Malaysia’s Genting Berhad is still looking at opportunities to list in the United States with the intention of unlocking shareholder value, the company said Thursday.
President and Chief Operating Officer Tan Kong Han told investors at the Genting’s Annual General Meeting pursuing its listing plan would depend on the finding the right time but remained an opportunity of interest, according to a report by Chinese language Malaysian media outlet Sin Chew Daily. Genting Berhad’s US operations include the US$5 billion Resorts World Las Vegas, plus Resorts World New York City, Resorts World Catskills and Resorts World Hudson Valley via subsidiary Genting Malaysia.
“Listing in the United States can unlock shareholder value and enhance the value of the group,” Tan is reported as saying. “We will obviously pay attention to this matter, but we also need to observe the environment in the United States and it will depend on the situation.”
Tan also confirmed the group’s interest in exploring possible integrated resort developments in emerging jurisdictions such as Thailand and the UAE, stating that it has previously demonstrated its ability to operate across multiple jurisdictions by obtaining licenses in the US and UK. It is unclear whether Tan was specifically looking to Thailand, where one of its subsidiaries, Genting Singapore, has already expressed a keen interest.
Nevertheless, Tan said he was confident in the short-term outlook for Genting Group as it continues its post-COVID momentum.
“The global economic environment is expected to gradually improve,” he said. While there “are still concerns about geopolitical tensions and the impact of monetary policy, and downside risks still dominate,” Tan said ongoing growth at homegrown Resorts World Genting will be supported by strong domestic demand.
Genting Berhad recently reported a 36% year-on-year increase in revenues from its leisure and hospitality segment to MYR6.48 billion (US$1.38 billion) and a 40% increase in Adjusted EBITDA to MYR2.57 billion (US$547 million).
