Genting Group

The Genting Group is headquartered in Wisma Genting in Kuala Lumpur, Malaysia.[9] The Group comprises the holding company Genting Berhad (MYX: 3182), its listed subsidiaries Genting Malaysia Berhad (MYX: 4715), Genting Plantations Berhad (MYX: 2291), Genting Singapore Plc (SGX: G13 ), as well as its wholly owned subsidiary Genting Energy Limited.[10][11]

Genting Berhad
TypePublic
MYX: 3182
ISINMYL3182OO002
IndustryLeisure & Hospitality, power generation, oil & gas, oil palm plantations, property development and life sciences & biotechnology
Founded1965 (1965)[1]
FounderLim Goh Tong,[1][2] Mohamed Noah Omar
Headquarters14th Floor, Wisma Genting, 50250 Kuala Lumpur, Malaysia[3]
Area served
Worldwide[4]
Key people
Tan Sri Lim Kok Thay, Chairman & Chief Executive Officer[2][1]
ProductsHotel, casino and entertainment
BrandsResorts World,[5] Genting,[6]Genting Club,[6]Crockfords[6] and Maxims[4]
ServicesTourism, resorts, cruises, gambling, plantations and Genting Energy Limited
RevenueIncrease RM13.53 Billion (Fiscal Year Ended 31 December 2021)[7]
Increase –RM970.8 Billion (Fiscal Year Ended 31 December 2021)[7]
Increase –RM1.41 Billion (Fiscal Year Ended 31 December 2021)[7]
Total assetsIncrease RM102.45 Billion (Fiscal Year Ended 31 December 2021)[7]
Total equityDecrease RM53.16 Billion (Fiscal Year Ended 31 December 2021)[7]
Number of employees
47,000 globally[8]
SubsidiariesGenting Malaysia Berhad
Genting Plantations Berhad
Genting Singapore PLC
Genting Energy Limited
Resorts World Las Vegas LLC
Genting Hong Kong
Newport World Resorts
Websitewww.genting.com

Founded in 1965 by the late Malaysian entrepreneur Tan Sri Lim Goh Tong,[12][13] the Genting Group is headed by Tan Sri Lim Kok Thay, the chairman and Chief Executive, who joined the Group in 1976.[14]

The group has developed, operated and marketed casinos and integrated resorts in different parts of the world, including the Americas, Australia, Malaysia, the Philippines, Singapore and the United Kingdom.[10][11][15] The Group's pioneer integrated resort is Resorts World Genting, formerly known as Genting Highlands Resort. The main attractions of the resort are its casino, theme park, concert shows, food & beverage and retail shopping.[12][11]

Resorts World Genting, Malaysia

From its initial leisure and hospitality activities, the Genting Group has expanded and diversified into other activities including plantations, properties, power generation, oil and gas, e-commerce, information technology and biotechnology.[12][11][15]

The Group and its affiliates employ about 47,000 people[16] worldwide and have over 4,500 hectares (11,000 acres) of prime resort land and 238,400 hectares (589,099 acres) of land for plantation.[17]

The global tourism, leisure and hospitality and gaming industries were among the sectors hardest hit by the pandemic in 2020 and 2021. For the first time in the Group's history, Genting had to temporarily close all of its resort operations worldwide at intermittent periods, in compliance with respective government directives.

Group structure

Genting Berhad is principally an investment holding and management company.[18] The company is headquartered in Malaysia.[19] It is listed on the main board of Bursa Malaysia, with a market capitalisation of RM18 billion (about USD4.5 billion) as at 31 December 2021.[20]

  • Genting Singapore PLC (52.7%[21] owned by Genting Berhad) – investment holding company. It is listed on Singapore Stock Exchange. Market capitalisation was USD6.91 billion as of 31 December 2021.[22]
  • Genting Malaysia Berhad (49.5[21]% owned by Genting Berhad) – It is involved in leisure and hospitality, gambling and entertainment which includes its casino businesses in Malaysia, in the Americas and the United Kingdom. Genting Malaysia owns and operates major properties including Resorts World Genting in Malaysia, Resorts World Casino New York City in the US, over 40 casinos including Resorts World Birmingham in the UK and Resorts World Bimini in the Bahamas. It is listed on the main board of Bursa Malaysia with a market capitalisation of about RM16 billion (USD4 billion) as at 31 December 2021.[23]
  • Genting Plantations Berhad (55.4%[21] owned by Genting Berhad) – is involved in plantations, biotechnology and property, which includes its property arm, Genting Property. Genting Plantations owns 243,500 hectares[24] of land in Malaysia and Indonesia. It is listed on the Main Market of Bursa Malaysia with about RM6.0 billion (USD1.5 billion) market capitalisation as of 31 December 2021.[25]
  • Kien Huat Realty – the real estate development and investment entity created by Genting founder Lim Goh Tong owns about 43 percent of Genting Berhad.[26]

Diversification and expansion

In December 2006, Genting Group won the bid in obtaining one of two Singapore casino licences to build an integrated resort, named Resorts World Sentosa, under Genting Singapore.[27] The project requirements include hotel, gambling, leisure facilities, convention space and retail.

