BLB Investors, a consortium based in the US, has emerged as the front-runner in the race to acquire gaming group Wembley.

The group, which has backers that include resorts and casinos business Kerzner, has outbid Las Vegas casino group MGM Mirage with an offer worth £308.6m. The proposal, which has the support of the Wembley board, is 2.4 per cent higher than an earlier revised offer from MGM.