Stanley Leisure Sell Maxim Stake - Sunday 12th of March 2006

UNITED KINGDOM – As reported by the UK Times: "Stanley Leisure has sold back its 50 per cent stake in Maxims, the upmarket casino, to Genting, the Malaysian gaming group, for £8.5 million.

"The deal comes 14 months after Stanley purchased the holding in the Kensington, West London, casino from Genting for £6.45 million as part of a wider tie-up between the two companies to take advantage of new gambling laws.

"Genting received the original payment in Stanley shares — equivalent to a 1.1 per cent stake — and at the same time acquired a further 9.1 per cent stake in the British company from Lord Steinberg, its founder and chairman.

"Since then, Genting has lifted its stake to almost 12 per cent while building a separate holding of 29.8 per cent in London Clubs International, which last month sold its Les Ambassadeurs casino in Knightsbridge to an Indonesian tycoon…"

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