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Brokers pitch Genting on Star Entertainment stake

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At least one investment bank is learnt to have pitched Genting Group on a potential block trade of its stake in Star Entertainment Group in the past week, according to sources.

Genting, which controls Asia’s second-biggest gaming company, Genting Singapore, and is owned by Malaysian gaming mogul KT Lim, holds a 6.6 per cent stake in Star Entertainment (the rebadged Echo Entertainment). It has been approved to purchase up to 23 per cent.

Star Entertainment said on Friday it could spend up to a record $425 million (£325.27 million) in the year to June 2017 at its flagship Sydney casino and entertainment complex and at Jupiters on the Gold Coast, as well as another $120 million (£91.84 million) contribution to its $3 billion (£2.30 billion) Queen’s Wharf project in Brisbane.

Its shares have risen almost 17 per cent this year which last traded at $5.93 (£4.54).

Paul

The author Paul