Genting Group

The Genting Group is a company headquartered in the Wisma Genting in Kuala Lumpur, Malaysia.[1] It 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.[2][3]

Genting Group
Publicly traded company
Traded asMYX: 3182
ISINMYL3182OO002
IndustryHospitality and plantations
Founded1965 (1965)
FounderLim Goh Tong
Headquarters24th Floor, Wisma Genting, 50250 Kuala Lumpur, Malaysia
Area served
Worldwide
Key people
Lim Kok Thay, Chairman & Director
ProductsHotel, casino and entertainment
ServicesTourism, resorts, cruises, gambling, plantations and Genting Energy Limited
Revenue RM 20.9 billion (2018)
Number of employees
56,000 globally
SubsidiariesGenting Malaysia Berhad
Genting Plantations Berhad
Genting Singapore PLC
Genting Hong Kong
Kient Huat Realty
Genting UK PLC
Websitewww.genting.com

Founded in 1965 by the late Malaysian entrepreneur Tan Sri Lim Goh Tong,[4][5] the Genting Group is headed by Tan Sri Dato Seri Lim Kok Thay, the Chairman and Chief Executive, who joined the Group in 1976.[6]

Since its founding in 1965, the Group has garnered over 52 years of experience in developing, operating and marketing casinos and integrated resorts in different parts of the world, including the Americas, Australia, Malaysia, the Philippines, Singapore and the United Kingdom.[2] [3][7] 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.[4][3]

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.[4][3][7]

The Group and its affiliates employ about 62,000 people 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.[8]

Due to the COVID-19 situation worldwide, Genting has announced an unprecedented worldwide shutdown of all Genting Group's casino since 4 May 2020.

Group structure

Genting Berhad is the parent company and holding company that manages investment in other companies. Headquarters in Malaysia. It is listed on the main board of Bursa Malaysia, with a market capitalisation of US$9.4 billion as at 31 December 2014.[9] In 2017, its market capitalisation increased to US$ 37.87 billion.

  • Genting Singapore PLC (52.8% owned by Genting Berhad) – investment holding company. It is listed on Singapore Stock Exchange. Market capitalisation is US$9.9 billion as of 31 December 2014.[9]
  • Genting Malaysia Berhad (49.3% 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 RM26 billion as of 31 December 2016.[10]
  • Genting Plantations Berhad (51.9% owned by Genting Berhad) – is involved in plantations, biotechnology and property, which includes its property arm, Genting Property. Genting Plantations owns 259,700 hectares of land in Malaysia and Indonesia. It is listed on the Main Market of Bursa Malaysia with US$2.2 billion market capitalisation as of 31 December 2014.[9]
  • Kien Huat Realty – the real estate development and investment entity created by Genting founder Lim Goh Tong owns 39 percent of Genting Berhad.[12]

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.[13] 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 joined venture with "Synthetic Genomics".[9]

In July 2007, Genting Group disposed of its paper and packaging business.[9]

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.[14] In June 2009, Genting Group supported the capital raising exercise of MGM Mirage.[15]

In August 2010, Genting Property began construction on an upscale retail destination, Johor Premium Outlets in partnership with Jersey-based Simon Property Group, as part of a wider 7,000-acre (2,800 ha) integrated township project in the southern state of Johor.[16]

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.[9] Among the attributes of the plan was providing a diversion for passengers on extended stays at John F. Kennedy International Airport.[17] Resorts World New York opened in October 2011.[18]

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.[19] 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.

In June 2011, Genting UK was awarded a casino licence for a 55,000 sq-metre mixed-use facility in Birmingham.[20] The development is in partnership with the NEC Group.

In March 2013, Genting bought the site of Echelon Place, an unfinished casino resort on the Las Vegas Strip, and announced plans for Resorts World Las Vegas.[21]

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 GRT mega cruise ships was announced for the brand. Genting were also announced to build a 204,000 GT ultra-luxury and giant cruise ship.

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 build a new resort, Resorts World Catskills.

