Apollo Resorts to create new gaming company
Apollo Resorts and Leisure, based in Worksop, has entered into a joint venture to create an entertainment company ready for the 2012 Olympics. Alongside Genting Ibico Holdings, the company will invest £2.95m into the new venture, to be named Sevco.
Apollo specialises in property and regeneration, live entertainment, sport and gaming. It has entered into the joint agreement with Isle of Man-headquartered Genting to create Sevco, which will later be renamed Apollo Genting London. The new company is headquartered in Cardiff.
The companies said that the new venture will be a “leisure entertainment destination”, for which they are seeking a casino liscence.
Genting Ibico and Apollo Resorts will both contribute £2.95m into the new company. Apollo Resorts will receive £2.14m of the investment in exchange for the transfer of design and planning documentation relating to a leisure destination, and second stage application documentation relating to a casino licence from the London Borough of Newham.
Sevco will acquire or lease land in Newham and will operate in time for the 2012 London Olympics, the two parent companies said.
