Genting Hong Kong Stake in Australian Casino Shares
The great continent of Australia will soon see a new casino complex thanks to China. The New South Wales Independent Liquor and Gaming Authority has approved Genting Hong Kong to increase their stake in the Echo Entertainment Casino. An increase in the stake could mean new developments in Australia. The increase in stake will be higher than ten percent. Genting Hong Kong is an investment company that operates resort and casino businesses. Genting Hong Kong also operates cruise businesses. The company's cruise business is branded as Star Cruises. Genting Hong Kong has resort and cruise businesses in Miami, New York, Manila and Singapore. Genting Hong Kong is based in Hong Kong, China. Genting Hong Kong filed the consent to increase the shares in September.
With the share increase, there is also a 23 percent cap that is pending. The 23 percent cap is waiting approval from the ILGA, also known as the Independent Liquor and Gaming Authority. The approval has taken significantly longer due to a few factors. The delays in the approval process were due to Genting Hong Kong providing their information in a slow manner. In addition to the delays in providing information, delays were also created by Genting Hong Kong making new investments in many jurisdictions where there was little to no background information. With these new investments in these areas, the Australian authority had to conduct new investigations, causing these delays.
In addition to filing for the share increase, Genting Hong Kong also applied for an increase in voting power. Genting Hong Kong needs additional approval from the Minister of Justice and the Queensland Attorney General. Before the filing of the ten percent increase of shares, their stake was 6.6 percent. The company that Genting Hong Kong wants a share increase in owns Star Casino, which is located in Sydney, New South Wales. The company also owns Treasury Casino in Australia, as well as a hotel called Jupiters Hotel and Casino. Jupiters Hotel and Casino is located in Queensland, which is on the Gold Coast.
In addition to having properties in Australia, Genting Hong Kong has a casino resort in the United States, Crystal Cruises and stake in Norwegian Cruise Line which totals 13.3 percent. Echo Entertainment is planning to re-brand their company and their properties by re-naming the company The Star Entertainment Group.