The Genting Group: A Malaysian Multinational Conglomerate Overview

The Genting Group, also known as Genting Berhad, is a Malaysian multinational conglomerate founded in 1965 by Tan Sri Lim Goh Tong and his son, Tan Sri Lim Kok Thay. The company operates in various sectors, including gaming, hospitality, oil and gas, power generation, property development, biotechnology, and leisure activities. This article provides an overview of the Genting Group’s history, business segments, operations, and significant https://gentingcasino.co.scot/ milestones.

History and Evolution

The Genting Group was born out of a humble beginning when Tan Sri Lim Goh Tong started a small logging company in Malaysia. Over time, he diversified into various businesses, including property development and gaming. In 1969, the group ventured into the resort industry by building the first casino, Casino de Genting, on its hilltop property near Kuala Lumpur. The initial investment was RM5 million (approximately USD1.2 million), and it marked the beginning of Genting’s foray into the leisure and entertainment sector.

The 1980s saw significant growth for the company under Tan Sri Lim Kok Thay’s leadership, with new resorts and facilities being built in Malaysia. In 1993, the group launched its first international resort, Crockfords at Resorts World Birmingham in the UK. This strategic move into foreign markets laid the groundwork for Genting’s expansion into global territories.

Business Segments

Genting Group operates through several business segments:

1. Leisure & Gaming: The company’s leisure and gaming arm is its largest revenue contributor, operating casinos and resorts globally.
2. Plantations: This segment engages in sustainable forestry practices, including timber production, oil palm cultivation, and other plant-based products.
3. Oil & Gas: Genting participates in the upstream petroleum industry through joint ventures and partnerships with major players.
4. Power Generation: The company invests in renewable energy sources like solar and wind power to reduce its carbon footprint.
5. Property Development: This segment focuses on constructing residential, commercial, and retail spaces across Malaysia and abroad.
6. Biotechnology & Healthcare: Genting has a significant presence in biotech research, vaccine development, and healthcare services.

Operations

The Group’s operational hub is located at the flagship resort of Resorts World Genting (formerly known as Genting Highlands), situated near Kuala Lumpur. This integrated leisure destination features five-star hotels, theme parks, indoor climbing walls, skydiving, water sports centers, shopping malls, casinos, and entertainment venues.

International Presence

Genting has established a significant global presence with operations in:

1. UK: The group owns several UK-based brands, including Crockfords, Century Casino Birmingham, and River City Casino.
2. US (Las Vegas): Genting acquired a 51% stake in the Trump Entertainment Resorts‘ properties – Tropicana Las Vegas, Bally’s Hotel & Casino, and Harrah’s Resort Atlantic City was spun off to focus on UK ventures only and transferred US investments back into parent company as non-core assets.
3. Singapore: The Group has invested in a hotel project near Marina Bay Sands.

Milestones

Some notable achievements by the Genting Group include:

1. In 1998, Genting ventured into oil exploration through its joint venture with Shell Eastern Petroleum (Malaysia).
2. In 2015, Resorts World Genting opened a new multi-level retail and entertainment complex called SkyAvenue.
3. The group launched its own cruise line, Star Cruises, in the late 1990s.

Leadership

As of recent updates, Tan Sri Lim Kok Thay continues to serve as Chairman Emeritus while Datuk Seri Panglima Haji Kamarulnizam Bin Abdullah is the President and Chief Executive Officer. The board comprises experienced professionals from various fields who oversee the company’s global operations.

In conclusion, this article has provided an overview of the Genting Group’s rich history, operational segments, international presence, significant milestones, and key leadership figures. As a Malaysian multinational conglomerate with diverse interests in gaming, hospitality, energy, property development, biotechnology, and leisure activities, the Genting Group remains a prominent player on the global business stage.

Gaming Industry Presence

As part of its extensive operations, the Genting Group is well-established within the gaming industry. Its Resorts World Genting casino resort offers an array of games, including table games like baccarat, roulette, and poker; slots machines (over 1,800); electronic instant ticket lottery sales and a range of themed attractions catering to diverse age groups.

Notably, its leisure arm oversees numerous casinos worldwide – some are standalone operations while others form part of the Group’s luxury hospitality resorts that also incorporate theme parks or shopping malls for patrons. Genting continues expanding into regional markets where it has a significant local market presence (e.g., Macau).

The gaming sector remains a key revenue generator due in large part to its brand recognition built over several decades across Asia and beyond, fostering customer loyalty through diversified products and entertainment experiences.

Challenges & Future Outlook

Given the fluid global economic environment, challenges such as exchange rates fluctuations affect cross-border transactions which in turn impacts on the parent company’s financial performance – local and international.