|Stanley Leisure Plc announced today it would be joining forces with Malaysia's Genting Berhad to develop Las Vegas-style casinos in Britain in light of the relaxation of the country's gambling laws. |
The companies’ decision comes after the UK government proposed plans for new gambling legislation, allowing the construction of more casinos and slot machines with large prizes. Genting, Asia’s largest publicly traded casino group, will buy £36 million shares from Stanley Leisure, raising its stake to 10 percent.
“The combination of ourselves and one of the top five gaming companies in the world puts us in a very powerful position,” Stanley Leisure boss Bob Wiper explained. He added the collaboration would enable Stanley to “better capture the benefits of deregulation as they unfold.”
Stanley, the largest casino operator in the UK, will acquire from Genting 50 percent of London's Maxim casino for as much as £6.85 million. Genting agreed to acquire the casino from Gala Group Ltd in September.