Gaming and plantations conglomerate Genting Bhd is not “privatising” its global gaming unit Genting Malaysia Bhd, said the parent’s chief executive and president Tan Kong Han, as reported by local Chinese-language news provider Sinchew Daily.
The media outlet cited remarks from Genting Bhd’s CEO, addressing shareholder queries during the group’s Thursday annual general meeting (AGM).
Mr Tan was cited saying it was “fortunate” that Genting Bhd had already increased its stake in Genting Malaysia. The parent’s holding nonetheless remains below a 75 percent threshold that would be required to take the unit private. Both companies are listed on Bursa Malaysia.
To delist or privatise Genting Malaysia had been mentioned as options for the parent in the context of its circa US$1.59-billion conditional voluntary takeover offer in October 2025.
In his Thursday comments, Genting Bhd’s Mr Tan said its takeover bid for Genting Malaysia had not been aimed at privatising the unit but on ensuring it had more than a 50-percent holding, and therefore control of it.
Prior to the takeover offer, Genting Bhd held a 49.36-percent stake in Genting Malaysia, according to a November 3 filing by Genting Malaysia about the takeover bid.
The same filing said the exercise was “intended to allow the offeror to obtain statutory control in the offeree”.
Genting Malaysia is a global casino business, encompassing Malaysia’s casino monopoly Resorts World Genting, as well as properties in the United States, the Bahamas, the United Kingdom, and Egypt.
The November 3 filing also mentioned that in pursuit of the takeover exercise, Genting Bhd “does not intend to maintain the listing status of Genting Malaysia on the main market of Bursa Securities”.
The document also said: “Should the offeror receive sufficient valid acceptances to delist or privatise the offeree,” the parent “intends to leverage on the opportunity to list its gaming, leisure and hospitality business in the USA. held under Resorts World Las Vegas LLC, in combination with the offeree group’s gaming, leisure and hospitality business in the USA, to add scale for a listing in the USA.”
U.S. investments
In his Thursday remarks, Mr Tan mentioned the progress of the “New York project” – understood to be a reference to the downstate Resorts World New York City casino property. He said it would “soon surpass” the performance of Resorts World Genting in Malaysia, though the story didn’t mention by what measure.
What had been an electronic-gaming facility relaunched on April 28 as downstate New York’s first full-service licensed casino, including live-dealer table play. Further expansion is planned under the terms of its new licence.
Maybank Investment Bank Bhd had said in a May note, that Resorts World New York City could ‘eclipse’ the business performance of the Genting Highlands complex in the long term.
Sinchew Daily cited Mr Tan mentioning Genting Bhd currently integrates the financial performance of Genting Malaysia into the parent’s balance sheet through a management services agreement, but doesn’t have such an agreement regarding Resorts World New York City.
The news outlet also quoted Mr Tan as having stated at the AGM : “Since we do not have a management agreement for the New York project, once its performance surpasses that of Genting Highlands, Genting [Bhd] will no longer be able to integrate Genting Malaysia’s financial statements… leading to very drastic changes in the entire balance sheet. Therefore, management must take action.”
Mr Tan also addressed questions raised in the meeting about why Genting Bhd is not repurchasing shares.
He said the firm had to be “cautious” in allocating its limited cash resources, also mentioning its shareholders were “inclined” to seek cash dividends.
Genting Bhd and Genting Malaysia both ceased to be part of the MSCI Malaysia index in 2025. That issue was raised during the Thursday AGM.
In response, the Genting Bhd chief executive acknowledged the group’s stock price and trading volume fell short, and it had seen reduced demand from Malaysia’s domestic investment institutions. Some key funds, such as the country’s Employees Provident Fund, were not allowed to invest in gaming companies, Mr Tan also mentioned, as cited by Sinchew Daily.
The Genting group needs to “restructure” its business into a market that appreciates gaming sector investment. That is why the group invests in the U.S., a gaming jurisdiction where regulations on the sector are “rigorous”, Mr Tan said.
He also said that while Malaysian equity investors are bearish on Genting group, international banking institutions – including some from New York – were supportive of the syndicated credit facilities for its variety of businesses, including in the energy segment. The group’s U.S.-dollar dominated bond issuance also saw “good feedback”.
