Genting Closer to Online Gambling in UK

The Malaysian gaming company, Genting International, is moving closer to being able to open online gambling sites in the United Kingdom. The company has applied for and received an online gaming license in Alderney. The license was received by the company’s subsidiary, Genting Stanley Alderney Ltd.

The company still needs further approval of its internal controls system and gambling equipment from the Alderney Gambling Control Commission before it can go live, which they are planning to do during the second quarter of 2008. They received approval from the Singapore Exchange Securities Trading in January to conduct business in Alderney.

Genting is already active in the UK gambling market. It acquired Maxim Casinos in 2005 and Stanley Leisure in 2006 and currently operates 41 land-based casinos throughout the United Kingdom. Genting has also acquired about ten percent of Rank stock and Rank holds more than half of the hard to get gambling licenses in the UK.

Genting hasn’t announced all of the details of their plans yet. They have said that they don’t expect to have any material impact on the 2008 consolidated earnings. The UK is a very desirable market to operate in since its online casino markets is already valued at ₤730 million and is expected to grow to ₤2.1 million by 2010.

Posted: March 14, 2008

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