Genting Malaysia

    Genting Malaysia has been principally involved in the leisure and hospitality business covering theme parks, gaming, hotels, seaside resorts and entertainment for over 50 years. Its Genting Rewards Card Loyalty Programme in Malaysia has to-date garnered a following of 3.7 million members. Resorts World Genting, a premier integrated family leisure and entertainment resort sited at the peak of Genting Highlands, welcomes approximately 20 million visitations annually and is a major tourist destination of choice in Malaysia.Resorts World Genting is equipped with 6 hotels, theme parks and entertainment attractions, dining and retail outlets, international shows and business convention facilities. The hotels at Resorts World Genting are Genting Grand, Maxims, Resort Hotel, Theme Park Hotel, Awana Hotel and First World Hotel – World’s Largest Hotel, as recognised by Guinness World Records. Genting Malaysia has also embarked on a 10-year master plan to reinvigorate and transform Resorts World Genting under the Genting Integrated Tourism Plan (“GITP”). This includes the development of the world’s first Twentieth Century Fox World theme park. Its first offering, the new First World Hotel Tower 3, was fully opened in June 2015. Other GITP attractions and facilities are expected to be opened in stages from the second half of 2016.Genting Malaysia also owns two beautiful seaside properties, namely Resorts World Kijal in Terengganu and Resorts World Langkawi in Langkawi. Collectively, our properties in Malaysia offer over 10,000 rooms.In the United States, Genting Malaysia operates Resorts World Casino New York City(“RWNYC”), the first and only video gaming machine facility in New York City, at the site of Aqueduct Racetrack. RWNYC is a leading entertainment hub providing approximately 5,500 electronic gaming machines. In addition to its gaming facilities, RWNYC is also renowned for its premier dining and entertainment offerings. RWNYC has achieved several milestones – its daily revenue per machine has consistently been above that of the statewide and industry averages. It has also established itself as the leading gaming operator in the Northeast US market despite intense regional competition. The Group owns a contiguous 30-acre prime freehold waterfront site overlooking Biscayne Bay in downtown Miami, Florida, United States. The site includes the Omni Center, which consists of retail space, office space and a 527-room Hilton Hotel. Acquired by Genting Malaysia in October 2010, Genting UK is one of the leading casino operators in the United Kingdom with 43 operating casinos. Genting UK operates 6 casinos in London, including four of the most prestigious brands in the capital city, namely Crockfords, the Colony Club, Maxims Casino Club and The Palm Beach. The remaining casinos are located in the UK provinces. These casinos offer memorable experiences with various slots and table games in addition to restaurants, bars and other entertainments. Resorts World Birmingham, the Group’s latest property, was opened in October 2015. As the first integrated leisure complex in the UK, Resorts World Birmingham, which comprises a Genting International casino, a 178-room four-star Genting Hotel, spa and conference facilities, a multi-screen cinema, food and beverage outlets and an outlet centre, will bring a myriad of unique and exciting leisure and entertainment offerings to its visitors. The Group also secured the naming rights of the second largest concert arena in the UK in early 2015 – the arena was renamed Genting Arena.Genting Malaysia has an equity investment of 16.9% Genting Hong Kong Ltd, which has core businesses in both land and sea-based businesses comprising Star Cruises, Dream Cruises, Crystal Cruises, German shipyard – Lloyd Werft Group, prominent nightlife brand – Zouk and Resorts World Manila.

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    Genting Malaysia theme park will not be completed until end-2017

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    Genting doubles spending plan for GITP to RM10.38b

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    Genting takes further steps to streamline business

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    Genting Malaysia revenue up 4 percent in 15Q2

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    Genting Malaysia issues $566 million in notes

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    RAM Ratings reaffirms Genting Malaysia’s AAA rating

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    Fitch Affirms Genting Berhad and Genting Singapore at ‘A-‘/Stable

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    Genting Malaysia Q1 profit rises, but says outlook challenging

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    Genting Malaysia to sell stake in Genting Hong Kong

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    Genting outlook dimmed by lawsuit, tax hikes

    A more than $1 billion legal dispute with Walt Disney Co. and Fox Entertainment over a planned theme park is capping off a roller coaster of a year for Genting Malaysia, with analysts slashing their forecasts for the group.

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    Asia’s ever-growing number of IRs are seeking to add non-gaming attractions to diversify their tourism base and provide a unique draw, but the jury is out as to whether combining casinos with theme parks can provide a winning combination.

    Genting builds on U.S. growth

    Since entering the US market in 2011 with the launch of Resorts World New York City, Genting Group has made a number of major investments in the country, indicative of an operator intent on becoming a major player in the market. These projects add up to a serious statement of intent in the U.S. from Genting Malaysia Berhad, the subsidiary which runs the Group’s U.S. casino business, even if a number of question marks remain over the particulars of its various interests.  

    Genting gears for tourism plan rollout

    Genting Malaysia, the country’s only casino operator, is ramping up preparation works as it prepares to begin rolling out the first stages of its RM10.38 billion ($2.46 billion) Genting Integrated Tourism Plan in the second half of this year. The company, which has said that it expects the economic environment to be challenging in 2016, is forecast to open its Sky Avenue & Sky Plaza shopping malls, and a new cable car station progressively by the end of the year. However, its much touted Twentieth Century Fox World theme park has been delayed to late 2017. The plan is still seen as the main catalyst for growth at the company as its overseas operations face headwinds.  

    Genting seeks to carve premium mass niche for growth

    As VIP revenue from China’s high rollers continues to slump, Malaysia’s Genting Group is seeking to carve a niche for itself by targeting the more profitable premium mass segment across its Asian properties.The conglomerate has aggressively embarked on a slew of facelifts or new projects, such as launching new hotels and gaming floors across various properties, in a move to woo the premium mass gambler. 

    Resorts World Genting revamp in full swing, seen driving visitation

    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.

    Malaysia GST to hit gaming sector earnings

    Malaysia’s gaming industry is expected to report weaker earnings this year as the country’s first ever Goods and Services Tax comes into effect from April 1st, crimping revenue at a time of weakening consumer sentiment.The tax has been under consideration by the government for close to a decade and was finally confirmed last October by Prime Minister cum Finance Minister Najib Abdul Razak. The rate was set at six percent.Berjaya Sports Toto and Magnum -- two numbers forecast operators (NFOs) listed on the Malaysian stock exchange -- are facing the prospect of lower revenue as well as lower margins this year, analysts said. "The GST will have the dual effect of both forcing gamblers to reduce their bet sizes as well as serving as an additional tax to the operators, cutting earnings by an estimated 10 percent altogether," said Maybank Investment Bank in a report. Magnum earlier this month gave its own warning that the tax was likely to have a moderating effect on sales. “With the implementation of the Goods and Services Tax on April 1, 2015 and the higher costs of living from the government's ongoing subsidies rationalisation programme, consumer spending is expected to continue to be weak,” it said. “The GST expense based on net gaming supplies – that will be absorbed by the company – will have an impact on our profitability for the coming financial year,” it said.NFOs pay an 8-percent gaming tax on total ticket sales and an 8-percent pool betting duty on net revenue. 
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