The credit crunch will not restrict the development of a GBP 90 million casino and leisure complex at the NEC, the company behind the scheme has said. The announcement comes as many other large scale projects in Birmingham and the surrounding area are put on hold by developers fearful of the current economic climate. Genting Stanley, which recently moved its UK headquarters to Birmingham, is the largest casino operator in the country with more than 40 outlets.

Hong Kong (Reuters) - Malaysian casino operator Genting Bhd's bonds have performed poorly and are at risk of being downgraded, analysts say, as soaring costs and delays at its multi-billion dollar Singapore casino threaten its fortunes. Genting has reassured investors that building costs are under control but analysts are also worried the cash-rich company could acquire new companies and enlarge gaming stakes in the United States and Britain, further straining its finances.

The downturn in the casino industry is poised to claim another two victims after Genting Stanley said it was considering closing premises in Luton and Bristol. The company, bought by Malaysian-based Genting in 2006 in the expectation of a government-led expansion of the industry, said more than 120 jobs were at risk as it reviewed manpower across its 46 UK casinos.

Justin Leong, the grandson of the founder of Genting Group, is charged with finding new areas of growth for the Malaysian conglomerate that runs casino, energy and plantation businesses, reports Forbes Asia. "With Asia expected to provide the largest gaming growth in the world, the group’s head of strategic investments and corporate affairs hasn’t given up on setting up a casino in Macau, he told the magazine.

Kuala Lumpur - Speculation that Genting Bhd is looking to take over Rank Group Plc remains rife as the UK's second largest bingo and casino operator continues with its share price uptrend. Rank's stock moved up to 99.25 pence at the time of writing yesterday, more than 12.5% up its Monday's close of 88.25 pence. Industry observers believed that one reason why the Genting group could be looking to acquire more of Rank shares is...

With the smoking ban, higher taxes and Government U-turns, the odds look to be stacked against casino operators like Liverpool’s Genting Stanley. But its top man, Peter Brooks, says he is determined the business will defy those odds and hold on to its position as the UK’s leading casino operator. It’s a tough time to be in the casino business, an industry which is not always the most popular in the press or with some of the nation’s self-appointed moral guardians.

Singapore-listed Genting International, a unit of Malaysian casino operator Genting Bhd, said it has secured USD 4.2 billion to build and run a casino in Singapore. Genting said on Monday the funding, comprising USD 4 billion in loans and USD 192.5 million in bankers' guarantee facility, is not expected to affect its earnings in the current financial year.

Harrah's Entertainment, the American casino behemoth that owns London Clubs International (LCI), is understood to have made a tentative approach to Gala Coral Group, the betting and gaming operator, about the possibility of merging LCI with Gala Casinos. The news came as Genting, the Malaysian gaming company that owns Stanley Casinos, announced that it had lifted its stake in Rank Group...

Genting Highlands Resort defeated many a familiar name in the casino business to win the prestigious International Travel Award - The 2007 World Travel Award for the World’s Leading Casino Resort at the 14th Annual World Travel Awards Gala ceremony. The local resort was nominated along with world renowned Ceasars Palace Las Vegas (USA), D’Oreale Grande, Emperor Palace (South Africa), MGM Grand Hotel & Casino, Vegas (USA), Park Hyatt Mendoza (Argentina), Star City Hotel & Casino, Sydney (Australia) and The Venetian (Macau).

Rank will tell investors this week that it is to slash its dividend after a profits warning in October lopped 25 per cent off the stock price. But the question teasing investors is why Genting, the Malaysian owner of Stanley Leisure, has acquired a 10 per cent stake in Rank, which operates casinos and the Mecca bingo chain. There are two theories. One says that Genting is planning a full-scale bid, the second that it has bought shares ahead of a bid by somebody else, possibly Harrah's Entertainment.

The Malaysian owner of Britain’s biggest casino operator says it has lost almost GBP 130 million as a result of a rise in gaming duty and the smoking ban in England. Genting yesterday reported an 897.3 million ringgit (GBP 129 million) impairment loss against the value of the Stanley Casinos business it bought 14 months ago for GBP 639 million, or just over GBP 700 million, including debt. The company said: “The impairment is largely attributable to the increase in gaming duty rates [from] April 2007.”

Hong Kong - Star Cruises has won shareholders' approval to sell a 25 per cent stake in a casino project for SGD 255 million (about RM574 million) to sister firm Genting International in a move to placate Singapore's government. The sale now needs approval from Genting International shareholders, due this month, Star Cruises president David Chua said yesterday.