Genting Group’s Attempt to enter Canadian casino industry
The Genting Group is well known worldwide for its contributions to the casino industry. The holding company is located in Kuala Lumpur with four subsidiaries. First organizing in 1965, the company was founded by the late entrepreneur Tan Sri Lim Goh Tong. Since that time the company has developed and operated casinos as well as integrated resorts worldwide. With holdings in the Philippines, Singapore, America, Malaysia, Australia and the United Kingdom, the Genting Group is now setting its sights on Canada.
Recently, the company put in a bid to acquire several gambling related holdings in Ontario, specifically Toronto. If the deal were to come to fruition, Genting would hold the rights to slot facilities in the Toronto area at Woodbine and Ajax Down as well as the Great Blue Heron Casino for at least 22 years. However, their bid failed as the Ontario Lottery and Gaming Corporation opted instead for a consortium formed of the Great Canadian Gaming Corporation and Brookfield Business Partners LP. These holdings are rather lucrative as they include over 4,000 gaming machines and a total of 60 table games. This was not the company’s first attempt to get a foothold in Canada.
Along with the Genting Group was the American firm, Caesar’s Entertainment that made it to the finals which included the winning firm as well. Research firm, UOB Kay Hian, is concerned that the parent company is losing value in comparison to its subsidiaries. Other impending litigation from local tribes is expected to possibly present further difficulties for the company.
Even though the Genting Group is having some difficulty at this time, the trend in casino gambling continues to be strong and doesn’t appear to be dying down any time soon thanks to popular online and mobile casinos that have drawn in even more gamblers.