Genting Group

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Genting Group
云顶集团
Yúndǐng Jítuán
TypePublic
IndustryTourism, Resorts, Gaming, Plantations, Power Generation, Oil & Gas
Founded1965
HeadquartersKuala Lumpur, Malaysia
Key peopleLate Tan Sri Lim Goh Tong (Founder), Tan Sri Lim Kok Thay (CEO), Tun Mohammed Hanif bin Omar (Deputy Chairman)
Revenue15.2 billion MYR (December 2010)
Employees58 000 globally
ParentKien Huat Realty Sdn Bhd
Websitehttp://www.genting.com
 
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Genting Group
云顶集团
Yúndǐng Jítuán
TypePublic
IndustryTourism, Resorts, Gaming, Plantations, Power Generation, Oil & Gas
Founded1965
HeadquartersKuala Lumpur, Malaysia
Key peopleLate Tan Sri Lim Goh Tong (Founder), Tan Sri Lim Kok Thay (CEO), Tun Mohammed Hanif bin Omar (Deputy Chairman)
Revenue15.2 billion MYR (December 2010)
Employees58 000 globally
ParentKien Huat Realty Sdn Bhd
Websitehttp://www.genting.com

Genting Group is a Malaysian conglomerate. It comprises four listed entities (namely holding company Genting Berhad (MYX:3182) and its member companies Genting Malaysia Berhad(MYX:4715), Genting Plantations Berhad(MYX:2291), Genting Singapore Plc(SGX:G13) and Genting Hong Kong Limited(HKEX:678).

The Genting Group was founded in 1965 by the late Malaysian entrepreneur Tan Sri Lim Goh Tong. The Genting Group is headed by Tan Sri Lim Kok Thay, the Chairman and Chief Executive, who joined the group in 1976. The group has over 26 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 United Kingdom. It has been voted Malaysia's leading corporation and one of Asia's best managed multinationals. 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. It is one of the most popular tourist destinations in Malaysia.

From its initial leisure and hospitality activities, the Genting Group has since expanded and diversified into other activities including plantations, properties, power generation, oil and gas, e-commerce, information technology and biotechnology. The Genting Group, via Tan Sri Lim Kok Thay is the founder of Star Cruises the third largest cruise liner company in the world and largest cruise liner in Asia. Star Cruises, which was renamed Genting Hong Kong in 2009, is listed on Singapore and Hong Kong Stock Exchange. The Genting Group currently owns about 19.9% of Genting Hong Kong.

The Group employs over 58,000 globally and possesses 4,500 hectares (11,000 acres) of prime resort land and 133,500 hectares (330,000 acres) of land for plantation. The group's combined market capitalisation amounted to US$46 billion as of 31 May 2011.[1] Genting Group has assets totalling US$16.6 billion, as at 31 December 2010.(2)

Group structure[edit]

Genting Berhad is the parent company and holding company that manages investment in other companies. Headquarters in Malaysia. Listed on Bursa Malaysia, with market capitalisation of US$13.6 billion as at 31 May 2011.[1]

Diversification and expansion[edit]

In December 2006, Genting Group won the bid in obtaining one of two Singapore casino licenses to build an integrated resort, named Resorts World Sentosa, under Genting Singapore.[6] The project requirements includes hotel, gaming, leisure facilities, convention space and retail to create an iconic major tourist attraction for the booming Asian tourism market.

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".[1]

In July 2007, Genting Group disposed of its paper and packaging business.[1]

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. [1]

In June 2009, Genting Group supported the capital raising exercise of MGM Mirage. [2]

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.[3]

In September 2010, Genting New York won a bid to build a racino at Aqueduct Race Track in New York City, the first step of a planned expansion in the United States.[1] Among the attributes of the plan was providing a diversion for passengers on long stays at John F. Kennedy International Airport.[7] Resorts World New York is scheduled to open by end-2011.

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.[8] 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.[citation needed]

In June 2011, Genting UK was awarded a casino licence for a 55,000 sq-meter mixed-use facility in Birmingham. [4] The development is in partnership with the NEC Group and is currently under review for planning permission.

