Just ahead of the submissions of proposals for the Sentosa integrated resort (IR) site, Genting International added a feather to its cap with the acquisition of 69.4 per cent of Stanley Leisure’s ordinary shares, giving it majority control of the United Kingdom’s largest casino operator.
„This will definitely strengthen our bid – not that it needs further strengthening,“ said Genting International chairman Lim Kok Thay.
Upon complete takeover, Stanley Leisure will add some RMD 1.1 billion (USD 474 million) in revenue a year to Genting International’s annual revenue of RMD 5 billion. Genting International would also gain full access to Stanley Leisure’s two million members in addition to Genting’s own two million members – already the largest in Asia.
Genting International made an offer to take over Stanley Leisure – which it had a stake in since 2002 – last month for GBP 8.60 (USD 25.55) a share, or a total of USD 1.48 billion. This will be funded through Genting International’s cash resources and over GBP 300 million through bank borrowings.
„We are very pleased with this result and the speed with which our offer has succeeded. It is relatively unusual to have achieved this level of acceptances at the first closing date. We are keen to acquire full control of Stanley Leisure through further acceptances of this offer,“ said Mr Lim, adding that the Sentosa IR bid was still Genting’s top priority.
The offer will remain open for acceptance until further notice and will become mandatory when Genting International acquires 90 per cent of all ordinary shares.
The mainboard-listed gaming firm previously owned 20 per cent of Stanley Leisure which has 45 casinos in the UK, with three additional licences granted and five applications being processed.