Takeover talk for Genting Singapore

There is talk of a takeover for casino operator Genting Singapore, with MGM Resorts International in the frame.

According to the Singapore-based Straits Times newspaper, top executives from MGM have approached the Lim Family, who control Genting Singapore, with an expression of interest.

Now, says the newspaper, other potential suitors have emerged while shares in the Singapore-listed company rose sharply amid the rumours.

The Singapore Exchange issued a query to the company about “unusual price movements” after a near-10 per cent jump in the price. Dealing on the shares was halted by the company early on Friday afternoon.

Genting Singapore is valued at $9.8bn, with Genting Berhad – the Malaysian conglomerate backed by the Lim Family – holding 53 per cent. The Singapore company’s Resorts World Sentosa has 550 gaming tables and over 2,400 slots.