Sonco takes over Coastbright and Maxims

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.”