In 2007, Genting Plantations ventured into biotechnology to develop synthetic genomic processes and naturally occurring processes for alternative energy resources through an equally owned joint venture with "Synthetic Genomics".[28]

In July 2007, Genting Group disposed of its paper and packaging business.[28]

In August 2009, Genting Hong Kong opened Resorts World Manila in partnership with Alliance Global Group. It is one of four groups that won approval in 2008 to build hotels and casinos as part of Philippines' US$20 billion Pagcor City development on Manila Bay.[29] In June 2009, Genting Group supported the capital raising exercise of MGM Mirage.[30]

In August 2010, Genting Property began construction on an upscale retail destination, Johor Premium Outlets in partnership with Indianapolis, Indiana-based Simon Property Group, as part of a wider 7,000-acre (2,800 ha) integrated township project in the southern state of Johor.[31]

In September 2010, Genting New York won a bid to build a racino at Aqueduct Racetrack in New York City, the first step of a planned expansion in the United States.[28] Among the attributes of the plan was providing a diversion for passengers on extended stays at John F. Kennedy International Airport.[32] Resorts World New York opened in October 2011.[33]

In May 2011, Genting Malaysia purchased 14 acres (5.7 ha) of Biscayne Bay front land surrounding the headquarters of The Miami Herald for US$236 million; The McClatchy Company announced that the Herald and El Nuevo Herald would be moving to another location by 2013.[34] The land is to be used for a mixed-use development, Resorts World Miami, that would include hotels, restaurants, residences, retail shops and a convention centre. Genting Group sees the Miami land acquisition as an integral step in its pursuit of expanding internationally in the leisure, hospitality and entertainment industry.[35]

In June 2011, Genting UK was awarded a casino licence for a 55,000 sq-metre mixed-use facility in Birmingham.[36] The development is in partnership with the NEC Group.

In March 2013, Genting bought the site of Echelon Place,[37] an unfinished casino resort on the Las Vegas Strip and announced plans for Resorts World Las Vegas.[38]

In May 2015, Genting Hong Kong purchased 100% ownership of Crystal Cruises and plans for expansion into river cruising, private jet charters using Boeing 777 aircraft and the new build of three 100,000 GT mega cruise ships was announced for the brand. Genting also announced the construction of a 204,000 GT ultra-luxury and giant cruise ship. In October 2016, Genting Hong Kong was entirely sold to the Lim Kok Thay's family-owned unit trust Golden Hope Limited as part of a family business restructuring exercise, separating it from Genting Group but retaining it under ownership of Lim Kok Thay's family.[39]

In 2016, Genting announced the building of Resorts World Miami. This project will cost about US$3 billion. This project has the world's biggest swimming pool.

In 2017, Genting announced they would lend their name to a new resort, Resorts World Catskills. The casino was originally to be named Montreign Resort Casino.[40]

In January 2018, Genting announced plans to build a new casino resort in Andorra. The resort is expected to cost EUR€105 million and will host many different musical and cultural events.[41]

Resort and casino properties

Malaysia

United Kingdom
Maxims Casino, Southend

As of December 2010, Genting Malaysia owns the largest number of casinos in the UK, with 46:[42]

  • Resorts World Birmingham
  • Crockfords Club, London
  • The Colony Club, London
  • The Palm Beach Casino, London
  • Maxims Casino Club, London
  • Genting Casino, Bolton
  • Genting Casino, Bournemouth
  • Genting Casino, Blackpool
  • Genting Casino, Brighton
  • Genting Casino, Bristol
  • Genting Casino, Coventry
  • Genting Casino Cromwell Mint, London
  • Genting Casino Edgbaston, Birmingham
  • Genting Casino, Glasgow, Scotland
  • Genting Casino, Leicester
  • Genting Casino, Luton
  • Genting Casino, Margate
  • Genting Casino, Newcastle
  • Genting Casino, Nottingham
  • Genting Casino, Plymouth
  • Genting Casino Renshaw Street, Liverpool
  • Genting Casino, Salford
  • Genting Casino, Torquay
  • Genting Casino York Place, Edinburgh, Scotland
  • Genting Chinatown Casino, Birmingham
  • Genting Chinatown Casino, London
  • Genting Casino Fountainpark, Edinburgh, Scotland
  • Genting Casino, Manchester
  • Genting Casino Queen Square, Liverpool
  • Genting Casino, Reading
  • Genting Casino Riverlights, Derby
  • Genting Casino, Sheffield
  • Genting Casino, Southport
  • Genting Casino, Stoke-on-Trent
  • Genting Casino Terminus Terrace, Southampton
  • Genting Casino, Wirral
  • Genting Electric, Luton
  • Genting Electric, Portsmouth
  • Genting Electric Westcliff, Southend
  • Maxims Casino, Southend

Genting owns the Park Lane Mews Hotel in Mayfair, London.

