Genting is a well-known brand in the entertainment industry, particularly in Malaysia, where it has a strong presence as a resorts company. The name „Genting“ is often associated with luxury and opulence, which reflects the high-end quality of services offered by this company. In this article, we will delve into the world of Genting to explore what makes it a unique player in the industry.
A Brief History
Genting Group was founded in 1965 by Lim Goh Tong, a Chinese-Malaysian entrepreneur who aimed to establish an Genting casino entertainment destination for locals and tourists alike. Initially, the company focused on developing a hotel complex near the Titiwangsa Mountains in Pahang, Malaysia. Over time, Genting has expanded its business operations across various sectors, including gaming, hospitality, leisure, and tourism.
Genting’s Core Businesses
At its core, Genting is an integrated resorts operator that offers a comprehensive range of entertainment options for visitors. The company operates several iconic destinations in Malaysia:
- Resorts World Genting (RWG) : This flagship property sits atop the Titiwangsa Mountains and features luxurious hotels, gaming facilities, shopping arcades, theme parks, and live entertainment venues.
- Rwanda’s Kigali Convention Centre : In 2018, Genting signed a joint venture agreement with Rwanda Development Bank to develop this convention center.
Genting also has stakes in other resorts and casinos globally. Notably:
- Singapore: The company holds an equity stake of approximately 36% in the CityOfDreams and ResortsWorld Sentosa (RWS) integrated resort.
- South America: Genting, via its wholly-owned subsidiary Resorts World, manages a casino complex adjacent to the existing Marina Bay Sands property.
Business Segments
Genting Group operates through several business segments:
- Leisure & Hospitality : This segment includes hotels and resorts, with luxury properties like the Ritz-Carlton and W Hotels chains.
- Gaming : Genting offers gaming services in various jurisdictions worldwide.
- Power Generation : Through its subsidiary S P Setia Berhad (S P Setia), Genting generates electricity for local markets.
- Plantations
International Expansion
In recent years, Genting has expanded its presence globally through strategic partnerships and investments:
- The United Kingdom: In 2020, Genting acquired G2 Entertainment Limited (G2E) and associated companies, expanding their operations in the UK market with sportsbooks, casinos, and betting.
- South America: Following the acquisition of 49% stakes in various casino entities across Argentina.
Controversies and Criticisms
Like any large corporation, Genting has faced controversies:
- Licensing issues in certain jurisdictions
- Concerns about environmental impact near Resorts World Genting
- Debates over tax evasion and social responsibility