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Business Times
6 days ago
- Business
- Business Times
Genting's trek from hilltop casino to multibillion dollar global conglomerate
[SINGAPORE] Many know the Genting Group only for its hotels and casinos, yet its businesses have mushroomed to straddle plantations, energy, and biotechnology businesses across the world. 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. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 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.
Business Times
6 days ago
- Business
- Business Times
Genting's trek from hilltop casino to multi-billion dollar global conglomerate
[SINGAPORE] Many know the Genting Group only for its hotels and casinos, yet its businesses have mushroomed to straddle plantations, energy, and biotechnology businesses across the world. 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 Bhd 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 3.38km Genting Skyway cable car to the hilltop in 1997. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 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 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 S.E.A Aquarium and Adventure Code Waterpark opened in 2012 and the Trick Eye 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 Bhd and its listed subsidiaries Genting Malaysia Bhd, Genting Plantations Bhd and Genting Singapore, as well as wholly owned subsidiary Genting Energy. Genting Malaysia and Genting Plantations reported 2024 earnings of RM200 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.
Daily Express
14-06-2025
- Business
- Daily Express
Sabah places third for Q1 investments
Published on: Saturday, June 14, 2025 Published on: Sat, Jun 14, 2025 Text Size: Kota Kinabalu: Sabah has solidified its position as one of Malaysia's top investment destinations, recording RM10.9 billion in approved investments in the first quarter of 2025, surpassing its total for the entire year of 2024. According to the latest investment performance report by the Malaysian Investment Development Authority (MIDA), Sabah now ranks third nationally in total investments, behind Selangor and the Federal Territory of Kuala Lumpur. Advertisement Foreign Direct Investment (FDI) led the surge, contributing RM6.6 billion or 61pc of the total, while Domestic Direct Investment (DDI) accounted for RM4.29 billion (39pc). The manufacturing sector emerged as the top contributor with RM7.3 billion in investments, making Sabah the number one recipient of manufacturing investments in Malaysia for the quarter. Of the manufacturing total, RM6.59 billion (91.3pc) came from foreign sources, reflecting robust international confidence in Sabah's business environment. Domestic investment in the sector amounted to RM711 million (9.7pc). The services sector drew RM2.83 billion, while the primary sector attracted RM757.1 million. Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe described the milestone as a testament to investor confidence in Sabah's economic prospects and pro-business policies. 'Despite global economic uncertainties and geopolitical pressures, Sabah remains a competitive and trusted investment hub. This performance shows our strategic policies are yielding tangible results,' he said. He added that the state government remains fully committed to strengthening Sabah's investment ecosystem and welcomes both foreign and local investors in contributing to sustainable and inclusive economic growth. 'The State Government will continue to create an enabling environment for investors and push forward with our industrial development agenda,' Phoong said. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Borneo Post
13-06-2025
- Business
- Borneo Post
Sabah records RM10.9 billion in investments in Q1 2025, ranks third nationally
Phoong speaking at the press conference. KOTA KINABALU (June 13): Sabah recorded a total of RM10.9 billion in approved investments in the first quarter of this year, surpassing the state's total investment figure for the entire year of 2024. According to the Malaysian Investment Development Authority (MIDA), the investment performance from January to March places Sabah third nationally, behind Selangor and Kuala Lumpur. State Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe said Foreign Direct Investment (FDI) was the main contributor, accounting for RM6.6 billion or 61 percent of the total, while Domestic Direct Investment (DDI) amounted to RM4.29 billion or 39 percent. The manufacturing sector was the top performer, recording RM7.3 billion in investments — the highest among all states for this quarter. Of this, RM6.59 billion or 91.3 percent came from foreign investors, with the remaining RM711 million or 9.7 percent from domestic sources. The services sector followed with RM2.83 billion, while the primary sector attracted RM757.1 million. Phoong said the figures reflected continued investor confidence in Sabah's economic growth potential and its conducive business ecosystem. 'Despite global economic uncertainties and geopolitical pressures, Sabah remains a competitive investment destination trusted by both foreign and domestic investors,' he said at a press conference at Wisma Kewangan today. He added that the success was due to investor-friendly policies and the state government's strong commitment to stimulating industrial development. 'The state government is committed to strengthening the investment ecosystem and welcoming more investors to achieve sustainable and inclusive economic development for Sabah,' he said.
New Straits Times
20-05-2025
- Business
- New Straits Times
Hartanah Kenyalang poised for growth amid Sarawak infrastructure boom
KUALA LUMPUR: Hartanah Kenyalang Bhd's earnings are expected to grow at a two-year compound annual growth rate (CAGR) of 16 per cent, according to Public Investment Bank Bhd (PublicInvest). In a note, the firm said this will be supported by a robust order book and continued government infrastructure spending in Sarawak. "We derive a fair value of RM0.22 by applying 11 times the forecast price-to-earnings ratio (PER) for financial year 2026 (FY26), which represents an approximately 20 per cent discount to the forward PE multiple of 14 times for Bursa's Construction Index. "This account for the group's positive outlook but relatively smaller scale of business," it noted. Going forward, PublicInvest said key downside risks for the group include dependency on government spending in Sarawak, competition, and reliance on labour and subcontractors. Hartanah Kenyalang is a Sarawak-based construction services firm, well-positioned to benefit from steady construction growth in the state. Through its subsidiary, the group is principally involved in building construction services, focusing on institutional buildings such as schools and other public buildings, as well as other non-residential buildings, and infrastructure construction services, particularly bridges and roads. According to PublicInvest, the group is qualified to undertake high-value building and infrastructure construction services for government projects, mainly for public buildings, bridges and roads in Sarawak. The group plans to capitalise on Sarawak's RM10.9 billion development budget for 2025 and continue bidding for public sector projects, including schools and other purpose-built buildings, high-rise buildings, bridges, roads, and substations. Besides enhancing operational capacity and efficiency, the group also aims to expand its design and build services through building information modelling (BIM) investment. Between FY21 and FY24, Hartanah Kenyalang's net profit increased from RM4.8 million to RM9.2 million, registering a CAGR of 24 per cent in line with higher revenue. However, the net profit margin declined from 14 per cent in FY22 to seven per cent in FY24, while the gross profit margin decreased from 24 per cent in FY21 to 18 per cent over the same period. The decline was primarily due to the completion of the higher-margin Pan Borneo Highway Project, coupled with rising costs for construction materials, subcontractors, staff costs, finance costs and other operating expenses. The group is seeking a listing with an enlarged issued and paid-up share capital of 620 million shares on Bursa Malaysia's ACE Market. Pursuant to the initial public offering (IPO) listing, the group's market capitalisation is RM99.2 million based on its IPO price of 16 sen.
