Genting Group: From Mountaintop Resort to Global Conglomerate

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The Genting Group, founded in 1965 by the late Tan Sri Lim Goh Tong, is a Malaysian conglomerate with a diverse range of business interests. Initially, the company focused on developing a mountaintop resort in Malaysia, which led to the creation of Genting Highlands Resort. Over the years, the group has expanded its operations significantly.

History and Development

  • Founding and Early Years: The Genting Group was established in 1965 with the vision of building a resort in the cool mountain forests outside Kuala Lumpur. The first hotel, Genting Highlands Resort, was completed in 1971.
  • Expansion: The company diversified into various sectors, including plantations, property development, power generation, oil and gas, and biotechnology. By 1990, Genting Highlands had added hospitality and leisure operations, including three additional hotels and a theme park.

Current Operations

The Genting Group operates through several key subsidiaries:
  • Genting Berhad: The investment holding and management company of the group.
  • Genting Malaysia Berhad: Involved in leisure and hospitality, including casinos and resorts. Major properties include Resorts World Genting in Malaysia and Resorts World Casino New York City in the US.
  • Genting Singapore Plc: Known for its flagship project, Resorts World Sentosa, which includes a theme park, casino, and various entertainment facilities.
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  • Genting Plantations Berhad: Engages in oil palm plantations and property development.
  • Genting Energy Limited: Focuses on power generation and energy projects.

Recent Developments

  • Investments in Energy: In 2024, Genting Berhad announced a significant investment of over US$1 billion into its oil, gas, and energy segments. This includes a 49% stake in a gas power plant and a contract to construct a floating liquefied natural gas facility in Indonesia.
  • Financial Performance: The group has shown strong financial recovery post-pandemic, with 2023 revenue reaching 125% of 2019 levels. The first quarter of 2024 saw a 7% increase in revenue from US and Bahamas operations.
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  • Political and Social Challenges: The group's casino operations in Malaysia have been a contentious issue, with political debates and legal challenges affecting its operations. Despite this, Genting remains committed to its core gaming business while expanding into non-gaming sectors.

Global Presence

The Genting Group operates globally, with significant operations in Malaysia, Singapore, the United States, the United Kingdom, and other countries. The group's integrated resorts and casinos are major tourist attractions, offering a range of entertainment, dining, and accommodation options.

Leadership

The group is currently led by Tan Sri Lim Kok Thay, the chairman and Chief Executive Officer, who has been with the company since 1976. The leadership has been instrumental in expanding the group's global footprint and diversifying its business interests.
In summary, the Genting Group has evolved from a single resort project into a diversified conglomerate with significant investments in energy, leisure, and hospitality. Despite facing political and social challenges, the group continues to grow and adapt to new market opportunities.