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UK – Genting offloads Kensington casino for £34.6m

By - 26 March 2019

Genting UK has sold its entire shareholding in Coastbright, its subsidiary that owns the Maxims Club Casino in Kensington, to a Canadian group called Sonoco Gaming for £34.6m.

Genting confirmed it had entered into a share purchase agreement with Sonco UK BidCo for the purpose of the disposal which after fees will see it make a profit from the sale of £23m.

Genting said: “The proceeds from the disposal are intended to reduce Genting UK group’s borrowings, and for other potential investment opportunities.”

Sonco Gaming owns several casinos in Canada including the Grey Eagle Resort in Calgary and the River Cree Resort in Edmonton. Genting has been looking to sell Maxims since August 2017, having operated it for around a decade.

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