Genting Berhad, its subsidiaries and affiliates operating under the “Genting” name, is recognised as one of Asia’s leading and best-managed multinationals. There are currently 5 public companies listed in 3 jurisdictions that operate under the “Genting” name with a combined market capitalisation of over RM101 billion (US$24 billion) as at 23 February 2016.Genting BerhadGenting Malaysia BerhadGenting Plantations BerhadGenting Singapore PLCGenting Hong Kong LimitedThese public companies and their subsidiaries and affiliates are involved in various businesses, including leisure & hospitality, power generation, oil palm plantation, property development, biotechnology and oil & gas. Collectively, they have over 60,000 employees, 4,500 hectares of prime resort land and about 240,000 hectares of plantation land.The leisure & hospitality business operates using various brand names including “Resorts World”, “Maxims”, “Crockfords”, “Genting Club”, “Star Cruises” and “Norwegian Cruise Line”. In addition to Premium Outlets®, Genting companies have tie ups with Universal Studios®, Hard Rock Hotel, Twentieth Century Fox and other renowned international brands.The Genting Group was founded in 1965 by the late Tan Sri (Dr.) Lim Goh Tong with the development of a beautiful highlands resort in Malaysia named Resorts World Genting (formerly known as Genting Highlands Resort). Located at 2,000 metres above sea level and 58 kilometres from Kuala Lumpur, Resorts World Genting is one of the world’s leading integrated entertainment resorts, attracting 18.1 million visitors in 2014 (see History for further details).Under the leadership of Tan Sri Lim Kok Thay, the Genting Group continues to grow from strength to strength. His commitment to excellence, innovation and growth has resulted in the birth of premier global brand names.The Group is committed to continue to grow strongly as a leading Asian multinational corporation.
Genting Bhd Chairman Lim Kok Thay says he expects global economic conditions to continue to recover and said the group will assess any business opportunities that arise that could complement existing operations or provide new growth.
Genting’s $4.3 billion Resorts World Las Vegas remains on track to open this summer and says it has received strong local support and excitement about the opening from potential patrons.
Moody's has reaffirmed the credit ratings of Genting Bhd and Genting Singapore, but said the outlook remains negative due to the uncertainty regarding the pace of recovery.
Resorts World Las Vegas is seen as achieving fully ramped up EBITDA by 2024, three years after its opening, as the pandemic slows visitation, according to Fitch Ratings.
Genting is gearing up for one of the world’s biggest openings this year, with the $4.3 billion Resorts World Las Vegas, though in the short-term at least analysts are more bullish about the company’s prospects at home.
Resorts World Las Vegas is expected to generate revenue of $350 million in 2022 and EBITDA of $82 million in its first full year after opening this summer, according to Nomura Research.
Genting Group-owned Resorts World Casino New York City and Miami Hilton have filed a suit against more than a dozen insurers claiming they wrongly denied coverage for some US$500 million in losses to the two resorts during the Covid-19 pandemic.
Genting plans to open a gambling hall with video lottery terminals in the Newburgh Mall in Orange County as part of Resorts World's long-term vision for Hudson Valley and the Catskills.
Singapore's Zouk Club will open four venues in Genting's Resorts World Las Vegas, including two clubs, a bar and a dining venue. The $4.3 billion RWLV is scheduled to open next year.
Resorts World Genting say it remains open despite the extension of Conditional Movement Control Order until Dec. 6. The resort says anyone affected can either change dates or request a refund.
The ongoing pandemic is keeping the ratings agencies on their toes as they seek to assess the impact of the slower-than-expected recovery on the balance sheets of operators which made significant capital commitments back when the future had looked bright.
Ratings agency Fitch has again taken its red pen to Genting Group and its subsidiaries, downgrading its outlook from negative to stable. The long-term issuer default rating remains at BBB.
Genting's plans for a monorail to connect its Miami property and South Beach moved a step closer to fruition after Miami-Dade commissioners approved a $14 million contract for details designs.
