Leonard Steinberg, the chairman and founder of Stanley Leisure, on Tuesday sold 8m shares in the betting and casino business to Genting, the Malaysia-based leisure group. He will earn £36m from the deal.

The deal will reduce Lord Steinberg’s stake to 11.3 per cent. Stanley also announced a joint venture deal with Genting to develop so-called “regional” casinos in the UK following the government’s impending overhaul of gaming legislation.