Genting Group: Difference between revisions
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*[[Monticello Raceway]], Catskills (majority shareholder of Empire Resorts through Kien Huat Realty) |
*[[Monticello Raceway]], Catskills (majority shareholder of Empire Resorts through Kien Huat Realty) |
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*Massachusetts Region C casino development (financing the development and lobbying expenses behind [[Wampanoag people]] efforts to secure preferred state gaming rights)<ref>[http://www.gamblingcompliance.com/node/46563 Genting circling Massachusetts as House eyes casino vote], Gambling Compliance, May 9, 2011.</ref> |
*Massachusetts Region C casino development (financing the development and lobbying expenses behind [[Wampanoag people]] efforts to secure preferred state gaming rights)<ref>[http://www.gamblingcompliance.com/node/46563 Genting circling Massachusetts as House eyes casino vote], Gambling Compliance, May 9, 2011.</ref> |
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==Controversies== |
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===Alleged Ties to Organized Crime=== |
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According to a United States Senate investigation Genting chairman K.T. Lim has maintained a business relationship with [[Stanley Ho]].<ref>[http://articles.nydailynews.com/2010-08-20/local/27073104_1_macau-casino-world-class-casino-racino Genting, the company likely to run Aqueduct racino has troubling mob link], New York Daily News, 20 August 2010.</ref> Ho is an Asian casino magnate who has been identified as a member of the Chinese Triad<ref>[http://www.loc.gov/rr/frd/pdf-files/AsianOrgCrime_Canada.pdf Asian Criminal and Terrorist Activity in Canada], Library of Congress Research Division, p.25, July 2003</ref>, the Chinese crime organization, by the U.S. Justice Department and by the Royal Canadian Mounted Police.<ref>[http://findarticles.com/p/articles/mi_m1571/is_14_16/ai_61892241/ Mounties: Clinton donor a gangster], Insight on the News, 17 April 2001.</ref> Ho has been denied a casino license in every jurisdiction except in Macau and North Korea. Genting was forced to pull out of a Singapore gaming project because of their business dealings with Stanley Ho. According to news reports Ho was identified by international and U.S. law enforcement officials as a money launderer for the Chinese Triads' crime syndicate. During Genting's application to run Aqueduct gaming in 2010, a New Jersey Casino Control Commission probe into another casino operator revealed that a subsidiary of the Malaysian conglomerate operated a VIP gambling room partly owned by Ho's daughter.<ref>[http://www.miaminewtimes.com/2011-09-29/news/three-miami-mayors-block-genting-casino/ Three Miami mayors block Genting casino project], Miami Times, September 29, 2011.</ref> Genting, however, continues to maintain that they have no ties to Ho and have refused to address the business dealings with his company Shun Tak Holdings Ltd.<ref>[http://floridaclarion.com/2011/09/genting-connected-to-islamic-extremists/ Genting connected to Islamic Extremists], Florida Clarion, 8 September 2011.</ref> |
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===Alleged Links to North Korea=== |
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Via his business relationship with Stanley Ho, K.T.Lim and Genting have an interest in a casino in North Korea.<ref>[http://www.presidiopenthouse.com/tycoonvillage/stanleyho.html About Stanley Ho], Tycoon Village, 14 October 2002.</ref> Controversial photographs of Mr. Lim with North Korean dictator Kim Jong-il have circulated the Internet and been part of a U.S. Senate investigation according to Florida news reports. <ref>[http://floridaclarion.com/2011/09/genting-connected-to-islamic-extremists/ Genting connected to Islamic Extremists], Florida Clarion, 8 September 2011.</ref> |
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===Seneca Tribe Controversy=== |
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Genting made hundreds of millions of tax-exempt dollars as the financiers behind two controversial Indian Casino gaming developments in the Eastern United States. In both cases, Genting operations were directed by G. Michael Brown, a former New Jersey Attorney General who was later charged with embezzlement and cocaine use in the Seneca Tribal Court. Brown was charged with putting various mistresses on the casino payroll and using casino funds to pay for luxury condominiums, imported sports cars and expensive jewelry for them. |
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Genting was the financial backer of the Seneca Niagara Casino Hotel in Niagara Falls, New York. Investigators found that Genting charged the tribe a 28 percent interest rate, in violation of the Indian Gaming Regulations under the Bureau of Indian Affairs. Genting also stayed in the deal for almost 15 years when they were legally limited to five. Seneca Tribal Council members have testified that armed men showed up to collect Genting’s money when tribal lawyers pointed out that Genting was violating the law.<ref>[http://floridaclarion.com/2011/09/genting-connected-to-islamic-extremists/ Genting connected to Islamic Extremists], Florida Clarion, 8 September 2011.</ref> |
