TheGenting Groupis headquartered in Wisma Genting inKuala 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]
 | |
| Company type | Public |
|---|---|
| MYX:3182 | |
| ISIN | MYL3182OO002 |
| Industry | leisure & hospitality,mass media |
| Founded | 1965[1] |
| Founder | Lim Goh Tong,[1][2]Mohamed Noah Omar |
| Headquarters | 14th 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] |
| Products | Hotel,casinoandentertainment |
| Brands | Resorts World,[5]Genting,[6]Genting Club,[6]Crockfords[6]and Maxims[4] |
| Services | Tourism,resorts,cruises,gambling,plantationsand Genting Energy Limited |
| Revenue |  RM13.53 Billion (Fiscal Year Ended 31 December 2021)[7] |
| –RM970.8 Billion (Fiscal Year Ended 31 December 2021)[7] | |
| –RM1.41 Billion (Fiscal Year Ended 31 December 2021)[7] | |
| Total assets | RM102.45 Billion (Fiscal Year Ended 31 December 2021)[7] |
| Total equity |  RM53.16 Billion (Fiscal Year Ended 31 December 2021)[7] |
Number of employees | 47,000 globally[8] |
| Subsidiaries | Genting Malaysia Berhad Genting Plantations Berhad Genting Singapore PLC Genting Energy Limited Resorts World Las Vegas LLC Genting Hong Kong Newport World Resorts |
| Website | www |
Founded in 1965 by the late Malaysian entrepreneurTan Sri Lim Goh Tong,[12][13]the Genting Group is headed by Tan SriLim 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 theAmericas,Australia,Malaysia,the Philippines,Singaporeandthe United Kingdom.[10][11][15]The Group's pioneerintegrated resortisResorts World Genting,formerly known as Genting Highlands Resort. The main attractions of the resort are itscasino,theme park,concert shows, food & beverage and retail shopping.[12][11]
From its initial leisure and hospitality activities, the Genting Group has expanded and diversified into other activities includingplantations,properties,power generation,oil and gas,e-commerce,information technologyandbiotechnology.[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]
Group structure
editGenting 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 onSingapore 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 Cityin the US, over 40 casinos includingResorts World Birminghamin the UK andResorts World Biminiin 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 ofBursa Malaysiawith 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 founderLim Goh Tongowns about 43 percent of Genting Berhad.[26]
Diversification and expansion
editIn December 2006, Genting Group won the bid in obtaining one of two Singapore casino licences to build anintegrated resort,namedResorts 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 KongopenedResorts World Manilain 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 ofMGM Mirage.[30]
In August 2010, Genting Property began construction on an upscale retail destination,Johor Premium Outletsin partnership with Indianapolis, Indiana-basedSimon Property Group,as part of a wider 7,000-acre (2,800 ha) integrated township project in the southern state ofJohor.[31]
In September 2010, Genting New York won a bid to build aracinoatAqueduct Racetrackin 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 atJohn 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) ofBiscayne Bayfront land surrounding the headquarters ofThe Miami Heraldfor US$236 million;The McClatchy Companyannounced that theHeraldandEl Nuevo Heraldwould be moving to another location by 2013.[34]The land is to be used for amixed-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 inBirmingham.[36]The development is in partnership with theNEC Group.
In March 2013, Genting bought the site ofEchelon Place,[37]an unfinished casino resort on theLas Vegas Stripand announced plans forResorts World Las Vegas.[38]
In May 2015,Genting Hong Kongpurchased 100% ownership ofCrystal Cruisesand plans for expansion into river cruising, private jet charters usingBoeing 777aircraft 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 Kongwas 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 ofResorts 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 inAndorra.The resort is expected to cost EUR€105 million and will host many different musical and cultural events.[41]
Resort and casino properties
editMalaysia
edit- Resorts World Genting,Genting Highlands,Pahang,Malaysia
- Resorts World Awana (Formerly Awana Genting Highlands Golf & Country Resort), Genting Highlands,Pahang,Malaysia
- Resorts WorldKijal,Terengganu,Malaysia
- Resorts WorldLangkawi,Kedah,Malaysia
United Kingdom
edit
As of December 2010,[update]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 thePark Lane Mews Hotelin Mayfair, London.
Singapore
edit- Resorts World Sentosa
- Universal Studios Singapore(in partnership withUniversal Studios)
- Genting Hotel, Jurong
- Resorts World Cruises
Philippines
edit- Newport World Resorts(formerly Resorts World Manila; jointly-owned withAGI)
- Resorts World Bayshore City (under construction; part ofEntertainment City)
US and the Caribbean
edit- Resorts World New York City
- Resorts World Las Vegas
- Resorts World Miami(planned)
- Resorts World Bimini
- Resorts World Catskills(Owned & managed byEmpire Resorts,an 88.7% subsidiary)
- Casino of the First Light,[43](planned)
- Resort World Hudson Valley(planned)
China
editOnline Casino
editInvestments in the United States
edit- Foxwoods Resort Casino,Connecticut (capital loan to the Mashantucket Pequot tribe through Kien Huat Realty)[48]
- Seneca Niagara Casino & Hotel,Niagara Falls, US (capital loan to Seneca Nation of Indians through Kien Huat Realty)[49]
- Monticello Raceway,Catskills (majority shareholder of Empire Resorts through Kien Huat Realty)[50]
- Massachusetts Region C casino development (financing the development and lobbying expenses behindWampanoag peopleCasino of the First Light[43][51]
Previous properties
edit- Burswood Entertainment Complex,Perth,Australia (formerly known as Burswood Island Casino)
- Lucayan Beach Resort and Casino, Bahamas (in partnership with the Bahamian government)
- Norwegian Cruise Line,headquartered in Miami. Genting sold their remaining shares in December 2018.
