Casino News

British firm buy stake in Macau

2007-10-16 15:32:04

Permira, a private equity firm based in the UK, has bought a stake in Macau casino operator Galaxy Entertainment Group (GEG).

The firm has paid $480 million (around £236 million) for 20 per cent of the company.

GEG is currently building the Cotai Mega Resort, which will be one of the world's largest casinos.

Macau is now the biggest gambling destination in the world, with more money changing hands there than in Las Vegas.

Permira is hoping to set up operations in Hong Kong in 2008.

Reuters quotes partner in the firm Martin Clarke as saying: "There are abundant opportunities in the region, particularly in China,"

According to the Independent, Mr Clarke refused to say whether the $480 million deal was the beginning of Primera taking over GEG.