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==Previous Properties== |
==Previous Properties== |
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Revision as of 18:13, 8 October 2011
| File:Genting Group logo.gif | |
| Company type | Public |
|---|---|
| Industry | Tourism, Resorts, Gaming, Plantations, Power Generation, Oil & Gas |
| Founded | 1965 |
| Headquarters | Kuala Lumpur, Malaysia |
Key people | Late Tan Sri Lim Goh Tong (Founder), Tan Sri Lim Kok Thay (CEO), Tun Mohammed Hanif bin Omar (Deputy Chairman) |
| Revenue | 15.2 billion MYR (December 2010) |
Number of employees | 58 000 globally |
| Parent | Kien Huat Realty Sdn Bhd |
| Website | http://www.genting.com |
 | This article needs additional citations for verification. (May 2011) |
Genting Group (MYX: 3182) is the trading name of Genting Berhad, established in 1964 by Malaysian entrepreneur Late Tan Sri Lim Goh Tong. It is a leading group[citation needed] in developing, operating and marketing casinos and integrated resorts in different parts of the world, including the Americas, Australia, Malaysia, the Philippines, Singapore and United Kingdom. It has been voted Malaysia's leading corporation and one of Asia's best managed multinationals. The group's pioneer integrated resort is Genting Highlands, the main attractions of the resort are its casino and theme park. It is one of the most popular tourist destinations in Malaysia.
From its initial leisure and hospitality activities, the Genting Group has since expanded and diversified into other activities including plantations, properties, power generation, oil and gas, e-commerce and the development of information technology. Genting Group is the founder of Star Cruises the third largest cruise liner company in the world and largest cruise liner in Asia. Star Cruises is listed on Singapore and Hong Kong Stock Exchange. Genting Group currently owns about 19.9% of Star Cruises.
Genting Group trading as Genting Berhad is a publicly listed company on Bursa Malaysia. Genting Group consists mainly of Genting Malaysia, Genting Singapore and Genting Plantations. It employs over 58,000 globally and possesses 4,500 acres (1,800 ha) of prime resort land and 133,500 acres (54,000 ha) of land for plantation. The group's combined market capitalisation amounts to US$46 billion as of 31 May 2011.[1] Genting Group possesses assets totaling US$13.5 billion.[citation needed]
Group structure
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Genting Berhad is the parent company and holding company that manages investment in other companies. Headquarters in Malaysia. Listed on Bursa Malaysia, its market capitalisation is US$13.6 billion as of 31 May 2011.[1]
- Genting Singapore PLC - (53.9% owned by Genting Berhad) - investment holding company. Listed on Singapore Stock Exchange. Market Capitalisation is US$19.7 billion as of 31 May 2011.[1]
- Genting Malaysia Berhad - (48.7% owned by Genting Berhad) - It is involved leisure and hospitality, gaming and entertainment which includes its casino businesses in the Americas and United Kingdom, Genting UK and Genting New York. Genting UK is the largest casino operator in the United Kingdom.[2] Listed on Bursa Malaysia with market capitalisation of US$7.1 billion as of 31 May 2011.[1]
- Genting Hong Kong Limited (18.4% owned by Genting Berhad) - formerly known as Star Cruises Limited, is a leading global leisure, entertainment and hospitality enterprise, with core competences in both land and sea-based businesses. Listed in Hong Kong and Singapore stock exchange with US$3.2 billion market capitalisation as of 31 May 2011.[1]
- Genting Plantations Berhad (54.7% owned by Genting Berhad) - this is involved in plantations, biotechnology and property, which includes its property arm, Genting Property. Genting Plantations owns 133,000 hectares of land in Malaysia and Indonesia. It is one of the leading and lowest cost palm oil producers in Malaysia.[citation needed] Listed on Bursa Malaysia with US$2.0 billion market capitalisation as of 31 May 2011.[1]
- Genting Oil & Gas (95% owned by Genting Berhad) - exploration and production of oil and gas in Indonesia and Morocco.
- Genting Sanyen Power (58.6% owned by Genting Berhad) - power generation and supply in Malaysia and India.
Diversification & Expansion
In December 2006, Genting Group won the bid in obtaining one of two Singapore casino licenses to build an integrated resort, named Resorts World Sentosa, under Genting Singapore.[3] The project requirements includes hotel, gaming, leisure facilities, convention space and retail to create an iconic major tourist attraction for the booming Asian tourism market.
