Genting Group
{{Short description|Malaysian conglomerate}}
{{Use dmy dates|date=May 2023}}
{{Infobox company
| name = Genting Berhad
| logo = Genting Logo.svg
| type = Public
| traded_as = {{myx|3182}}
| ISIN = {{ISIN|sl=n|pl=y|MYL3182OO002}}
| foundation = {{start date and age|1965}}{{Cite web|url=https://www.genting.com/corporate_profile/|title=Corporate Profile}}
| founder = Lim Goh Tong,GENT Annual Report 2024_page 13_Who we are
| location = 14th Floor, Wisma Genting, 50250 Kuala Lumpur, Malaysia{{Cite web|url=https://www.genting.com/corporate_information/|title=Corporate Information}}
| area_served = WorldwideGENT Annual Report 2024_page 14_Our Global Footprint
| key_people = Tan Sri Lim Kok Thay (Executive Chairman){{cite web |url=https://www.genting.com/senior-management/ |title=Senior Management }}
Dato' Sri Tan Kong Han (Chief Executive, President and Executive Director){{cite web |last1=Genting Berhad |title=Senior Management |url=https://www.genting.com/senior-management/ |website=Senior Management |publisher=Genting Berhad}}
| num_employees = 54,000 globallyhttp://www.genting.com/annual report 2024
| brands = Resorts World,GENT Annual Report 2024_corporate profile Genting,GENT Annual Report 2024_corporate profile_page 13Genting Club,Crockfords and Maxims
| parent =
| products = Hotel, casino and entertainment
| services = Tourism, resorts, cruises, gambling, plantations and Genting Energy Limited
| industry = leisure & hospitality, mass media
| revenue = {{profit}} RM27.7 billion (FYE 31 December 2024){{cite web|title=Genting Group's 2024 Annual Report|url=https://www.genting.com/wp-content/uploads/2025/04/GENT_IAR24.pdf }}
| operating_income = {{profit}} RM8.8 billion (FYE 31 December 2024)
| net_income = {{profit}} RM2.0 billion (FYE 31 December 2024)
| assets = {{profit}} RM105.1 billion (FYE 31 December 2024)
| equity = {{profit}} RM53.5 billion (FYE 31 December 2024)
| subsid = Genting Malaysia Berhad
Genting Plantations Berhad
Genting Singapore Limited
Genting Energy Limited
Resorts World Las Vegas LLC
| homepage = {{Official URL}}
}}
The Genting Group is headquartered in Wisma Genting in Kuala Lumpur, Malaysia."[http://www.genting.com/corporate_information/Corporate Information]." Genting Group. Retrieved on 27 December 2022. 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.{{cite web|url=http://www.genting.com/corporate_profile|title=Corporate Profile|website=www.genting.com|access-date=18 August 2018}}Genting Berhad Annual Report 2024, About Genting Berhad page 13.
Founded in 1965 by the late Malaysian entrepreneur Tan Sri Lim Goh Tong,{{cite web |title=About Genting Berhad |url=https://www.genting.com/wp-content/uploads/2025/04/GENT_IAR24.pdf |access-date= |publisher=Genting Group}}My Story - Lim Goh Tong, page 77. Genting Berhad is chaired by Tan Sri Lim Kok Thay.{{Cite web |date=2025-02-27 |title=Lim Kok Thay to relinquish CEO post at Genting, remain as executive chairman |url=https://theedgemalaysia.com/node/746190 |access-date=2025-03-04 |website=The Edge Malaysia}} As of 1 March 2025, Dato' Sri Tan Kong Han was appointed as the Chief Executive Officer (CEO), marking the first time the company has appointed a CEO from outside the founding family.{{Cite web |date=2025-03-04 |title=Genting appoints first non-family CEO |url=https://www.thestar.com.my/business/business-news/2025/03/04/genting-appoints-first-non-family-ceo |access-date=2025-03-04 |website=The Star |language=en}}
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.{{cite book |url=https://www.genting.com/corporate_profile/ |title=Corporate Profile}} 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.
File:Genting 01.jpg, 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, life sciences and biotechnology.
