Thursday, October 21, 2010

BRIEF-Malaysia's Genting to build London casino

* said it had entered into a joint venture agreement with a U.K.-based company to set up a casino and an entertainment centre at a venue for the London 2012 Olympic Games.
* under the agreement with U.K's Apollo Resorts & Leisure Casinos, both Genting and Apollo will hold 50 percent stake each in the venture;
* Genting and Apollo will contribute equity totalling 2.95 million pounds into the joint venture.
* expects the entertainment centre to be ready before the summer Olympic Games and will be located in Newham, one of the host venues for the Games.
* Apollo has applied for a casino license and Genting will acquire the rights for 5 million pounds from Apollo if the license is approved.

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