In 2007, Genting Plantations ventured into biotechnology to develop synthetic genomic processes and naturally occurring processes for alternative energy resources through an equally owned joined venture with "Synthetic Genomics".[1]
In July 2007, Genting Group disposed of its paper and packaging business.[1]
In August 2009, Genting Hong Kong opened Resorts World Manila in partnership with Alliance Global Group. It is one of four groups that won approval in 2008 to build hotels and casinos as part of Philippines' USD$20 billion Pagcor City development on Manila Bay. [1]
In June 2009, Genting Group supported the capital raising exercise of MGM Mirage. [2]
In August 2010, Genting Property began construction on an upscale retail destination, Johor Premium Outlets in partnership with Jersey-based Simon Property Group, as part of a wider 7,000-acre (2,800 ha) integrated township project in the southern state of Johor.[3]
In September 2010, Genting New York won a bid to build a racino at Aqueduct Race Track in New York City, the first step of a planned expansion in the United States.[1] Among the attributes of the plan was providing a diversion for passengers on long stays at John F. Kennedy International Airport.[4] Resorts World New York is scheduled to open by end-2011.
In May 2011, Genting Malaysia purchased 14 acres (5.7 ha) of Biscayne Bay front land surrounding the headquarters of The Miami Herald for US$236 million; The McClatchy Company announced that the Herald and El Nuevo Herald would be moving to another location by 2013.[5] The land is to be used for a mixed use development, Resorts World Miami, that would include hotels, restaurants, residences, retail shops and a convention centre. Genting Group sees the Miami land acquisition as an integral step in its pursuit of expanding internationally in the leisure, hospitality and entertainment industry.[citation needed]
In June 2011, Genting UK was awarded a casino licence for a 55,000 sq-meter mixed-use facility in Birmingham. [4] The development is in partnership with the NEC Group and is currently under review for planning permission.
Resort and Casino Properties
Malaysia
- Resorts World Genting, Malaysia
- Genting International Convention Centre, Malaysia
- Awana Genting Highlands Golf & Country Resort, Malaysia
- Awana Kijal East Coast Golf, Beach & Spa Resort, Malaysia
- Awana Langkawi, Spa & Island Resort, Malaysia
United Kingdom
As of December 31, 2010 Genting Malaysia now owns the largest number of casinos in the UK with 46 casinos:[6]
- Resorts World at the NEC, Birmingham (under development)
- Crockfords Club, London
- The Colony Club, London
- The Palm Beach Casino, London
- Circus Casino City Centre, Birmingham
- Circus Casino Star City, Birmingham
- Circus Casino, Blackpool
- Circus Casino, Liverpool
- Circus Casino, Luton
- Circus Casino, Manchester
- Circus Casino, Margate
- Circus Casino, Newcastle
- Circus Casino, Nottingham
- Circus Casino, Stoke
- Circus Casino, Edinburgh, Scotland
- Electric Circus, Luton
- Electric Circus, Portsmouth
- Maxims Casino Club, London
- Maxims Casino, Birmingham
- Maxims Casino, Bournemouth
- Maxims Casino, Coventry
- Maxims Casino, Derby
- Maxims Casino, Reading
- Maxims Casino, Southampton
- Maxims Casino, Southend
- Maxims Casino, Edinburgh, Scotland
- Mint Casino, London
- Mint Casino, Bolton
- Mint Casino, Brighton
- Mint Casino, Coventry
- Mint Casino, Derby
- Mint Casino, Great Yarmouth
- Mint Casino, Leicester
- Mint Casino, Liverpool
- Mint Casino, Manchester
- Mint Casino, Salford
- Mint Casino, Southend
- Mint Casino, Southport
- Mint Casino, Tourquay
- Mint Casino, Wirral
- Mint Casino, Glasgow, Scotland
- Mint Casino, Leith, Scotland
- Stanley Casino, Plymouth
Singapore
- Resorts World Sentosa, Singapore
- Universal Studios Singapore, Singapore (partner with Universal Studios)[5]
Hong Kong
- Star Cruises, headquartered in Hong Kong
Philippines
- Resorts World Manila, Philippines (in partnership with AGI)
USA
- Resorts World New York, USA
- Resorts World Miami, USA (under development)
- Norwegian Cruise Line, headquartered in Miami
Investments in the USA
- Foxwoods Resort Casino, Connecticut, USA (capital loan to the Mashantucket Pequot tribe through Kien Huat Realty)
- Seneca Niagara Casino and Hotel, Niagara Falls, USA (capital loan to Seneca Nation of Indians through Kien Huat Realty)
- Monticello Raceway, Catskills (majority shareholder of Empire Resorts through Kien Huat Realty)
- Massachusetts Region C casino development (financing the development and lobbying expenses behind Wampanoag people efforts to secure preferred state gaming rights)[7]
Controversies
Alleged Ties to Organized Crime
