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Genting Group International Expansion Approach and Strategy
In the recent past, Genting Malaysia Berhad seems to have embarked on an ambitious expansion strategy that has seen it set up operations in the UK, New York and Miami. The group's expansion into the UK was marked by its October 2010 acquisition of the United Kingdom gaming operations of Genting Singapore Plc. This gave rise to Genting UK which happens to be the largest casino operator in the United Kingdom. To further enhance its presence in the region, Genting entered into a strategic partnership last year with the NEC Group. The chief purpose of this alliance was to set up a mixed-use installation in Birmingham. Yet another crucial addition to Genting Malaysia Berhad's gaming empire in the U.K was Genting Club Riverlights. Opened last year in November and seen as a move by the group to consolidate its provincial presence, the club boasts of state of the art gaming technology.
The group's forays into the U.S.A. revolve around projects in both New York and Florida. The group marked its expansion into the United States when it won a bid in September 2010 for the setting up of a racino in New York. In the last quarter of the year 2011, the group added yet another gem on its gaming and leisure business -- Resorts World Casino New York City. Earlier on in the Year 2011, the group,...
This property would later on become the site of Resorts World Miami. This development, expected to be completed in the near future, had its plan unveiled last September. It is also instructive to note that the group has in the recent past acquired a number of other prime properties in the United States, most particularly in Miami, including but not limited to the Omni Center. Going forward, the company could utilize these properties to further expand its gaming and leisure empire.
Apart from expanding into the U.S. And the UK, the group has also spread its gaming and leisure tentacles into the Far East with Genting Hong Kong acting as the group's flagship in the region. To ease its entry into the Chinese leisure and gaming market back in 1998, Genting Malaysia Berhad worked in partnership with the likes of the Alliance Global Group as well as both Apollo and TPG for the development of Resorts World Manila and Genting Hong Kong Ltd. respectively.
In my opinion, if successful, this rather ambitious approach to expansion will provide the group with a stable cash flow going forward. This is more so the case given the vast untapped leisure and gaming marketplace in quite a number of jurisdictions.
It is however important to note that there are both some…
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