Singapore

Philippines

US and the Caribbean

China

Online Casino
  • Genting Casino Online UK[44]
  • Genting Casino Spain[45]
  • Genting Casino Online Germany[46]
  • Genting Casino Online Ireland[47]

Investments in the United States

Previous properties

Notes
  1. "Corporate Profile".
  2. GENT Annual Report 2021_page 1_Corporate Profile
  3. "Corporate Information".
  4. GENT Annual Report 2021_page 2_Our Global Footprint
  5. GENT Annual Report 2021_corporate profile
  6. GENT Annual Report 2021_corporate profile_page 2
  7. "Genting Group's 2021 Annual Report" (PDF). Genting Group. 31 December 2021. Retrieved 14 July 2021.
  8. http://www.genting.com/annual report 2021
  9. "Information." Genting Group. Retrieved on 27 December 2022.
  10. "Corporate Profile". www.genting.com. Retrieved 18 August 2018.
  11. Genting Berhad Annual Report 2016, profile page.
  12. "History". Genting Group. Retrieved 18 August 2018.
  13. My Story - Lim Goh Tong, page 77.
  14. Genting Berhad Annual Report 2021, directors' profile, page 16.
  15. Lim Goh Tong. My Story.
  16. GENT_AnnualReport_2021_pg2
  17. Genting Berhad Annual Report 2015, profile page
  18. "Corporate Profile". Retrieved 27 December 2022.
  19. "Corporate Information". Retrieved 27 December 2022.
  20. "Genting Berhad - Financial Snapshot". Retrieved 27 December 2022.
  21. "Genting Berhad - Group Corporate Structure". Retrieved 27 December 2022.
  22. "Genting Singapore Market Capitalisation". CompaniesMarketcap.com. Archived from the original on 27 December 2022. Retrieved 27 December 2022.
  23. "Genting Malaysia Berhad - Financial Snapshot in 2021". Retrieved 27 December 2022.
  24. "2021 Highlights - Genting Plantations". Retrieved 27 December 2022.
  25. "Genting Plantations - Financial Snapshot in 2021". Retrieved 27 December 2022.
  26. Genting Berhad Annual Report 2021, page 224.
  27. "Genting-Star Cruises consortium wins Sentosa integrated resort project". WildSingapore.com. 8 December 2006. Retrieved 31 May 2011.
  28. "Genting Group is Malaysia's leading multinational corporation". Genting Group. Archived from the original on 6 December 2012.
  29. "Billionaire Tan and Star Cruises Open Manila Casino (Update2) - Bloomberg". Bloomberg News. Archived from the original on 24 September 2015. Retrieved 7 March 2017.
  30. "Malaysia's Genting pays $100 mln for MGM stake-paper". Reuters. 10 June 2016.
  31. "Bloomberg Politics". Bloomberg.com. Archived from the original on 6 November 2012.
  32. Massey, Daniel (3 August 2010). "Last Aqueduct racino bidder gets state blessing". Crain's New York Business. Retrieved 31 May 2011.
  33. "New York State Gaming Commission" (PDF). gaming.ny.gov.
  34. Hanks, Douglas (27 May 2011). "Miami Herald parent sells land for $236 million; newspaper operations unaffected". Miami Herald. Retrieved 31 May 2011.
  35. "Genting heads for Miami". The Edge Markets. 30 May 2011. Retrieved 17 April 2022.
  36. "Birmingham Post: Business news, local news, expert opinion". birminghampost.net. Archived from the original on 4 July 2011. Retrieved 3 August 2011.
  37. "Genting buys Echelon for $2 billion Resorts World Las Vegas". Las Vegas Review-Journal. 4 March 2013. Retrieved 3 January 2023.
  38. Richard N. Velotta (4 March 2013). "Old Stardust site being sold for new Strip casino". Vegas Inc. Retrieved 4 March 2013.
  39. "Genting Malaysia, parent to sell stake in Hong Kong unit for $420.8 million". Nikkei Asia. Retrieved 3 January 2023.
  40. "Montreign Resort Casino to be rebranded a Resorts World property (press release)". www.sec.gov. 6 April 2017. Retrieved 17 April 2022.
  41. "Genting Group to Invest €105m in Andorra Casino Resort". CasinoReviews.co.uk. 5 January 2015. Retrieved 15 January 2018.
  42. Genting Group 2010 Annual Report Archived 17 August 2011 at the Wayback Machine, Genting Berhad, 6 May 2011.
  43. "Casino of the First Light Resort And Casino". casinoofthefirstlight.com.
  44. "Genting Casino Online Site in UK". gentingcasino.com.
  45. "Genting Casino Online Site in Spain". gentingcasino.es.
  46. "Genting Casino Online Site in Denmark". gentingspielhalle.de.
  47. "Genting Casino Online Site in Ireland". gentingcasino.com.
  48. Foxwoods loan deals with Malaysian investors raise concern, worsen debt, Connecticut Post, 23 November 2009.
  49. Tribal Casino Rules Revisited, Wall Street Journal, 21 September 2009.
  50. Empire Resorts Concludes $55,000,000 Investment Agreement with Kien Huat Realty III Limited Archived 24 September 2015 at the Wayback Machine, Empire Resorts Press Release, 19 August 2009.
  51. Genting circling Massachusetts as House eyes casino vote, Gambling Compliance, 9 May 2011.
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