GGRAsia – Genting Malaysia sets up aviation unit

Genting Malaysia sets up aviation unit

May 04, 2015 Newsdesk Industry Talk, Latest News, World

Casino operator Genting Malaysia Bhd says that its indirect, wholly owned subsidiary Genting (USA) Ltd has itself incorporated a unit called RWB Aviation Ltd, for “dry lease of aircraft and registration of aircraft in Bermuda”.

In a filing to Bursa Malaysia on Thursday, Genting Malaysia said the new aircraft unit, which is also incorporated in Bermuda, had a paid up capital of 100 common shares at US$1 each. The parent didn’t state a reason for setting up the unit, although major casino operators commonly use private jet aircraft (an example pictured in a file photo) to deliver high-value VIP players to their properties.

Appleby Global Group Services Ltd, a specialist in legal and financial services for offshore investors, says Bermuda is a popular place of registration for aircraft owners and operators because of its low-tax regime.

It was reported in March that Resorts World Las Vegas – a US$4-billion scheme by Genting Malaysia’s parent Genting Group planned for the Nevada gambling hub – is due to break ground this Tuesday. No opening date for the venue was specified at the time of the March announcement.

Last year Genting Malaysia, which runs Resorts World Casino New York City as a wholly owned subsidiary, was unsuccessful in two proposals for casino licences in upstate New York.

Genting Malaysia also operates the Resorts World Genting casino resort in Genting Highlands, Malaysia, and has a 70 percent stake in Resorts World Bimini, a holiday resort with casino in the Bahamas. In mid-February, Genting Malaysia said there were expansion plans for the latter property.

Genting Malaysia’s fourth quarter profit fell 23 percent year-on-year, it said in a filing in late February.