The Group employs about 54,000 peopleGENT_AnnualReport_2024_pg15 worldwide and have over 18,000 hotel rooms and 243,200 hectares of land bank for plantation and property development.Genting Berhad Annual Report 2024, page 15, Our Global Footprint
Group structure
Genting Berhad is principally an investment holding and management company.{{Cite web |title=Corporate Profile |url=https://www.genting.com/corporate_profile/ |access-date=}} The company is headquartered in Malaysia.{{Cite web |title=Corporate Information |url=https://www.genting.com/corporate_information/ |access-date=}} It is listed on the main board of Bursa Malaysia, with a market capitalisation of RM14.9 billion (about USD3.5 billion) as at 31 December 2024.{{Cite web |title=Genting Berhad - Financial Snapshot 2024 |url=https://www.genting.com/financial_snapshot/ |access-date=14 May 2025}}
- Genting Singapore Limited (52.6%{{Cite web |title=Genting Berhad - Group Corporate Structure |url=https://www.genting.com/ |access-date=}} owned by Genting Berhad) – investment holding company. It is listed on Singapore Stock Exchange. Market capitalisation was about SGD9.24 billion (USD6.88 billion as of 31 December 2024.{{cite web |date= |title=Genting Singapore Market Capitalisation |url=https://companiesmarketcap.com/genting-singapore/marketcap/ |url-status=dead |archive-url=https://web.archive.org/web/20221227130715/https://companiesmarketcap.com/genting-singapore/marketcap/ |archive-date=27 December 2022 |access-date=14 May 2025 |website=CompaniesMarketcap.com}}
- 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 about RM12.8 billion (USD3 billion) as at 31 December 2024.{{Cite web |title=Genting Malaysia Berhad - Financial Snapshot in 2024 |url=https://www.gentingmalaysia.com/investor_relations/financial_snapshot/ |access-date=14 May 2025}}
- Genting Plantations Berhad (55.4% owned by Genting Berhad) – is involved in plantations, biotechnology and property, which includes its property arm, Genting Property. Genting Plantations owns 243,200 hectares{{Cite web |title=2021 Highlights - Genting Plantations |url=https://www.genting.com/ |access-date=27 December 2022}} of land in Malaysia and Indonesia. It is listed on the Main Market of Bursa Malaysia with about RM5.3 billion (USD1.2 billion) market capitalisation as of 31 December 2024.{{Cite web |title=Genting Plantations - Financial Snapshot 2024 |url=https://www.gentingplantations.com/investor-relations/financial-snapshot/ |access-date=14 May 2025}}
- Kien Huat Realty – the real estate development and investment entity created by Genting founder Lim Goh Tong owns about 43.6 percent of Genting Berhad.Genting Berhad Annual Report 2024, page 228.
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.{{cite web |url=http://www.wildsingapore.com/news/20061112/061208-5.htm#yn1 |title=Genting-Star Cruises consortium wins Sentosa integrated resort project |website=WildSingapore.com |date=8 December 2006 |access-date= 31 May 2011 }} The project requirements included 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".{{cite web |title=Genting Group is Malaysia's leading multinational corporation |url=http://www.genting.com/groupprofile/index.htm |archive-date=6 December 2012 |publisher=Genting Group |archive-url=https://archive.today/20121206002714/http://www.genting.com/groupprofile/index.htm }}
In July 2007, Genting Group disposed of its paper and packaging business.
