Malaysian firm buys casino group

Malaysian gambling firm Genting International today struck a multi-million takeover deal with UK casino operator Stanley Leisure.

Genting agreed to pay 860p a share for Stanley Leisure and its 45 casinos, which values the company at £639m (€940m).

The deal came after Stanley Leisure chairman Lord Leonard Steinberg agreed to sell his holding of almost 11% to Genting for £64.3m (€94.6m).

It took Genting’s overall share of Stanley Leisure to 30.5% – forcing it to make a bid for the rest of the company under takeover rules.

Stanley Leisure's betting division had included 660 shops across the UK and 51 in Ireland. The company no longer keeps a presence on the high street after selling its estate of bookmakers to William Hill for £504m (€734m).