Genting's trek from hilltop casino to multibillion dollar global conglomerate
What started off as a hilltop casino in Malaysia's Genting Highlands is today a conglomerate which includes Genting Plantations, Genting Singapore, Genting Energy and Resorts World Las Vegas.
Beginnings
The Genting Group was founded in 1965 when the late Lim Goh Tong built a mountaintop resort in what is now known as Genting Highlands.
In 1971, Genting Highlands Hotel was publicly listed in Malaysia with the addition of the first hotel, now known as Theme Park Hotel.
A decade on, the 18-story Genting Hotel officially opened. Now known as Genting Grand, it was the flagship hotel in the Genting Highlands complex.
The expansion of the mountaintop resort continued, with subsequent openings of the Awana Genting Highlands Golf & Country resort in 1985; the launch of Resort Hotel and indoor theme park in 1992; the Genting outdoor theme park in 1994 and the 3.38 km Genting Skyway cable car to the hilltop in 1997.
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The largest expansion came in 2006 with the First World Hotel – which scored a first when it was declared the 'World's Largest Hotel' by Guinness World Records in 2006 with its 6,118 rooms.
Going international
Just four years later, Genting expanded its tourism business overseas for the first time. It opened Resorts World Sentosa (RWS) in Singapore, with the Universal Studios Singapore as its star attraction.
The Maritime Experiential Museum was added to RWS a year later in 2011; the SEA Aquarium Sentosa and Adventure Code Waterpark opened in 2012 and the Trickeye Museum in 2015.
At the same time, the fast-expanding Genting brand pushed into the developed markets with the opening of Resorts World Casino New York City in 2011. The entertainment hub was the leading gaming operator in the north-east US market.
Resorts World Birmingham in the United Kingdom and Resorts World Bimini in the Bahamas followed in 2013.
Nearer home, Genting opened Resorts World Jeju in South Korea and Resorts World Las Vegas shortly after in 2015. Another breakthrough was made two years later with Crockfords Cairo casino in Egypt in 2017, its first project in the Middle East.
Today, Genting's leisure and tourism arm spans 11 Resort World properties and three mega resorts in Malaysia, Singapore and Las Vegas. The group comprises holding company Genting and its listed subsidiaries Genting Malaysia, Genting Plantations and Genting Singapore, as well as wholly owned subsidiary Genting Energy.
Genting Malaysia and Genting Plantations reported 2024 earnings of RM200 million (S$60.5 million) and RM335 million on revenues of RM10.9 billion and RM3 billion, respectively. Here, Genting Singapore's profit for the first quarter ended Mar 31 tumbled 41 per cent to S$145 million, which the company blamed on a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation.
A multi-layered conglomerate
Expansion and diversification into plantations
Genting Group's expansion beyond its resorts began with the incorporation of Asiatic Development in 1977, which became a wholly owned subsidiary of Genting Group in 1980, spearheading its plantation activities and investments.
In 1982, Asiatic Development was converted to a public company, subsequently expanding into oil palm plantations in West Kalimantan, Indonesia in 2005 and developing genomics-based solutions to improve crop productivity in 2006.
Subsequently, it expanded into Indonesia by acquiring land in West Kalimantan Indonesia in 2008 before the company was renamed Genting Plantations.
Presently, Genting Plantations is also involved in downstream manufacturing, property and AgTech, its research and development arm for crop efficiency.
Expanding into oil and gas industries
In 1996, Kuala Langat power plant commenced operations while Genting Group formed a new group, Genting Oil & Gas, now known as Genting Energy to explore for gas in Indonesia.
After the late Lim Goh Tong handed over the chairmanship of Genting Group and its companies to his son Lim Kok Thay in 2003; Genting Energy ventured into China with the acquisition of power plants in Fujian and Jiangsu provinces in 2005.
The Jangi Wind Farm in Gujarat, India took off in 2011, marking the group's entry into India and wind energy, before their subsequent discoveries of gas in Indonesia, opening the Banten power plant in Java, Indonesia in 2013.
Along with its expansion, Genting Energy took environment friendly steps, commissioning the Jambongan Oil Mill in Malaysia in 2014, which was Malaysia's first zero waste discharge oil mill.
In light of the environmental concerns, they also collaborated with US-based Elevance Renewable Sciences to establish Malaysia's first metathesis plant as a greener and more sustainable process for generating energy efficiently in power plants.
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