Leading Gambling Company Bought by KT Lins NephewsTwoWay, an ASX listed online gambling company, has come into the notice of Genting CEO, KT Lin's family. Nephews of the chief executive, Benjamin Lim Keong Hoe and Lim Keong Yew, have reportedly signed an agreement for acquiring the company, subject to the approval of the shareholders of Genting. This move shows an active interest on part of the south-east Asian gambling company, Genting, to expand its operations to Australia also. If everything goes according to the plan, the company will be asking Australian investors to fund their company.
Asia Set To Become The Biggest Gambling Market In 2013
One of the reasons for the high success rate of Genting is the gambling-loving middle class communities of Asia. They have made Asia one of the hotspots for opening up gambling ventures offering online casino games and the region has literally become a gold mine of opportunities for those who know to play their cards right. Gambling is not just a pastime in Asia, as people use it as a way to increase their wealth and multiply their earnings. This is one of the reasons why Asia is all set to become the biggest gambling market in 2013, according to leading research company Pricewaterhouse Coopers.
TwoWay to be Rechristened Donoco International
According to Mr. Yew, TwoWay will be rechristened Donoco International after it is bought by Genting. Yew also revealed big plans for the company. He said that they are aiming at capital generation through which the company plans to generate funds for the expansion of their biggest asset, Lao Cai International Hotel, Boutique and Casino. He said that northern Vietnam was on the radar and the company might buy further assets in China and Thailand to consolidate its position. This announcement did not come as a surprise, considering that Genting was seeking the approval of the regulatory board to purchase one-fourth of Echo Entertainment Group based in Australia. They were involved in a two-way battle with the only casino operator of Sydney, billionaire James Pecker.
Well Received In Australia
Mr. Yew was of the opinion that their company is well understood in Australia. He said that the market in Australia is really wide, and the gaming space having listed companies changes the whole outlook from a capital generating point of view. He also added that the investor community of Australia is more mature and understanding than that of Hong Kong or even Singapore.