Type Public company Founder Lim Goh Tong | Number of employees 58 000 globally Headquarters Kuala Lumpur, Malaysia | |
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Industry Tourism, resorts, gambling, plantations Founded 1965; 52 years ago (1965) Key people Late Tan Sri Lim Goh Tong (Founder), Tan Sri Lim Kok Thay (CEO), Tun Mohammed Hanif bin Omar (Deputy chairman) Revenue 17 billion MYR (December 2013) Stock price GENTING (KLSE) MYR 9.30 +0.01 (+0.11%)10 Mar, 4:59 PM GMT+8 - Disclaimer CEO Lim Kok Thay (31 Dec 2003–) Subsidiaries Genting Hong Kong, Resorts World Bhd | ||
Genting Group is a Malaysian conglomerate. It comprises five 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).
Contents
- Group structure
- Diversification and expansion
- Malaysia
- United Kingdom
- Singapore
- Hong Kong
- Philippines
- USA and the Caribbean
- Korea
- China
- Investments in the United States
- Previous properties
- Aston Villa Football Club sponsorship
- References
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 41 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. 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.
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$24 billion as of 23 February 2016. Genting Group has assets totalling US$16.6 billion, as at 31 December 2010.
Group structure
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$9.4 billion as at 31 December 2014.
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. The project requirements includes hotel, gambling, 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".
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.
In June 2009, Genting Group supported the capital raising exercise of MGM Mirage.
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.
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. Among the attributes of the plan was providing a diversion for passengers on long stays at John F. Kennedy International Airport. Resorts World New York opened in October 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. 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.
In June 2011, Genting UK was awarded a casino licence for a 55,000 sq-metre mixed-use facility in Birmingham. The development is in partnership with the NEC Group.
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. However, work on this project has stopped.
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 GRT mega cruise ships was announced for the brand.
Malaysia
United Kingdom
As of December 2010, Genting Malaysia owns the largest number of casinos in the UK, with 47:
Genting owns the Park Lane Mews Hotel in Mayfair, London.
Singapore
Hong Kong
Philippines
USA and the Caribbean
Korea
China
Investments in the United States
Previous properties
Aston Villa Football Club sponsorship
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.