Is Genting Singapore to launch Echo bid?
Australian casino operator Echo Entertainment is rumoured to be a potential acquisition target for Genting Singapore, the owner of the Resorts World Sentosa integrated resort.
Echo, which demerged from Tabcorp’s wagering business last year, has been the subject of speculation previously, with fellow Australian operator Crown said to be keen to up its existing 10 per cent stake in the business.
Now, however, the Wall Street Journal is suggesting that Genting is poised to launch its own bid for the company.
“Our analysis suggests that Genting Singapore could comfortably pay AU$6 – AU$6.50 a share, a 35-50 per cent premium to Echo’s current share price,” said Macquarie analyst Gary Pinge.
This would place Echo’s value at nearly AU$4.5bn.
Australia’s tourism industry is attempting to draw a larger number of Asian consumers over the coming years, focusing particularly on the Asian VIP gaming dollar.
The acquisition of Echo would mean Genting is strategically placed to take advantage of this.
The New York Gaming Facility Location Board has selected three destination gaming resorts to be considered for commercial casino licences by the New York State Gaming Commission.
UK casino operator Rank Group is proposing a bigger venture - with 400 new jobs - if allowed to open in Belfast, Northern Ireland.
The Bermudan House of Assembly has approved new laws opening the island up for the introduction of three casinos, according to media reports.
InterGame is the only monthly magazine covering the international coin-op amusements and gaming industry.Learn more
InterGaming is the leading monthly magazine covering the international land-based casino and gaming industry.Learn more
Published bimonthly, iNTERGAMINGi is the leading publication for the growing international online gaming industry.Learn more
An extensive annual buyers’ directory with more than 1,500 suppliers listed in the coin-op, casino and i-gaming sectors.Learn more
All the latest innovations for children in the indoor play, edutainment, outdoor adventure and simulation sectors.Learn more