Published
Casino

Genting Hong Kong likely to sell remaining 50% in Macau casino project

White Supreme Corp, a company that recently acquired 50% of Genting Macau Holdings Ltd, will be given the opportunity to purchase the remaining stake.

Mcasino

The acquisition, completed back in December, cost HKD750m ($96.7m). The company now has the option to buy the remaining 50% until 1 December 2021. 

Genting Macau is developing a hotel project in the Nam Van area of the Macau peninsula. According to the company, the project already cost HKD1.06bn, with an additional HKD2.72bn required to complete the construction. The tentative date for the completion of the project is June 2022, but it’s likely it will change due to setbacks. 

Genting Hong Kong, an operator of cruise ships and a parent company of Genting Macau, explained the decision of the sale, saying: “This would no doubt divert the resources of the group at a time when the group needs to focus on the cruise and shipyard operations.” 

If White Supreme does not complete the purchase by the end of next year, Genting Hong Kong can exercise a put option, which would require the purchaser to acquire the remaining 50%. This option can be invoked from 2 December 2021 to 1 December 2022. 

In a statement, Genting Hong Kong added: “The Transaction is aligned with the Group’s objective to sell non-core assets and will reduce the Group’s financial burden in meeting future funding requirements in relation to Genting Macau’s business.” 


Casino News Sponsor
Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Seminole Hard Rock Support Services
Metropolitan Gaming
Holland Casino
Nederlandse Loterij
Relax Gaming
Follow Us

Facing Facts: Q1 2024 analysis from across the globe

Gambling Insider tracks the Q1 results of operators across t...

Taking Stock: A guide to sports betting operator and supplier prices

Gambling Insider tracks sports betting operator and supplier...

Tailor-made: The power of personalisation in the modern gaming industry

With insights from GR8 Tech, Greentube and the Oregon Lotter...

Sportradar and the Taiwan Sports Lottery: More offerings, greater efficiency

Danny Fok, VP of Strategic Projects at Sportradar, speaks al...