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Sonco takes over Coastbright and Maxims

Published

6 years ago

March 26, 2019

Niji Narayan

Sonco takes over Coast bright and Maxims

Photo Source: studybreaks.com

Reading Time: < 1 minute

Genting Malaysia Bhd, announces that it has sold the casino’s operator, Coastbright Ltd., to a Canadian company named Sonco Gaming Inc.for $45.6 million. Sonco, along with several investors, is the new owner of Coastbright and Maxims. Maxims was once an exclusive casino in Kensington, a borough of London. The gambling operator purchased the venue about ten years ago and continued slow performance has had it looking for a new owner for several years.The Maxims brand covers other types of facilities, as well.

Selling the property will help Genting to reduce some of its debt. It will also open up opportunities to seek out new investment opportunities and the company expects to walk away with around $30.3 million after all fees are covered. In a filing with Bursa Malaysia, Genting stated, “The proceeds from the disposal are intended to reduce Genting UK group’s borrowings, and for other potential investment opportunities.”

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.