Monday 22 Apr 2024
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KUALA LUMPUR (June 6): Genting Group has placed a record US$164.6 million (about RM654 million) bid to acquire Andorra's first casino licence, USAonlinecasino.com reported.

In a report dated June 4, 2018, USAonlinecasino.com reported that Andorran state authorities have announced that they are taking bids that will see them offer the first casino licence in their part of Europe.

"Genting hopes to beat all the other 12 contenders that have also placed bids to receive the principality's only casino licence. Through its UK subsidiary, the Malaysian-based firm has apparently placed an impressive bid that could only be rivaled by Spanish casino operator Cirsa, which is based in Catalan.

"The two firms each offered a record US$164.6 million to secure the bid. Genting entered the bid by joining with Mark Giebels, an Andorran business mogul; Mark Vlassopulos, president of Andorra's Arc Resort; and British businessman David Gray, who is based in Andorra. If the bid goes through successfully, Genting will hold the majority stake (70%). The remaining 30% would be shared by its investors," USAonlinecasino.com reported.

It was reported that the licence will be valid for 20 years and requires at least US$11.7 million in investment before it will be issued.

According to USAonlinecasino.com's report, notable contenders which have placed bids for the licence include French-based firms Partouche, Barriere, Raineau, and Austria's Casinos Austria.

"The Andorran authorities said they will reveal the winner of the bid at the end of June after the necessary review processes have been finalised," USAonlinecasino.com reported.

At the time of writing, Genting Group had not issued a statement on its plans in Andorra.

 

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