Genting HK

Genting HK: has applied to raise its Echo Entertainment Group stake to 25% in a fight with billionaire James Packer for Sydney’s only casino. GENHK, with a 4.2% in Echo, asked the New South Wales Independent Liquor and Gaming Authority for permission to increase its share. The regulator and its counterpart in neighboring Queensland state are investigating the plan. The move intensifies the contest with Packer’s Crown for greater control of Echo two weeks after GENS, also controlled by Genting Bhd, said it was selling its 4.8% stake in Echo. Crown, which holds ~ 7.7% of Echo, has also applied to increase its stake to 25%. GENHK applied earlier to raise its stake above 10%, while the application announced today lifts the target above a 20% threshold at which companies must generally make a takeover offer under Australian corporate law.