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.
Genting Singapore, one component of the larger Genting Group of Malaysia, announced in 2017 that it was establishing a Japan branch for the purpose developing its leisure and hospitality businesses.
Family Name: Lim
Given Name: Kok Thay
Role: Chairman and CEO
Profile: Lim is a Malaysian billionaire who took over the Genting Group in 2003 after the retirement of his father, Lim Goh Tong, who was the founder of the company. The Genting Group has continued to prosper until the leadership of the younger Lim, who played a key in, among other projects, building Resorts World Sentosa in Singapore. Recently, the Lim family has been divided over high-stakes inheritance disputes, with several court cases pending.
Family Name: Kasasaki
Given Name: Nanami
Role: Chief Corporate Officer
Profile: Kasasaki joined Genting in 2008 and has held various positions related to corporate planning and corporate finance. For well over a decade she has been the representative director for Genting International Japan. In June 2019 she was promoted to the position of chief corporate officer.
Genting Singapore has announced that it will be issuing yen-denominated bonds in Japan, even as it continues to maintain public silence about its IR licensing campaign in the country.
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.
It has recently become possible to understand with increased clarity which IR operators will be bidding for Japan’s two major markets—the Kanto and the Kansai—and where each of them are now focusing.
Genting Singapore has announced the promotion of Nanami Kasasaki to chief corporate officer, effective from May 31, a move which may represent the greater priority the firm is putting on gaining an IR license in Japan.
Genting Singapore's financial results in the January-March 2019 period topped expectations, helped by a higher luck factor, but analysts say they are cautious about near-term prospects.
Genting Singapore Chairman Lim Kok Thay revealed at a shareholders meeting last week an outline of his company’s IR strategy in Japan, involving a plan for multiple bids, including those outside of the major urban markets around the Tokyo and Osaka regions.
Resorts World Las Vegas is progressing well and likely to finish on schedule and within budget, with the first phase of opening in 2020, Genting said in its annual report.
The Singapore government is seen as the main winner in the agreement to allow a US$6.7 billion expansion of the island’s two integrated resorts, gaining more tax and higher money from entry fees, according to analysts.
The announcement this week that Genting’s Resorts World Sentosa expansion will include the creation of a Super Nintendo World brings into focus the fact that this theme park will likely have an indirect link to the expected Osaka Yumeshima IR as well.
Singapore has allowed the first major expansion of its integrated resort industry since its two IRs began operating, involving S$9 billion (about US$6.7 billion) new investment in non-gaming amenities, but casino entry fees and taxes will also rise.
Genting Singapore has made a rare statement about its intentions in Japan in its recently issued Annual Report 2018.
Shingo Amano, a candidate for mayor of Shizuoka city, is doing something that no other challenger for a significant local government office has done before—he is using a proposal to build an IR as a means of gathering political support.
Genting Singapore posted a 12% gain in the October-December 2018 period in terms of net profit, saying that over the year it had seen an encouraging performance in both gaming and non-gaming business, boosted by its marketing efforts on the premium mass segment.
Wynn Resorts has agreed to drop their lawsuit against Genting’s Resorts World Las Vegas after reaching a settlement on Monday.
The court battle between Genting Las Vegas and Wynn Resorts over claims of copycat building design has been moved to January 29, local media reports.
Genting Group’s Resorts World Las Vegas has been accused of trademark infringement and unfair competition in regards to its under-construction US$4 billion Las Vegas property set to open in 2020, local media reports.
Genting Berhad Chairman and CEO Lim Kok Thay said the operator would be interested in bidding for a license in Macau should the government open the market to further entrants during the concession renewal process, local media reports.
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 Singapore is facing increasing competition in the mass market from the Philippines and Cambodia, though management sees room for growth in VIP, according to Nomura.
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 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.
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.
The four Asia-based IR operators aiming for a license in the Japanese market—Galaxy, Melco, Genting, and Bloomberry—posted mixed results in the July-September period, even as predictions of a slowdown in the Asian gaming industry abounded.
The management of Genting Singapore has finally provided a glimpse of their objectives in Japan by revealing that they are aiming to gain an IR license only in a major urban market such as Osaka or Yokohama, and not in a regional market.
Genting Singapore announced on Tuesday that it had incorporated five new Japanese subsidiaries as part of its stealth bid to win one of the three IR licenses that are up for grabs now that the IR Implementation Act has become law.
Genting Hong Kong said one of its units has agreed to buy turnkey systems for new cruise ship vessels from Finnish shipbuilding contractor Almaco Group for a total of 83.2 million euros (about US$97.1 million).
Genting, through its UK unit, is one of thirteen bidders for the first casino license in the principality of Andorra in the Pyrenees, Spanish media reports.