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.{{cite web |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aS22lEJCBnXE |title=Billionaire Tan and Star Cruises Open Manila Casino (Update2) - Bloomberg |website=Bloomberg News |access-date=7 March 2017 |archive-url=https://web.archive.org/web/20150924160412/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aS22lEJCBnXE |archive-date=24 September 2015 }} In June 2009, Genting Group supported the capital raising exercise of MGM Mirage.{{cite news|url=https://www.reuters.com/article/genting-idUSKLR41863920090610|title=Malaysia's Genting pays $100 mln for MGM stake-paper|date=10 June 2016|newspaper=Reuters}}
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 {{convert|7000|acre|adj=on}} integrated township project in the southern state of Johor.{{Cite web |url=http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=GENM%3AMK&sid=axx28A96QVCs |archive-url=https://web.archive.org/web/20121106052726/http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=GENM%3AMK&sid=axx28A96QVCs |title=Bloomberg Politics |archive-date=6 November 2012 |website=Bloomberg.com }}
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. Among the attributes of the plan was providing a diversion for passengers on extended stays at John F. Kennedy International Airport.{{cite web |last=Massey |first=Daniel |url=http://www.crainsnewyork.com/article/20100803/REAL_ESTATE/100809949 |title=Last Aqueduct racino bidder gets state blessing |publisher=Crain's New York Business |date=3 August 2010 |access-date=31 May 2011}} Resorts World New York opened in October 2011.{{cite web|url=https://www.gaming.ny.gov/pdf/Web%20Site%20Report%20-%20Resorts%20World%20Casino.pdf|title=New York State Gaming Commission|website=gaming.ny.gov}}
In May 2011, Genting Malaysia purchased {{convert|14|acre}} 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.{{cite news |title=Miami Herald parent sells land for $236 million; newspaper operations unaffected | url= http://www.miamiherald.com/2011/05/27/2238011/miami-herald-parent-sells-land.html | date=27 May 2011 | first=Douglas |last=Hanks |newspaper=Miami Herald | access-date=31 May 2011 }} 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.{{Cite web |date=30 May 2011 |title=Genting heads for Miami |url=http://www.theedgemarkets.com/article/genting-heads-miami |access-date=17 April 2022 |website=The Edge Markets}}
In June 2011, Genting UK was awarded a casino licence for a 55,000 sq-metre mixed-use facility in Birmingham.{{cite news |url=http://www.birminghampost.net/birmingham-business/birmingham-business-news/other-uk-business/2011/06/30/resorts-world-casino-a-major-player-in-destination-nec-project-65233-28974935/|title=Birmingham Post: Business news, local news, expert opinion|newspaper=birminghampost.net|access-date=3 August 2011|archive-date=4 July 2011|archive-url=https://web.archive.org/web/20110704071108/http://www.birminghampost.net/birmingham-business/birmingham-business-news/other-uk-business/2011/06/30/resorts-world-casino-a-major-player-in-destination-nec-project-65233-28974935/|url-status=dead}} The development is in partnership with the NEC Group.
In March 2013, Genting bought the site of Echelon Place,{{Cite web |date=4 March 2013 |title=Genting buys Echelon for $2 billion Resorts World Las Vegas |url=https://www.reviewjournal.com/business/casinos-gaming/genting-buys-echelon-for-2-billion-resorts-world-las-vegas/ |access-date=3 January 2023 |website=Las Vegas Review-Journal }} an unfinished casino resort on the Las Vegas Strip and announced plans for Resorts World Las Vegas.{{cite news|title=Old Stardust site being sold for new Strip casino|newspaper=Vegas Inc.|author=Richard N. Velotta|date=4 March 2013|url=http://www.vegasinc.com/news/2013/mar/04/old-stardust-site-sold-new-strip-casino/|access-date=4 March 2013}}
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.{{Cite web |title=Genting Malaysia, parent to sell stake in Hong Kong unit for $420.8 million |url=https://asia.nikkei.com/Business/Genting-Malaysia-parent-to-sell-stake-in-Hong-Kong-unit-for-420.8-million |access-date=3 January 2023 |website=Nikkei Asia }}
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.{{Cite web |date=6 April 2017 |title=Montreign Resort Casino to be rebranded a Resorts World property (press release) |url=https://www.sec.gov/Archives/edgar/data/906780/000119312517112538/d374383dex991.htm |access-date=17 April 2022 |website=www.sec.gov}}
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.{{cite web |title=Genting Group to Invest €105m in Andorra Casino Resort|url=http://www.casinoreviews.co.uk/news/industry/genting-group-invest-e105m-andorra-casino-resort.html |website=CasinoReviews.co.uk |date=5 January 2015 |access-date=15 January 2018}}
Resort and casino properties
=Malaysia=
- Resorts World Genting, Genting Highlands, Pahang, Malaysia
- Resorts World Awana (Formerly Awana Genting Highlands Golf & Country Resort), Genting Highlands, Pahang, Malaysia
- Resorts World Kijal, Terengganu, Malaysia
- Resorts World Langkawi, Kedah, Malaysia
=United Kingdom=
File:Maximssouthend.jpg, Southend]]
{{As of|2010|12|post=,}} Genting Malaysia owns the largest number of casinos in the UK, with 46:[http://genting.listedcompany.com/misc/ar2010.pdf Genting Group 2010 Annual Report] {{webarchive|url=https://web.archive.org/web/20110817032557/http://genting.listedcompany.com/misc/ar2010.pdf |date=17 August 2011 }}, Genting Berhad, 6 May 2011.
