Wednesday, November 20, 2019
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Genting: Seeing the Forest for the Trees

Monopoly in Malaysia. Monopoly in the five boroughs of New York. Duopoly in Singapore. Oligopoly in Manila. What is there not to like? Sure, Genting has had its fair share of misses, but they are easily forgiven in the light of the big scores on the board.

Cops Barred from Gambling and Entertainment Outlets

Inspector-General of Police Abdul Hamid Bador has barred policemen from entering any entertainment and gaming outlets, in efforts to prevent police corruption, local media reports.

Unlikely Universal Will Pick Up Genting Theme Park

It’s unlikely that Universal Studios will take over Genting Malaysia’s stalled theme park project, as it would likely cause cannibalization from their sister resort in Singapore, Maybank said in a note.

Genting Swings to 2018Q3 Loss

Genting Malaysia posted a 2018Q3 loss after writing off an investment in promissory notes issued by the Mashpee Wampanoag tribe for a casino project in Massachusetts. The net loss was 1.49 billion ringgits (US$358 million), compared with a profit of 194 million ringgits (US$47 million) a year earlier.

Genting Sues Fox, Disney for US$1 Billion for Dropping Theme Park

Genting Malaysia is suing Walt Disney Company and the Fox Entertainment Group for US$1 billion for pulling out of a contract for a 20th Century Fox World amusement park at its Resorts World Genting property in Malaysia.

Genting Tax Impact May Not Be As Large As Feared

The impact of tax and duty hikes on Genting Malaysia that were announced in this year’s budget may not be as bad as initially feared, local media reports citing a report by UOB Kay Hian Research.

Syndicates Secure Bank Accounts Ahead of World Cup

With only a few days to the FIFA World Cup, bookmaking syndicates in Malaysia have been busy securing bank accounts from individuals to be used to accept bets and launder money during the tournament, Oriental Daily News reports.

Genting Group

The Genting Group is headquartered in the Wisma Genting in Kuala Lumpur, Malaysia, and is one of the largest gaming companies in the world. It was founded in 1965 by the late Lim Goh Tong with the development of a highlands resort in Malaysia named Resorts World Genting. The company's Genting Singapore unit is best known for its Resorts World Sentosa in Singapore. The company also has casino operations in many other countries. The group includes the holding company, Genting Berhad, its listed subsidiaries Genting Malaysia Berhad, Genting Plantations Berhad, Genting Singapore, and Genting Hong Kong. These public companies and their subsidiaries and affiliates are involved in various businesses, including leisure and hospitality, power generation, oil palm plantation, property development, biotechnology, and oil and gas.

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