Genting Malaysia has reached an agreement to offload UK-based subsidiary Coastbright Limited, which operates London’s Maxims casino.
The agreement will see a consortium of investors led by Canadian gaming firm Sonco UK BidCo Limited purchase Coastbright for a total cash consideration of MYR185 million (£34.6 million).
In its announcement, Genting Malaysia said the disposal will allow its UK unit, Genting UK Plc (GUK), to “streamline its operations” while also providing the company with a gain on disposal of around MYR123 million (£23 million).
“The proceeds from the Disposal are intended to reduce GUK group’s borrowings and for other potential investment opportunities,” it added.
Genting, which owns and operates another 41 casinos around the UK, first announced plans to sell Maxims – located in exclusive Kensington – in 2017 with an asking price of £40 million.
