What is 'untimely' is that they announced a bid recently for the New York racino beforehand, which in my view is a shot in the dark, but stoked up interest before the 1-2 punch. End result: punchdrunk.
Stanley made 6.6m pounds last year but lost 184m pounds for the first 3 months this year, ta-dah...
GENTING MALAYSIA BERHAD (“GENM”)
GROWING BUSINESS WITH UK ACQUISITION
KUALA LUMPUR, 1 JULY 2010: Genting Malaysia Berhad (“GENM”/“Company”) today announced that it will acquire Genting Singapore PLC’s casino operations in the United Kingdom (“Genting UK”) for a total cash consideration of £340 million (equivalent to approximately RM1,668 million).
Genting UK has the largest number of casino properties in the United Kingdom with 44 casino properties, including five located in London. Genting UK comes with established gaming brands such as Crockfords, Colony Club, Maxims, Circus, The Palm Beach and Mint. Crockfords, the world’s oldest private gaming club, has catered to the elite since 1828, while the Colony Club is recognised as London’s most stylish and contemporary casino.
The acquisition is in line with GENM’s strategy to grow its core businesses of leisure, hospitality and entertainment internationally, beyond Malaysia. With nearly 40 years’ experience in the gaming business, an established clientele and strong cash reserves, GENM will be well-placed to reap untapped synergies with the UK operations.
Dato’ Lee Choong Yan, President and Chief Operating Officer of GENM, said: “The acquisition of Genting UK presents GENM with an opportunity to grow, with the resources at our disposal. This acquisition will also provide us with access to established casino brands and an extensive network of casinos already operating across the UK. With our proven track record and decades of experience, we have the expertise to unlock the potential of Genting UK and grow the UK business.’’
The acquisition complements GENM’s long-term international expansion strategy, with plans to enter markets in Europe and the United States of America, where the Company had separately announced that it has submitted a bid for a video lottery licence.
(iv) the SPA is conditional upon the fulfillment of the following conditions on or
before 31 December 2010:
(a) the approval of the shareholders of GENS being obtained for the sale of the Sale Shares;
(b) the approval of the shareholders of GENM being obtained for the acquisition of the Sale Shares;
(c) GWWUK being reasonably satisfied with the results of the legal, financial and taxation due diligence audit conducted on the Acquiree Group;
(d) the approval of BNM being obtained;
(e) the approval of the British Gambling Commission being obtained;
(f) the consent from the creditors/lenders of the Acquiree Group, where required; and
(g) the approval/consent of any other authority/party, if required;
6. RATIONALE FOR THE PROPOSED ACQUISITION
The GENM Group is currently principally involved in the leisure, hospitality and entertainment business in Malaysia with its main focus in the operations of Resorts World Genting, a premier family leisure and entertainment resort at the peak of Genting Highlands. In addition, the GENM Group also has investments in foreign-listed companies and interest-bearing financial securities.
In relation to its core business of leisure, hospitality and entertainment, the GENM Group is looking to expand internationally beyond Malaysia, with a current focus on Europe and the United States of America. The Proposed Acquisition represents a good opportunity for GENM to grow its earnings and revenue base.
The Proposed Acquisition also provides the GENM Group with an opportunity to inherit the legacy of the Genting UK Businesses’ experience of over 30 years in the UK gaming industry, largest network of casinos throughout the UK, established brand names and operating track record.
GENM Group intends to enhance and fuel the Genting UK Businesses’ growth through synergies created from the Proposed Acquisition by leveraging on GENM Group’s strengths. These strengths include the GENM Group’s large Asian clientele, its international sales and marketing strategies, as well as strong membership marketing and data base management.
The GENM Group also expects to be able to further improve the Genting UK Businesses’ operational efficiencies through automation and the sharing of information technology. With its financial resources and vast experience in the leisure, hospitality and entertainment business, the GENM Group believes in its ability to successfully undertake new projects in the UK, through the Genting UK Businesses.
Upon completion of the Proposed Acquisition, the GENM Group will own leisure, hospitality and entertainment businesses in Malaysia and the UK.
(Sooooo, keep it at Genting Singapore la ...) As this is a RPT the controlling shareholders cannot vote, OMG minority shareholders do yourselves a favour, vote properly. Trouble is many would have been so disgruntled that they would be selling the shares from hereon.
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