Genting International said its offer for Stanley Leisure was now unconditional, after raising its stake in the UK casino operator to 69.4%. Chairman Lim Kok Thay said that the gaming group Genting was aiming to become “a global gaming firm” with the acquisition, and that it was positioning itself to take full advantage of further gaming deregulation in the UK.

Genting International announced over the weekend that it had received Stanley shareholders’ acceptances for 17.95 million shares representing a 25.3% stake.

With that, the total number of shares already held and to be acquired by the Genting International group rose to 49.33 million, representing the 69.4% stake.

Genting International chairman Tan Sri Lim Kok Thay, who is also Genting’s president and chief executive officer, said: “We are very pleased with this result and the speed with which our offer has succeeded.

“It is relatively unusual to have achieved this level of acceptances at the first closing date. We are keen to acquire full control of Stanley through further acceptances of the offer.”

Genting International, a 58.5%-owned subsidiary of Genting Bhd, had on Sept 10 via its wholly owned Genting International Investment (UK) Ltd, made a 639 million pound sterling (RM4.36 billion) cash offer for Stanley.

Genting International said its offer was now unconditional and would remain open until further notice.

It said the investment in Stanley provided it the platform to expand its business in the soon-to-be deregulated UK gaming industry and in Europe in future.

“The Casino Advisory Panel is assessing suitable sites for 17 casinos and will make its recommendations to the UK government in 2007.”

“Genting International, working with Stanley, intends to pursue opportunities presented by the new casino licences as well as in the expansion of existing Stanley facilities,” it said.

Lim said there were considerable synergies for the promotion of its proposed Sentosa integrated resort (IR) in Singapore to the UK market, including to Stanley’s very large customer base.

He added that the UK was one of Singapore’s top 10 tourism markets and the largest among European countries.

“Genting International remains very committed to the Sentosa IR project.

“We are a financially strong company and will have the necessary resources to develop a world-class family holiday destination at Sentosa if we are given the opportunity,” Lim said.

“We will continue to explore other gaming opportunities in Asia as the industry deregulates and expands, and enhance value for all our shareholders,” he said.

Genting International also owns a 29.8% stake in London Clubs International plc, and is the owner and operator of Maxims Casino Club in London.

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