The Genting Group is one of the largest and most successful casino operators in the world, with a presence that spans multiple continents and countries. From its humble beginnings as a small hotel in Malaysia to its current status as a global gaming giant, the Genting Group has consistently demonstrated its ability to adapt and evolve in response to changing market conditions.
A Brief History of Genting
The Genting Group was founded by Tan Sri Lim Goh Tong in 1965 when he opened the first Genting Hotel in Kuala Lumpur, Malaysia. The hotel quickly became a popular destination for locals and tourists alike, and it wasn't long before Lim Goh Tong began to expand his operations into other areas of the hospitality industry.
In the 1970s, the Genting Group entered the casino market with the opening of its first casino in Genting Highlands, Malaysia. The success of this venture led to further expansion into Singapore and the Philippines, and by the 1990s, the Genting Group was one of the largest casino operators in Asia.
Global Expansion
In recent years, the Genting Group has expanded its operations beyond Asia, entering markets such as the United States, the Bahamas, and the Middle East. This global expansion has been driven by a combination of strategic acquisitions, joint ventures, and greenfield developments.
One of the most significant aspects of the Genting Group's global expansion is its entry into the US market. In 2011, the company opened Resorts World New York City, a casino resort located in Queens, New York. This venture marked a major milestone for the Genting Group, as it was one of the first Asian-based companies to successfully enter the US casino market.
Recent Developments
In recent years, the Genting Group has continued to expand its operations and diversify its revenue streams. In 2019, the company acquired a majority stake in the UK's largest independent casino operator, Rank Group plc. This acquisition marked a significant milestone for the Genting Group, as it gave the company a foothold in the UK market.
In addition to its expansion into new markets, the Genting Group has also been focused on diversifying its revenue streams through non-gaming activities. In 2020, the company launched a luxury yacht and marina complex in Miami, Florida, which offers a range of amenities including dining, entertainment, and recreational activities.
Impact of Casino Legalization Efforts
The Genting Group is heavily impacted by progress on casino legalization efforts around the world. For example, the recent approval by Thailand's House of Representatives of a House Committee report recommending the development of integrated casino resorts has significant implications for the company.
According to Nomura analysts, any positive decision on legal Thai casinos would impact Genting because it would compete with the company's existing operations in Malaysia and Singapore. Additionally, the analysts noted that the Genting Group will likely be looking to make a bid to develop a Thai IR once the process starts.
In another development, recent revelations from New York's gaming commission have indicated that a decision on issuing full casino licenses for up to three downstate casinos would be delayed until at least late 2025. This delay is negative for the Genting Group, as it means that any positive catalyst from New York will have to wait.
****, the Genting Group is one of the largest and most successful casino operators in the world. With a presence that spans multiple continents and countries, the company has consistently demonstrated its ability to adapt and evolve in response to changing market conditions. Recent developments such as the approval of integrated casino resorts in Thailand and the delay in issuing full casino licenses in New York are significant for the company, but ultimately, the Genting Group remains well-positioned to continue its growth and expansion in the global gaming industry.
References
- "Genting Group Heavily Impacted by Progress on Casino Legalization Efforts" (Inside Asian Gaming)
- "Thailand's House of Representatives Approves Integrated Casino Resorts" (Asia Gaming Brief)
- "New York's Gaming Commission Delays Decision on Downstate Casinos" (Casino Journal)