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Stanley Leisure Chairs Hits Jackpot in Sale

29 Nov 2004

UNITED KINGDOM – As reported by the UK This is Money: "Nov. 24--Stanley Leisure chairman Lord Steinberg has hit a 36 million pounds jackpot by selling shares in the company to a Malaysian casino giant.

"The Tory peer becomes one of the first beneficiaries of a planned relaxation in Britain's gambling laws.

"He has sold stock in Stanley as part of a deal to form closer ties with Asia's biggest casino operator, Genting, which runs Las Vegas-style resorts in Asia and the US.

"Genting will end up with around 10 percent of Stanley and the duo have signed a pact to co-operate on the creation of a 125 million pounds super-casino in the car park at Leeds United's Elland Road ground.

"…There is no certainty that the duo will be awarded one of just eight licences for regional super-casinos. They are up against stiff competition from hotelier Hilton, which wants to develop a massive casino in Blackpool…"

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