{{div col}}
- 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
{{div col end}}
Genting owns the Park Lane Mews Hotel in Mayfair, London.
=Singapore=
- Resorts World Sentosa
- Universal Studios Singapore (in partnership with Universal Studios)
- Genting Hotel, Jurong
- StarDream Cruises (Formerly known as Resorts World Cruises)
=Philippines=
- Newport World Resorts (formerly Resorts World Manila; jointly-owned with AGI)
- Resorts World Bayshore City (under construction; part of Entertainment City)
=US and the Caribbean=
- Resorts World New York City
- Resorts World Las Vegas
- Resorts World Miami (planned)
- Resorts World Bimini
- Resorts World Catskills (Owned & managed by Empire Resorts, an 88.7% subsidiary)
- Casino of the First Light,{{cite web|url=http://www.casinoofthefirstlight.com|title=Casino of the First Light Resort And Casino|website=casinoofthefirstlight.com}} (planned)
- Resort World Hudson Valley (planned)
=China=
=Online Casino=
- Genting Casino Online UK{{cite web|url=https://www.gentingcasino.com/|title=Genting Casino Online Site in UK|website=gentingcasino.com}}
- Genting Casino Spain{{cite web|url=https://www.gentingcasino.es/|title=Genting Casino Online Site in Spain|website=gentingcasino.es}}
- Genting Casino Online Germany{{cite web|url=https://www.gentingspielhalle.de/|title=Genting Casino Online Site in Denmark|website=gentingspielhalle.de}}
- Genting Casino Online Ireland{{cite web|url=https://www.gentingcasino.com/en-IE/|title=Genting Casino Online Site in Ireland|website=gentingcasino.com}}
Investments in the United States
- Foxwoods Resort Casino, Connecticut (capital loan to the Mashantucket Pequot tribe through Kien Huat Realty)[http://www.ctpost.com/default/article/Foxwoods-loan-deals-with-Malaysian-Vegas-261525.php Foxwoods loan deals with Malaysian investors raise concern, worsen debt], Connecticut Post, 23 November 2009.
- Seneca Niagara Casino & Hotel, Niagara Falls, US (capital loan to Seneca Nation of Indians through Kien Huat Realty)[https://www.wsj.com/articles/SB125349029322126449 Tribal Casino Rules Revisited], Wall Street Journal, 21 September 2009.
- Monticello Raceway, Catskills (majority shareholder of Empire Resorts through Kien Huat Realty)[https://www.reuters.com/article/2009/08/19/idUS193938+19-Aug-2009+BW20090819 Empire Resorts Concludes $55,000,000 Investment Agreement with Kien Huat Realty III Limited] {{webarchive|url=https://web.archive.org/web/20150924142918/http://www.reuters.com/article/2009/08/19/idUS193938+19-Aug-2009+BW20090819 |date=24 September 2015 }}, Empire Resorts Press Release, 19 August 2009.
- Massachusetts Region C casino development (financing the development and lobbying expenses behind Wampanoag people Casino of the First Light[http://www.gamblingcompliance.com/node/46563 Genting circling Massachusetts as House eyes casino vote], Gambling Compliance, 9 May 2011.
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)
- Norwegian Cruise Line, headquartered in Miami. Genting sold their remaining shares in December 2018.
- Genting Hong Kong
- Star Cruises
- Crystal Cruises
- Dream Cruises
- MV Werften
See also
Notes
{{Reflist}}
External links
{{Commons category}}
- {{Official website}}
{{Resorts World}}
{{FTSE Bursa Malaysia KLCI constituents}}
Category:1965 establishments in Malaysia
Category:Companies based in Kuala Lumpur
Category:Conglomerate companies established in 1965
Category:Conglomerate companies of Malaysia
Category:Companies listed on Bursa Malaysia
Category:Companies in the FTSE Bursa Malaysia KLCI
Category:Malaysian companies established in 1965
Category:Multinational companies headquartered in Malaysia