Fitch Ratings has joined rival agency Standard & Poor’s in expressing concern over the speed of recovery for Genting Bhd, citing a lag in Singapore, which is reliant on international tourism arrivals.
There’s little current upside seen for the stock price of the sprawling Genting Group empire, with both the parent company and its Genting Malaysia unit at risk of losing their place on the benchmark FBM KLCI index.
Genting Berhad announced on Thursday that its revenue for the April-June 2020 quarter had fallen 80 percent year-on-year to RM1.1 billion (US$266 million). The decrease in revenue came mainly from the Leisure & Hospitality segment of the group. A statement from the company noted that Resorts World Sentosa had been obliged by the Covid-19 pandemic […]
Resorts World Las Vegas has announced the selection of Konami Gaming’s Synkros as its exclusive casino gaming management system. Scheduled to open in the summer of 2021, the US$4.3 billion Resorts World Las Vegas will be the first resort on the Las Vegas Strip to fully utilize the Synkros system, employing it on its 110,000-square-foot, […]
Genting has agreed to buy LeoVegas’ Authentic Gaming live casino unit for EUR15 million ($16.6 million) to expand its online gaming business.
Analysts from Affin Hwang Capital have outlined a scenario in which Genting Malaysia becomes the operator of the US$4 billion Resort World Las Vegas once it is completed in late 2020, in a bid to raise its share price. The analysts, who published a note on The Edge Financial Daily on Wednesday, outlined several scenarios […]
After completing a periodic review of Genting Bhd, ratings agency Moody’s Investor Services has given the casino operator a rating of Baa1, reflecting excellent consolidated liquidity, well-managed debt maturity profile and sizable cash holdings. “The rating is supported by the group’s monopoly position as Malaysia’s sole land-based casino operator and duopoly position in Singapore as […]
The municipal government told reporters on Monday that Yokohama’s long period of indecision had ended and that Mayor Fumiko Hayashi would announce later in the week that her city would seek to host a major urban IR at the 47-hectare Yamashita Pier location.
Genting Singapore Chairman Lim Kok Thay revealed at a shareholders meeting last week an outline of his company’s IR strategy in Japan, involving a plan for multiple bids, including those outside of the major urban markets around the Tokyo and Osaka regions. This information stands in direct contrast to what the brokerage Sanford C. Bernstein […]
Crown Resorts has flagged that it may be open to a potential takeover, even though suitor Wynn Resorts has walked away, with both Hard Rock International and Genting seen as potential bidders, according to reports.
Resorts World Las Vegas is progressing well and likely to finish on schedule and within budget, with the first phase opening in 2020, Genting said in its annual report.
Genting Bhd said its wholly owned Resorts World Las Vegas unit had priced an offering of $1 billion senior notes, which will be used to finance the remaining costs related to the construction of the resort. The ten-year notes have a coupon of 4.625 percent, payable on a semi-annual basis. S&P Global Ratings has assigned […]
Genting is likely to see a decline of around 8 percent to 9 percent in group earnings before interest, tax, depreciation, amortization and rent/restructuring costs (EBITDAR) as a result of the Malaysian government’s decision to hike taxes in this year’s budget, though potential cost savings may offset the impact on the group’s financial profile, Fitch Ratings says.
Genting and five other losing bidders for a casino license in Andorra are petitioning the government to review and potentially annul the process due to irregularities. Out of eight bidders, the contract was awarded to a local company called Jocs S.A., which had teamed with Novomatic for the bid, according to the Diary of Andorra. […]
Yggdrasil has reached an accord to provide its full slot game catalogue, including the popular Vikings game, to Genting U.K., a unit of Malaysia’s Genting Group.
Genting, through its U.K. unit, is one of 13 bidders for the first casino license in the principality of Andorra in the Pyrenees, Spanish media reports.
