TLDR
- Genting Bhd CEO clarified the 2025 takeover offer was about gaining majority control, not privatising Genting Malaysia
- Genting Bhd held a 49.36% stake before the offer; 75% is needed to delist
- Resorts World New York City launched as a full-service casino on April 28, 2026
- CEO says New York property may soon outperform Resorts World Genting in Malaysia
- Both Genting Bhd and Genting Malaysia were removed from the MSCI Malaysia index in 2025
Genting Bhd’s chief executive has clarified the company’s plans for its subsidiary, Genting Malaysia. The takeover offer made in October 2025 was about getting majority control, not taking the company private.
CEO Tan Kong Han made the comments at Genting Bhd’s annual general meeting on Thursday. He was responding to shareholder questions about the group’s plans for Genting Malaysia.
The Takeover Explained
In October 2025, Genting Bhd made a conditional takeover offer for Genting Malaysia, valued at around US$1.59 billion. At the time, the parent company held a 49.36% stake in the subsidiary.
Tan said the goal was to push that holding above 50%, giving Genting Bhd statutory control. He said it was “lucky” the stake had already been raised, even though it remains below the 75% needed for a full privatisation or delisting.
A November 2025 filing from Genting Malaysia confirmed the move was designed to give the parent company statutory control. That same document said Genting Bhd did not intend to maintain Genting Malaysia’s listing on Bursa Securities.
However, the filing also outlined a longer-term plan. If Genting Bhd gained enough acceptances to delist, it intended to combine its US gaming assets with Genting Malaysia’s US operations and pursue a listing in the United States.
Both companies are listed on the Malaysian stock market. Genting Malaysia runs casino properties in Malaysia, the United States, the Bahamas, the United Kingdom, and Egypt.
New York Casino Now Open
A key focus at the AGM was the group’s US expansion. Tan talked about Resorts World New York City, which he referred to as the “New York project.”
The venue started operating as a full-service licensed casino on April 28, 2026. It had previously been an electronic-gaming facility. It now offers live-dealer table play, with more expansion planned under its new licence.
Tan said the New York property would soon outperform Resorts World Genting in Malaysia, though he did not specify which measure he was using. Maybank Investment Bank had noted in May 2026 that the property could eclipse Resorts World Genting in the long term.
Tan explained a key financial issue tied to this growth. Genting Bhd currently folds Genting Malaysia’s financials into its own balance sheet through a management services agreement. But there is no such arrangement for Resorts World New York City.
Once New York outperforms the Malaysian flagship, Genting Bhd would no longer be able to consolidate Genting Malaysia’s financials. Tan said this would bring “very drastic changes” to the balance sheet and require management action.
Investor Base and Market Position
Tan addressed concerns about share buybacks, saying the company must be careful with its cash and that shareholders prefer dividends.
He also confirmed that both Genting Bhd and Genting Malaysia were removed from the MSCI Malaysia index in 2025. Trading volumes and share prices are below expectations, and domestic institutional demand has fallen.
Some major Malaysian funds, including the Employees Provident Fund, are not allowed to invest in gaming companies. Tan said the group needs to move into a market that values gaming investment, pointing to the US.
He said international banks, including some from New York, have backed the group’s credit facilities. The group’s US-dollar bond issuance also received positive feedback.
