After more than three years of waiting, Genting Hong Kong has finally received regulatory approval to increase its stake in Australian casino operator Echo Entertainment.

The New South Wales Independent Liquor and Gaming Authority (ILGA) has given Genting Hong Kong permission to increase its shareholding stake to a maximum of 23% on Friday.

Genting Hong Kong boss boss Lim Kok Thay had confirmed that his firm had applied for the right to boost its Echo stake from its current 6.6% to as much as 25% in July 2013 as special permission is needed for any holding of more than 10% but but the regulator settled on a 23% limit.

It must now get permission from Queensland authorities, which is still pending, because of Echo’s casinos, Jupiter and Treasury.