According to a United States Senate investigation Genting chairman K.T. Lim has maintained a business relationship with Stanley Ho.[8] Ho is an Asian casino magnate who has been identified as a member of the Chinese Triad[9], the Chinese crime organization, by the U.S. Justice Department and by the Royal Canadian Mounted Police.[10] Ho has been denied a casino license in every jurisdiction except in Macau and North Korea. Genting was forced to pull out of a Singapore gaming project because of their business dealings with Stanley Ho. According to news reports Ho was identified by international and U.S. law enforcement officials as a money launderer for the Chinese Triads' crime syndicate. During Genting's application to run Aqueduct gaming in 2010, a New Jersey Casino Control Commission probe into another casino operator revealed that a subsidiary of the Malaysian conglomerate operated a VIP gambling room partly owned by Ho's daughter.[11] Genting, however, continues to maintain that they have no ties to Ho and have refused to address the business dealings with his company Shun Tak Holdings Ltd.[12]
Alleged Links to North Korea
Via his business relationship with Stanley Ho, K.T.Lim and Genting have an interest in a casino in North Korea.[13] Controversial photographs of Mr. Lim with North Korean dictator Kim Jong-il have circulated the Internet and been part of a U.S. Senate investigation according to Florida news reports. [14]
Seneca Tribe Controversy
Genting made hundreds of millions of tax-exempt dollars as the financiers behind two controversial Indian Casino gaming developments in the Eastern United States. In both cases, Genting operations were directed by G. Michael Brown, a former New Jersey Attorney General who was later charged with embezzlement and cocaine use in the Seneca Tribal Court. Brown was charged with putting various mistresses on the casino payroll and using casino funds to pay for luxury condominiums, imported sports cars and expensive jewelry for them.
Genting was the financial backer of the Seneca Niagara Casino Hotel in Niagara Falls, New York. Investigators found that Genting charged the tribe a 28 percent interest rate, in violation of the Indian Gaming Regulations under the Bureau of Indian Affairs. Genting also stayed in the deal for almost 15 years when they were legally limited to five. Seneca Tribal Council members have testified that armed men showed up to collect Genting’s money when tribal lawyers pointed out that Genting was violating the law.[15]
Previous Properties
- Burswood Entertainment Complex, Perth, Australia (formerly known as Burswood Island Casino)
- Lucayan Beach Resort and Casino, Bahamas (in partnership with the Bahamian government)
Aston Villa Football Club Sponsorship
An announcement was made on 22 June 2011 that Genting would become the new principal partner of English Premier League club Aston Villa. Details of the partnership reveal that Aston Villa home and away jerseys will display the Genting Casinos branding. The deal is to run initially for two seasons from July 2011 to July 2013.
Notes
- ^ a b c d e f g h i http://www.genting.com/groupprofile/index.htm
- ^ http://www.gentingmalaysia.com/profile.htm
- ^ "Genting-Star Cruises consortium wins Sentosa integrated resort project". Yahoo! News. WildSingapore.com. December 8, 2006. Retrieved 2011-05-31.
- ^ Massey, Daniel (August 3, 2010). "Last Aqueduct racino bidder gets state blessing". Crain's New York Business. Retrieved 2011-05-31.
- ^ a b Hanks, Douglas (May 27, 2011). "Miami Herald parent sells land for $236 million; newspaper operations unaffected". The Miami Herald. Retrieved 2011-05-31.
- ^ Genting Group 2010 Annual Report, Genting Berhad, May 6, 2011.
- ^ Genting circling Massachusetts as House eyes casino vote, Gambling Compliance, May 9, 2011.
- ^ Genting, the company likely to run Aqueduct racino has troubling mob link, New York Daily News, 20 August 2010.
- ^ Asian Criminal and Terrorist Activity in Canada, Library of Congress Research Division, p.25, July 2003
- ^ Mounties: Clinton donor a gangster, Insight on the News, 17 April 2001.
- ^ Three Miami mayors block Genting casino project, Miami Times, September 29, 2011.
- ^ Genting connected to Islamic Extremists, Florida Clarion, 8 September 2011.
- ^ About Stanley Ho, Tycoon Village, 14 October 2002.
- ^ Genting connected to Islamic Extremists, Florida Clarion, 8 September 2011.
- ^ Genting connected to Islamic Extremists, Florida Clarion, 8 September 2011.
External links
- Official website
- Official UK website
- Online casino website
- Official Aston Villa Football Club website
- Resorts World Genting, Malaysia website
- Resorts World Sentosa, Singapore website
- Resorts World New York, USA website
- Star Cruises website
- Norwegian Cruise Line website
- Genting Plantations website
- Genting Properties website
- Genting Oil & Gas website