- Genting Hong Kong
Notes
edit- ^abc"Corporate Profile".
- ^abGENT Annual Report 2021_page 1_Corporate Profile
- ^"Corporate Information".
- ^abGENT Annual Report 2021_page 2_Our Global Footprint
- ^GENT Annual Report 2021_corporate profile
- ^abcGENT Annual Report 2021_corporate profile_page 2
- ^abcde"Genting Group's 2021 Annual Report"(PDF).Genting Group.31 December 2021.Retrieved14 July2021.
- ^http:// genting /annualreport 2021
- ^"Information."Genting Group. Retrieved on 27 December 2022.
- ^ab"Corporate Profile".genting.Retrieved18 August2018.
- ^abcdGenting Berhad Annual Report 2016, profile page.
- ^abc"History".Genting Group.Retrieved18 August2018.
- ^My Story- Lim Goh Tong, page 77.
- ^Genting Berhad Annual Report 2021, directors' profile, page 16.
- ^abLim Goh Tong.My Story.
- ^GENT_AnnualReport_2021_pg2
- ^Genting Berhad Annual Report 2015, profile page
- ^"Corporate Profile".Retrieved27 December2022.
- ^"Corporate Information".Retrieved27 December2022.
- ^"Genting Berhad - Financial Snapshot".Retrieved27 December2022.
- ^abc"Genting Berhad - Group Corporate Structure".Retrieved27 December2022.
- ^"Genting Singapore Market Capitalisation".CompaniesMarketcap.Archived fromthe originalon 27 December 2022.Retrieved27 December2022.
- ^"Genting Malaysia Berhad - Financial Snapshot in 2021".Retrieved27 December2022.
- ^"2021 Highlights - Genting Plantations".Retrieved27 December2022.
- ^"Genting Plantations - Financial Snapshot in 2021".Retrieved27 December2022.
- ^Genting Berhad Annual Report 2021, page 224.
- ^"Genting-Star Cruises consortium wins Sentosa integrated resort project".WildSingapore.8 December 2006.Retrieved31 May2011.
- ^abc"Genting Group is Malaysia's leading multinational corporation".Genting Group. Archived fromthe originalon 6 December 2012.
- ^"Billionaire Tan and Star Cruises Open Manila Casino (Update2) - Bloomberg".Bloomberg News.Archived fromthe originalon 24 September 2015.Retrieved7 March2017.
- ^"Malaysia's Genting pays $100 mln for MGM stake-paper".Reuters.10 June 2016.
- ^"Bloomberg Politics".Bloomberg.Archived fromthe originalon 6 November 2012.
- ^Massey, Daniel (3 August 2010)."Last Aqueduct racino bidder gets state blessing".Crain's New York Business.Retrieved31 May2011.
- ^"New York State Gaming Commission"(PDF).gaming.ny.gov.
- ^Hanks, Douglas (27 May 2011)."Miami Herald parent sells land for $236 million; newspaper operations unaffected".Miami Herald.Retrieved31 May2011.
- ^"Genting heads for Miami".The Edge Markets.30 May 2011.Retrieved17 April2022.
- ^"Birmingham Post: Business news, local news, expert opinion".birminghampost.net.Archived fromthe originalon 4 July 2011.Retrieved3 August2011.
- ^"Genting buys Echelon for $2 billion Resorts World Las Vegas".Las Vegas Review-Journal.4 March 2013.Retrieved3 January2023.
- ^Richard N. Velotta (4 March 2013)."Old Stardust site being sold for new Strip casino".Vegas Inc.Retrieved4 March2013.
- ^"Genting Malaysia, parent to sell stake in Hong Kong unit for $420.8 million".Nikkei Asia.Retrieved3 January2023.
- ^"Montreign Resort Casino to be rebranded a Resorts World property (press release)".sec.gov.6 April 2017.Retrieved17 April2022.
- ^"Genting Group to Invest €105m in Andorra Casino Resort".CasinoReviews.co.uk.5 January 2015.Retrieved15 January2018.
- ^Genting Group 2010 Annual ReportArchived17 August 2011 at theWayback Machine,Genting Berhad, 6 May 2011.
- ^ab"Casino of the First Light Resort And Casino".casinoofthefirstlight.
- ^"Genting Casino Online Site in UK".gentingcasino.
- ^"Genting Casino Online Site in Spain".gentingcasino.es.
- ^"Genting Casino Online Site in Denmark".gentingspielhalle.de.
- ^"Genting Casino Online Site in Ireland".gentingcasino.
- ^Foxwoods loan deals with Malaysian investors raise concern, worsen debt,Connecticut Post, 23 November 2009.
- ^Tribal Casino Rules Revisited,Wall Street Journal, 21 September 2009.
- ^Empire Resorts Concludes $55,000,000 Investment Agreement with Kien Huat Realty III LimitedArchived24 September 2015 at theWayback Machine,Empire Resorts Press Release, 19 August 2009.
- ^Genting circling Massachusetts as House eyes casino vote,Gambling Compliance, 9 May 2011.
External links
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