London Olympics to get new casino

As anybody interested in sport will know, London is hosting the 2012 Olympic Games and one London suburb has decided that more entertainment is needed for the millions of people that will visit the area. The London borough of Newham which is one of the sites for the games has put out for tender a license for a “large” casino premises expecting several bids. News is that interest has been shown by the Malaysian casino group Genting Malaysia Bhd who plan to form a joint venture with Apollo Resorts & Leisure plc to own and operate a casino and leisure complex. Genting is no newcomer to the UK as it has recently acquired no less than 44 casino properties in the country. The award of the license will be a two stage process with the second stage due for submission in November with the outcome in February next year. If successful, construction could start in the third quarter for an opening in time for the 2012 games. Genting Malaysia and Apollo will each hold a 50% stake in the business which is expected to require initial funding of around £6 million. If successful in obtaining the license Genting will transfer ownership to Genting Casinos UK Ltd who will be the sole owner and operator of the business. Interestingly enough Genting Malaysia has stated that the joint venture with Apollo to develop a site in the docklands area will proceed whether the license is acquired or not as it wishes to exploit the opportunity provided by the Olympic Festival Village in Newham.