Genting UK has found a buyer for Maxims Club Casino in London. The firm’s parent company, Genting Malaysia Bhd, announced in late March that it has sold the casino’s operator, Coastbright, to Sonco UK for £34.6m.
Genting Malaysia said Sonco represented a consortium of investors led by Sonco Gaming Inc, a Canadian gaming operator.
The company indicated that it would gain around £23m from the sale of its interest in the casino, which is located in the upmarket London borough of Kensington.
“The proceeds from the disposal are intended to reduce Genting UK group’s borrowings, and for other potential investment opportunities,” the company told the Malaysian stock exchange, Bursa Malaysia.
Genting purchased the venue about ten years ago from UK casino operator Stanley Leisure, but its ongoing slow performance has seen the company looking to offload the property for several years.
Maxims ’ Kensington location sets its apart from the majority of London’s high-end casinos, which are based largely in the heart of Mayfair.
Several media reports have suggested that issues surrounding Maxims location issue could have contributed to a drop-off in trade in recent years, and may have been a factor in Genting’s decision to sell.
Maxims is based inside Palace Gate House, a grade II listed Victorian townhouse built for John Forster, a friend and biographer of Charles Dickens, in the 1860s.