Asian gaming operator Genting is looking to unload its London VIP casino Maxims, the second Asian-owned London casino sale to be announced this month.
After days of rumors, Malaysia’s Genting International formally confirmed that it had appointed property consultancy CBRE to flog its Maxims Casino Club property in Kensington. Genting is believed to be asking at least £40m for the high-end casino, which resides in a 150-year-old Victorian townhouse, Palace Gate House.
Genting acquired Maxims over a decade ago from UK casino operator Stanley Leisure. Genting currently operates over 40 casinos in the UK, of which five are controlled by the Genting International subsidiary, including Crockfords, the site of poker star Phil Ivey’s infamous ‘edge-sorting’ punto banco shenanigans in 2012 that remain the subject of legal wrangles.
Genting recently completed a “multi-million pound refurbishment” of Maxims’ three VIP gaming rooms, some of which feature “exquisite period features,” including the Dickens Room’s hand-painted stained glass ceiling. The property also features a whisky lounge bar and a restaurant specializing in “Arabic, Chinese and European cuisine.”
CBRE told Nikkei Markets that it expects “strong worldwide interest for this thriving business with the benefit of a freehold in one of London’s most prestigious locations.” The sale offers “an exceptionally rare opportunity to gain a foothold in the exclusive London casino market, which benefits from both a strong domestic and international clientele.”
Maxims is the second Asian-owned London casino to go on the block this month, following Hong Kong-listed Landing International Development Ltd announcing that it was flogging Les Ambassadeurs Club and Casino for the low, low price of $320m.