Genting ends operations with The Star
Genting Group has sold its 5.6 percent stake in The Star Entertainment Group Ltd.
Australia.- Reuters informed last week that Genting Group sold its 5.6 percent stake in The Star Entertainment Group Ltd. The transaction of its stake in the Australian casino operator was US$181.9 million, according to the Malaysian company.
“Genting said it sold 46.4 million shares in The Star at A$5.07 in a block trade, giving it a net gain of $67.5 million on its investment,” revealed the statement. Genting Group is investing the profits from the transaction in the developing of the company and other projects worldwide. The gaming operator suggested the money would “fund new investments … should suitable opportunities arise”.
Genting Group has published a series of casino plans in the United States, revealing the construction of newest casino in Las Vegas Strip, the most visited gaming hub in the country. Furthermore, the Malaysian company is installing new casinos in New York State, whilst also expanding its current gaming venues.
