Genting gets green light to lift Echo vote power

THE NSW gaming regulator has given the all-clear for Genting Hong Kong to increase its voting power stake in casino operator Echo Entertainment to 23 per cent from 10 per cent.

Genting HK, a leisure, entertainment and hospitality group, holds a 6.6 per cent stake in Echo, operator of Jupiters casino on the Gold Coast, Brisbane’s Treasury Casino and The Star in Sydney.

Echo is also developing a $2 billion casino-resort and residential precinct at Queen’s Wharf in Brisbane.

The Hong Kong-based investment and holding company was given approval by the NSW Independent Liquor and Gaming Authority for the increased stake yesterday.

The company is not allowed to increase its stake above 10 per cent until it also gains approval from the Queensland attorney general and justice minister, which remains pending.

Genting is controlled by Malaysian billionaire KT Lim, who applied to increase the holding in 2012.

Genting HK also controls Asia’s secondbiggest gaming company, Genting Singapore.

Under the Casino Control Act, the Government cannot grant approval to a person becoming a “close associate” of the Sydney Star casino unless it is satisfied of their suitability.

The rule aims to ensure the The Star remains stable, financially viable and free from criminal influence.

Echo shares closed 10¢, or 2.15 per cent higher at $4.74.