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.[9]

Resort and casino properties[edit]

Malaysia[edit]

United Kingdom[edit]

Maxims Casino, Southend.

As of December 31, 2010 Genting Malaysia now owns the largest number of casinos in the UK with 47 casinos:[10]

  • Resorts World at the NEC, Birmingham (under development)
  • Crockfords Club, London
  • The Colony Club, London
  • The Palm Beach Casino, London
  • China Town Casino, London
  • Circus Casino City Centre, Birmingham
  • Circus Casino Star City, Birmingham
  • Circus Casino, Blackpool
  • Circus Casino, Liverpool
  • Circus Casino, Luton
  • Circus Casino, Manchester
  • Circus Casino, Margate
  • Circus Casino, Newcastle
  • Circus Casino, Nottingham
  • Circus Casino, Stoke-on-Trent
  • Circus Casino, Edinburgh, Scotland
  • Electric Circus, Luton
  • Electric Circus, Portsmouth
  • Genting Club, Sheffield
  • Genting Club Riverlights, Derby
  • Maxims Casino Club, London
  • Maxims Casino, Birmingham
  • Maxims Casino, Bournemouth
  • Maxims Casino, Coventry
  • Maxims Casino, Reading
  • Maxims Casino, Southampton
  • Maxims Casino, Southend
  • Maxims Casino, Edinburgh, Scotland
  • Mint Casino, London
  • Mint Casino, Bolton
  • Mint Casino, Brighton
  • Mint Casino, Coventry
  • Mint Casino, Great Yarmouth
  • Mint Casino, Leicester
  • Mint Casino, Liverpool
  • Mint Casino, Manchester
  • Mint Casino, Salford
  • Mint Casino, Southend
  • Genting Club, Southport
  • Mint Casino, Torquay
  • Mint Casino, Wirral
  • Mint Casino, Glasgow, Scotland
  • Mint Casino, Leith, Scotland
  • Stanley Casino, Plymouth

Genting Group also own The Park Lane Mews Hotel in Mayfair, London.

Singapore[edit]

Hong Kong[edit]

Philippines[edit]

USA[edit]

Investments in the USA[edit]

Previous properties[edit]

Aston Villa Football Club sponsorship[edit]

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 is to run initially for two seasons from July 2011 to July 2013.

Notes[edit]

  1. ^ a b c d e f g h i http://www.genting.com/groupprofile/index.htm
  2. ^ http://www.gentingmalaysia.com/profile.htm
  3. ^ Finance & Intrigue in Massachusetts, Continued, Indian Gaming Now, December 2, 2009.
  4. ^ Genting Group Profile, Genting website, 2012.
  5. ^ Empire concludes $55M investment by Kien Huat, Reuters, August 19, 2009.
  6. ^ "Genting-Star Cruises consortium wins Sentosa integrated resort project". Yahoo! News. WildSingapore.com. December 8, 2006. Retrieved 2011-05-31. 
  7. ^ Massey, Daniel (August 3, 2010). "Last Aqueduct racino bidder gets state blessing". Crain's New York Business. Retrieved 2011-05-31. 
  8. ^ a b Hanks, Douglas (May 27, 2011). "Miami Herald parent sells land for $236 million; newspaper operations unaffected". The Miami Herald. Retrieved 2011-05-31. 
  9. ^ Richard N. Velotta (March 4, 2013). "Old Stardust site being sold for new Strip casino". Vegas Inc. Retrieved 2013-03-04. 
  10. ^ Genting Group 2010 Annual Report, Genting Berhad, May 6, 2011.
  11. ^ Foxwoods loan deals with Malaysian investors raise concern, worsen debt, Connecticut Post, November 23, 2009.
  12. ^ Tribal Casino Rules Revisited, Wall Street Journal, September 21, 2009.
  13. ^ Empire Resorts Concludes $55,000,000 Investment Agreement with Kien Huat Realty III Limited, Empire Resorts Press Release, August 19, 2009.
  14. ^ Genting circling Massachusetts as House eyes casino vote, Gambling Compliance, May 9, 2011.

External links[edit]