This article first appeared in The Edge Malaysia Weekly on October 19, 2026 - October 25, 2026

FROM a single casino in Genting Highlands, established by the late Tan Sri Lim Goh Tong in the 1960s, the Genting group has grown into a diversified conglomerate with interests spanning gaming, hospitality, leisure and property. It now has gaming operations in multiple markets worldwide.

For much of its history, the hilltop casino had a monopoly of the legal casino market in Asia, thus becoming the group’s crown jewel.

One of the Genting group’s earliest attempts to expand overseas came in the late 1990s, as Macau prepared to end the exclusive gaming concession held by casino magnate Stanley Ho’s company. The concession was due to expire in December 2001, paving the way for the special administrative region of China to liberalise its gaming industry and open the market to new operators.

Seizing the opportunity, the Genting group formed a consortium to bid for one of Macau’s three coveted gaming concessions. However, its bid was unsuccessful, denying the group an opportunity to gain an early foothold in Macau and access to a sizeable gaming market in China. Sands Macau, operated by US-based Las Vegas Sands, became the first foreign-owned casino to operate there in 2004.

Following that, the group turned its attention to Singapore, securing one of two licences awarded by the government in late 2006 to develop an integrated resort on Sentosa Island. It also acquired assets in the UK, including casino operator Stanley Leisure.

Next, it ventured into the US, establishing a presence through Resorts World Genting New York Casino City — now known as Resorts World New York City — as well as Resorts World Catskills, Resorts World Las Vegas and Resorts World Hudson Valley.

As the group’s operations grew, so too did its debt. The high capital expenditure required to develop its properties and facilities was funded through medium-term notes, bonds and term loan facilities, pushing total borrowings above RM30 billion by FY2019.

The investment many would say was the straw that broke the camel’s back was its US$4.5 billion venture into Las Vegas. More than five years since opening, Resorts World Las Vegas is still underperforming, analysts say.

A potential bright spot for the Genting group’s US operations is Resorts World New York City, which began offering table games in April following the award of a full casino licence. Early results have been encouraging.

The group remains deep in debt, with total borrowings standing at RM42.25 billion as at June 30, 2026. Nonetheless, the bulk of this is at subsidiary level. Its recently proposed renounceable rights issue to raise RM1.25 billion to pare down debt and boost working capital has also weighed on investor sentiment, causing its share price to fall sharply following the Oct 9 announcement. 

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