SkyCity Entertainment Group is looking to sell its Darwin casino business for at least A$200 million (US$154.3 million), but will have a hard time finding a buyer, according to a report from The Australian. Last month, in an investor presentation, SkyCity said that was aiming to divest its non-core businesses to focus on major projects, […]
The Genting Group may be finally moving forward with its long-delayed casino project on the Las Vegas Strip, local media reports. The company reportedly hired construction manager W.A. Richardson Builders, LLC (WARB) last week, with the Clark County Building Department approving multiple permits and applications for the project. According to a press release from Genting […]
The Beijing 2022 Winter Games will prove to be an important point of growth for Malaysia-based Genting Group, says Lim Chee Wah, the former managing director of Genting in an interview with Nikkei Asian Review. Genting is currently developing its China-based ski resort, Genting Resort Secret Garden, which will be host to the high-profile Olympic […]
The Genting Group reportedly failed in its bid to secure a casino concession in Canada, according to UOB Kay Hian Malaysian Research, reported by The Star Malaysia. Instead, Great Canadian Gaming Corp. and Brookfield Business Partners LP was chosen by the Ontario Lottery and Gaming Corp. to run its casinos in the Greater Toronto area. […]
Malaysian casino operator Genting Group has sold its stake in Australia’s The Star Entertainment Group for A$235.2 million (US$181.9 million), local media reports. Genting said it sold 46.4 million shares, representing 5.62 percent of the issued capital at A$5.07 each, giving it a net gain of $67.5 million on its investment. The Genting Group initially bought […]
Philippine police have named the man behind an attack on Resorts World Manila last week that killed 37 people as Jessie Carlos Javier, a problem gambler with high debts. He was separated from his wife and had been laid off from his job, CNN reported. He had also been excluded from entering all casinos at […]
Genting Group’s proposed Chinese-themed resort in Las Vegas is set to begin construction within the next few months, and is looking at an opening in 2020, local media reports. The newly appointed president of Resorts World Las Vegas, Edward Farrell was speaking to Las Vegas Review Journal in an exclusive interview this week. Farrell said […]
Genting Bhd, the Malaysian conglomerate that controls the country’s only casino operator, as well as Genting Singapore and properties in the U.S., Bahamas and the U.K., offers a good value entry point to Association of Southeast Asian Nation gaming markets, CLSA notes. The firm says Genting’s revalued net asset value is at a 24 percent […]
Malaysian casino operator Genting is seeking re-approval from US authorities to build three towers for its long delayed casino in Florida after earlier approval expired, Miami Herald reports. Genting first announced plans for the $3 billion luxury casino, Resorts World Miami, in 2011, purchasing the bayfront property for US$236 million. According to local media, in […]
Fitch Ratings has assigned Genting Group’s GOHL Capital Ltd’s guaranteed notes a final ‘A-’ rating, local media reports. GOHL Capital Limited is a funding vehicle and unit of Genting Overseas Holdings Limited. It also owns 52.9 percent of Genting Singapore PLC. The ratings agency on Wednesday said the notes, due 2027, are rated the same […]
At least one investment Bank is understood to have pitched Malaysia’s Genting Group on a potential block trade of its stake in Star Entertainment Group this week, said sources quoted by the Australian Financial Review. Genting, owned by Malaysian gaming mogul KT Lim, holds a 6.6 percent stake in Star Entertainment. It has been approved […]
Australia-listed casino investor Frontier Capital Group has announced the appointment of an ex-Genting executive as its new Executive Chairman. FCG which made the announcement to the Australian Stock Exchange on Tuesday, said it appointed former Genting’s Henri Ho for the role. Ho brings more than 17 years of experience in the gaming and hospitality industry, […]
Hong Kong-listed Landing International Development Ltd has announced the appointment of Mr. Lee Poh Yee as chief operating officer of the company, with effect from Mar. 1, 2016, according to a filing with the Hong Kong Stock Exchange. Lee is the current chief executive officer of Landing Jeju Development Co., which is a subsidiary of […]
