Genting Hong Kong has increased its stake in Australian casino owner Echo Entertainment. Source: AAP
GAMING and leisure group Genting Hong Kong has increased its stake in Australian casino owner Echo Entertainment.
Genting HK bought almost 11.4 million Echo shares last week to increase its stake in Echo from 5.2 per cent to 6.6 per cent, Echo said in a market statement late on Tuesday.
Genting Hong Kong is part of Malaysian conglomerate Genting Group, which has interests in gambling, power generation, oil palm plantations, property development, and oil and gas around southeast Asia.
Genting Group took a 9.9 per cent stake in Echo through several of its subsidiaries in June 2012, but that stake dropped when Genting Singapore sold its Echo shares in September 2012.
Genting HK's move to increase its stake in Echo comes after James Packer's Crown sold its 10 per cent stake in Echo in May.
Echo owns The Star in Sydney, the Treasury casino in Brisbane, Jupiters Townsville and Jupiters Gold Coast.
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