Asian gaming giant Genting Group has taken a major stake in Australian casino operator Echo Entertainment.
Genting subsidiary Genting Hong Kong on Tuesday confirmed it had paid $82.6 million for 19.26 million shares in Echo, or a 2.8 per cent stake in the company.
Genting Group is a major Asian corporation with subsidiary business involved in gaming and hospitality, property and palm oil plantations.
Another of its subsidiaries, Malaysia-based Genting Berhad, took a 4.9 per cent stake in Echo earlier in June.
Genting Hong Kong said, in a statement to the Hong Kong stock exchange, the Echo investment was a good opportunity to diversify its portfolio.
The newly-purchased shares takes Genting Group's stake in Echo near that of fellow casino operator Crown which, with a 10 per cent holding, is Echo's largest shareholder.
Investors need regulatory approval before increasing their stake in Echo past 10 per cent.
Echo owns The Star in Sydney, Treasury casino in Brisbane, and the Jupiters casinos on the Gold Coast and in Townsville.