (US$320 million) in a sale that will allow Landing to focus its resources on developing its Jeju Shinhwa World resort on South Korea’s Jeju Island.
Genting reportedly opted to sell its London casino due to flagging business and Maxims’ inability to keep pace with Genting’s Mayfair properties, the Palm Beach and Crockfords.