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.[22]

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:[23]

  • 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

Hong Kong

Philippines

USA and the Caribbean

Korea
  • Resorts World Jeju (planned)

China
  • Genting Grand Secret Garden

Macau
  • Resorts World Macau (planned 2021)

Investments in the United States
  • Foxwoods Resort Casino, Connecticut (capital loan to the Mashantucket Pequot tribe through Kien Huat Realty)[26]
  • Seneca Niagara Casino & Hotel, Niagara Falls, USA (capital loan to Seneca Nation of Indians through Kien Huat Realty)[27]
  • Monticello Raceway, Catskills (majority shareholder of Empire Resorts through Kien Huat Realty)[28]
  • Massachusetts Region C casino development (financing the development and lobbying expenses behind Wampanoag people Casino of the First Light[25][29]

Previous properties
  • Burswood Entertainment Complex, Perth, Australia (formerly known as Burswood Island Casino)
  • Lucayan Beach Resort and Casino, Bahamas (in partnership with the Bahamian government)

Aston Villa Football Club sponsorship

An announcement was made on 22 June 2011 that Genting would become the new principal partner of English Premier League club Aston Villa. Details of the partnership reveal that Aston Villa home and away jerseys will display the Genting Casinos branding. The deal ran for two seasons, from July 2011 to July 2013.

Notes
  1. "Corporate Information." Genting Group. Retrieved on September 11, 2017. "REGISTERED OFFICE Address 24th Floor, Wisma Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur"
  2. "Corporate Profile". www.genting.com. Retrieved 18 August 2018.
  3. Genting Berhad Annual Report 2016, profile page.
  4. "History". www.genting.com. Retrieved 18 August 2018.
  5. My Story - Lim Goh Tong, page 77.
  6. Genting Berhad Annual Report 2016, directors' profile, page 4.
  7. My Story - Lim Goh Tong
  8. Genting Berhad Annual Report 2015, profile page
  9. "Genting Group is Malaysia's leading multinational corporation". genting.com. Archived from the original on 6 December 2012.
  10. Genting Malaysia Annual Report 2016
  11. "Genting Hong Kong". www.gentinghk.com. Retrieved 18 August 2018.
  12. Genting Berhad Annual Report 2016, page 174.
  13. "Genting-Star Cruises consortium wins Sentosa integrated resort project". Yahoo! News. wildsingapore.com. 8 December 2006. Retrieved 31 May 2011.
  14. "Archived copy". Archived from the original on 24 September 2015. Retrieved 7 March 2017.CS1 maint: archived copy as title (link)
  15. "Malaysia's Genting pays $100 mln for MGM stake-paper". 10 June 2016 – via Reuters.
  16. Archived 6 November 2012 at the Wayback Machine
  17. Massey, Daniel (3 August 2010). "Last Aqueduct racino bidder gets state blessing". Crain's New York Business. Retrieved 31 May 2011.
  18. "New York State Gaming Commission" (PDF). gaming.ny.gov.
  19. Hanks, Douglas (27 May 2011). "Miami Herald parent sells land for $236 million; newspaper operations unaffected". The Miami Herald. Retrieved 31 May 2011.
  20. "Birmingham Post: Business news, local news, expert opinion". birminghampost.net.
  21. Richard N. Velotta (4 March 2013). "Old Stardust site being sold for new Strip casino". Vegas Inc. Retrieved 4 March 2013.
  22. "Genting Group to Invest €105m in Andorra Casino Resort". CasinoReviews.co.uk. 5 January 2015. Retrieved 15 January 2018.
  23. Genting Group 2010 Annual Report Archived 17 August 2011 at the Wayback Machine, Genting Berhad, 6 May 2011.
  24. "Genting Cruise Line". Genting Group.
  25. "Casino Of The First Light Resort And Casino". casinoofthefirstlight.com.
  26. Foxwoods loan deals with Malaysian investors raise concern, worsen debt, Connecticut Post, 23 November 2009.
  27. Tribal Casino Rules Revisited, Wall Street Journal, 21 September 2009.
  28. 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.
  29. Genting circling Massachusetts as House eyes casino vote, Gambling Compliance, 9 May 2011.
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