Scientific Game

Expanding Horizons

Malaysia’s Genting Group is in growth mode across the globe

Thursday, 22 August 2013 16:44
Share
Visit us

Genting Group has big plans for expansion in the Asia-Pacific region that include raising its stake in Australia’s Echo Entertainment and investing in Japan if licenses become available there.

Lim Kok Thay, chairman of the Malaysian resort conglomerate, said listed subsidiary Genting Hong Kong has applied to regulators in New South Wales and Queensland to increase its holding in the operator of Sydney’s only casino to as much as 25% and is “patiently waiting” for the goahead.

“My guess is it will go on for a while,” the 61-year-old billionaire said in a wide-ranging interview with Bloomberg.

Genting Hong Kong currently holds 6.6% of Echo’s ASX-listed shares.

Japan could be Genting’s next casino investment should Prime Minister Shinzo Abe’s government approve legislation, Mr Lim said. “With a new and stronger government in place, I think their focus would be to drive the Japanese economy. Tourism certainly must be one of the factors that the government will be looking at.”

He said also that he isn’t concerned about slowing growth in Singapore, where his company owns one of two resort casinos through a Singapore-listed subsidiary, and isn’t planning any significant alterations in the company’s strategy there.

rw

Resorts World Genting in Malaysia

“The economy around Asia is still pretty upbeat,” he noted.

In fact, Genting is planning a major expansion in and around its original casino in Malaysia, one of the Singapore casinos’ principal feeder markets.

Casino de Genting, once the region’s largest gambling venue, located north of Kuala Lumpur in a mountaintop resort called Genting Highlands (also known as Resorts World Genting), will be revamped at a cost of 3 billion ringgit (US$937 million) and expanded by 1,300 hotel rooms. The plan, slated for completion in 2016, includes a 400 million ringgit joint venture with 21st Century Fox to develop a 25-acre movie-themed amusement park that will feature more than 25 rides and attractions based on Fox film brands.

bimini

Genting’s Bimini SuperFast has received the green light from the US Coast Guard to start ferrying gamblers from south Florida to the company’s new casino in the Bahamas.

Genting boosted its presence in the Americas with the opening last month of a 750-acre beachfront complex in the Bahamas, Resorts World Bimini, which features luxury villas, shopping and dining, a marina and a 10,000-square-foot casino containing 15 table games and 153 slot machines. The company also operates one of the largest slot operations in the United States at Aqueduct racetrack in the New York City borough of Queens and plans to enter Las Vegas in a big way with its recent purchase of Boyd Gaming’s unfinished Echelon resort on the Strip.

Macau looms large for Mr Thay as well, “but the door’s closed,” he said.

“When it next opens, we would be the first one knocking on that door and try our luck.”

Meanwhile, in the Philippines, Genting Hong Kong’s joint venture with Philippine property giant Alliance Global Group, Travellers International Hotel Group, has said it will spend US$600 million over the next three years to expand its Resorts World Manila casino hotel complex.

The company said its recent decision to delay a planned $1 billion IPO will not Genting’s Bimini SuperFast has received the green light from the US Coast Guard to start ferrying gamblers from south Florida to the company’s new casino in the Bahamas. Macau looms large for Genting Group chairman Lim Kok Thay as well, “but the door’s closed,” he said. interfere with the investment and said the expansion, which is slated to include 1,100 more hotel rooms, a convention center and additional gaming space, might be funded through the debt markets, according to a Reuters report.

limkok

Macau looms large for Genting Group chairmanLim Kok Thay as well, “but the door’s closed,” he said.

Travellers has postponed the offering on the Philippine Stock Exchange until September or October, depending on market conditions. It was looking to use the proceeds to fund the expansion of the Resorts World facilities, which are located near Terminal 3 of Manila’s Ninoy Aquino International Airport.

“We are not pressured,” President Kingson Sian said of the IPO. “We will just wait for the right timing.”

Current Issue

Tribal Ambition

Tribal Ambition By Muhammad Cohen and Ben Blaschke   Mohegan Gaming and Entertainment CEO Mario Kontomerkos believes the Native American casino operator has two aces in the hole for Japan, especially when it comes to the so-called regional markets beyond major areas. In his presentation at last month’s Japan ... Monday, 04 June 2018 20:55

Social Gathering

Social Gathering By Shaun McCamley   Social casino gaming is booming. In 2017, the global social gaming industry generated a whopping US$106 billion in revenues, with the social casino segment generating US$4.5 billion in revenues. Not surprisingly China, Japan and Korea generated 90% of the games revenue in the... Monday, 04 June 2018 20:44

Redefining Tourism

Redefining Tourism By Muhammad Cohen   In an era when tourism constitutes a growing portion of the global economy, integrated resorts present a potent although frequently misunderstood means for growing visitor arrivals and revenue. It’s not simply the casino but their range of attractions that make IRs such powe... Monday, 04 June 2018 20:37

Japan IR Timeline

Japan IR Timeline By Ben Blaschke   What year for Japan’s first IR? It’s a question that continues to divide industry stakeholders, the answer further clouded by the substantial disparity in opinion offered at last month’s Japan Gaming Congress (JgC) in Tokyo. At the nearer end of the scale, members of the... Monday, 04 June 2018 20:27