Morgan Stanley Research said in a note that consensus expectations of Genting Malaysia’s growth locally remain too high, and the company’s overseas earnings remain affected by losses in Resorts World Bimini. Giving Genting Malaysia an equal weight rating and a price target of RM3.80 ($0.91), Morgan Stanley said “expectations of growth with the refurbishment of […]
Australian regulators are close to giving approval to Malaysia’s Genting to up its stake in Echo Entertainment from 6 percent to 25 percent, local media reports. Genting applied to the Independent Liquor and Gaming Authority three years ago to lift its stake in Echo Entertainment. The authority was due to decide on Tuesday, but has […]
Tiger Resorts Leisure and Entertainment has lost a $2.2 million guarantee paid to the Philippine gambling regulator and its provisional gaming license is at risk of suspension because of delays in building its integrated resort in Manila. The company, a unit of Japan’s Universal Corp, had asked the Philippine Gaming and Amusement Corp. for a […]
Malaysia’s Genting Group broke ground on its $4 billion Resorts World Las Vegas project on Tuesday in the first new development on the strip in nearly a decade. The Chinese-themed property will bring cultural attractions, varied cuisine and “jaw-dropping entertainment” from China’s many diverse regions and ethnic groups, it said. The construction phase will create […]
In 2018, on Genting Hong Kong’s 25th anniversary, President Colin Au summed up the company by saying, “We come from Malaysia, a small country, but we go out to the world. We open our eyes and learn new things.”
Genting Malaysia has been forced into cost cutting mode to offset the negative impact of recent tax rulings, though analysts still expect 2019 to be another tough year for the country’s only operator.
Gaming companies have long recognised the lucrative potential of teaming up with sports, and as new jurisdictions open up to casinos, operators are seeking to leverage these ties to boost brand recognition, woo the public and dull the gambling edge.
Besides being titans in the casino world, there’s something else that Sheldon Adelson, Stanley Ho, Lim Kok Thay and Steve Wynn have in common and this factor may lead to important regulatory repercussions for their business empires.
Regulatory risk, political uncertainty and exposure to a Chinese economic downturn will factor into the performance of casino sectors in Malaysia, Singapore and the Philippines – albeit to varying degrees. From a regulatory perspective, changes in Malaysia and Singapore are unlikely. Malaysia’s gaming sector endured something of an annus horribilis in 2018, headlined by a […]
Genting says its U.K. licensed interactive business will remain the focus for its online gambling push, despite a recent headline grabbing tie up with online gaming company bet365 in New York.
Genting Malaysia continues to roll out new facilities under a MYR10 billion ($2.3 billion) revamp plan, though a theme park development with 20th Century Fox, seen as a key driver for growth, has now been delayed until the second quarter of next year. The company's new Sky Casino mass floor is now open and the third and fourth floors catering to VIPs are scheduled to open this quarter.
The attack on Resorts World Manila, a likely public smoking ban and a proposed casino entry fee are putting pressure on the Philippine gambling industry. It was the best-performing in Asia last year and tipped again for strong growth, but smoking bans have never been known to produce a positive effect on revenue, while the attack hits a country that has long struggled with the perception it is not safe.
U.S. tribal operators are increasingly tailoring their offerings towards the Asian market to attract both local ethnic communities and the increasingly adventurous Asian millennial, who may be willing to travel beyond Las Vegas and other traditional destinations. Some of these U.S. operators are also looking back at Asia, counting on their mass-focused tourism offerings to give them an edge in entering the region. Genting and Mohegan Sun are currently the trail blazers, though others may follow if they find success.
Malaysia’s only casino operator, Genting, is now one and a half years into a huge RM5 billion ($1.3 billion) renovation project at its 50-year-old Resorts World Genting property, with construction works proceeding mostly to schedule. A recent AGBrief visit to the casino found the property busy, despite ongoing works, with a 13 percent increase in hotel capacity scheduled to come onstream in July.