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ANNUAL REPORT 2010 I 33 the ‘Steady’ Team of Engineering Department As Service Category Winner at MPC National QIT Convention

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ANNUAL REPORT 2010 I 33 the ‘Steady’ Team of Engineering Department As Service Category Winner at MPC National QIT Convention “In business, I believe in going step by step, slowly but surely. To seek out opportunities with good potential and build on them.” – The late Tan Sri Lim Goh Tong, Founder of Genting Group THE GENTING STORY GENTING MALAYSIA BERHAD The multinational corporation known as the Genting Group of Genting Malaysia Berhad (“GENM”) (www.gentingmalaysia.com) companies began from humble beginnings in 1965. A is one of the world’s largest companies in the leisure and contractor who spoke no English, but only Hokkien, Mandarin, hospitality industry. Listed on Bursa Malaysia, GENM Malay and Cantonese, the late Tan Sri Lim Goh Tong built his possesses strong financial standing and an experienced business empire with simple principles: humility, discipline and management team. conviction. Resorts World Genting (“Resort”) is GENM’s jewel in the crown The traditional Chinese entrepreneur was ahead of his time in and has consistently been recognised by World Travel Awards many ways. He adopted environmental measures, built an as the World’s Leading Casino Resort (2005, 2007-2010) and integrated resort at Genting Highlands and executed his own as Asia’s Leading Casino Resort (2005 - 2010). GENM owns succession plan in 2003, when he handed over the and operates six hotels at Genting Highlands with nearly chairmanship of the Genting Group to his son, Tan Sri Lim Kok 10,000 hotel rooms. The Resort has a variety of food & Thay. beverage and retail outlets, MICE facilities, fun rides, attractions and entertainment. Tan Sri Lim Kok Thay has since taken the company to greater heights with a successful overseas strategy. The Genting The year 2010 represented the start of GENM’s international Group has won international awards for its management expansion plans. In the United Kingdom, GENM’s acquisition leadership, financial prudence and sound investment of Genting UK’s casino businesses made it the largest operator discipline. It is also a corporation that values its employees and in the country in terms of number of casinos. In the United gives back to the communities where it operates in. States of America, the upcoming Resorts World New York will commence video lottery operations at the Aqueduct Racetrack in the second half of 2011. GENM also owns and operates Awana hotels & resorts comprising Awana Genting Highlands Golf & Country Resort, Awana Kijal Golf, Beach & Spa Resort and Awana Porto Malai, Langkawi. www.gentingmalaysia.com www.rwgenting.com CONTENTS 39 Corporate Governance 8 2010 - A Year of Excitement 43 Audit Committee Report 10 Board of Directors 45 Statement on Internal Control 12 Directors’ Profile 46 Directors’ Report and Statement by Directors 16 Management & Corporate Information Financial Statements: 19 Corporate Diary 51 Income Statements and Statements of 20 Financial Highlights Comprehensive Income Year in Review: 52 Statements of Financial Position 21 Resorts World Genting 53 Statements of Changes in Equity 27 Awana Hotels & Resorts 56 Statements of Cash Flows 28 Awana Vacation Resorts 60 Notes to the Financial Statements 28 E-Commerce and IT Development 110 Statement on Directors’ Responsibility 29 Genting UK 110 Statutory Declaration 31 Looking Forward 111 Independent Auditors’ Report 32 Awards & Accolades 112 Five-Year Summary 33 Sustainability Report 113 List of Properties Held 115 Analysis of Shareholdings 117 Notice of Annual General Meeting 120 Statement Accompanying Notice of Annual General Meeting Form of Proxy Group Offices Genting Premier Brands CHAIRMAN’S STATEMENT With a stable Malaysian base, we are now spreading our wings to grow our core business globally in line with our vision to be the leading leisure, hospitality and entertainment corporation in the world. Dear Fellow Shareholders, On behalf of the Board of Directors, I am pleased to present to you the Annual Report and Audited Financial Statements of Genting Malaysia Berhad (“Company”) and its group of companies (“Group” or “We”) for the financial year ended 31 December 2010. We are pleased to report that the Group revenue has grown to RM5.33 billion for 2010, which is RM341 million or 7% higher (2009: RM4.99 billion) than the previous year. This came about as a result of two major factors. Firstly, our Malaysian leisure and hospitality business saw its revenue grow by RM143.4 million or 3% due to better luck factor in the premium players business. Secondly, our United Kingdom casino business, which was acquired in October 2010, contributed revenue of RM188.4 million. The Group’s profit before tax of RM1.73 billion for 2010 was 2% lower (2009: RM1.76 billion) primarily because of a higher impairment charge of RM110.9 million (2009: RM81.3 million) and pre-operating expenses of RM23.9 million incurred for the development of a video lottery facility at the Aqueduct Racetrack in the City of New York, USA (“Resorts World New York”). The impairment charge for 2010 was mainly in relation to the Group’s investment in Walker Digital Gaming, LLC. Excluding the impairment losses and pre-operating expenses associated with Resorts World New York, the Group’s profit before tax would have increased by 1%. We will continue to make consistent dividend payouts while allocating funds for investments and overseas expansion. The Company had paid an interim dividend of 3.6 sen per ordinary share of 10 sen each, less 25% tax, amounting to RM153 million on 21 October 2010. The Board of Directors has recommended a final gross dividend of 4.4 sen per share for the approval of shareholders at the forthcoming 31st Annual General Meeting. If approved, total gross dividend per ordinary share for 2010 will amount to 8.0 sen (2009: 7.3 sen). This is an increase of 9.6% over the previous year. It has to be said that the year 2010 has been one of the most exciting and eventful years in our history. We have taken concrete steps towards expanding internationally beyond Malaysia in relation to our core business of leisure, hospitality and entertainment. We are taking on new challenges as evidenced by major corporate developments in the United Kingdom and United States of America involving the Group. 2 I GENTING MALAYSIA BERHAD CHAIRMAN’S STATEMENT On 13 September 2010, our subsidiary Genting New York LLC In the USA, the imminent opening of Resorts World New York won the bid to become the developer and operator of a video in 2011 will be a major milestone in our global expansion. The lottery facility at the Aqueduct Racetrack in the City of New York, resort will be a premier entertainment hub providing a gaming USA. Resorts World New York, as the facility is known, will be and entertainment experience with casino slot games, live the first casino within the city. The construction of Resorts World shows, events and culinary delights. Its strategic location at the New York had commenced following the ground-breaking Aqueduct Racetrack contributes to its promising prospects, ceremony on 28 October 2010 and is progressing well. We are and we expect the resort to tap into the gaming market in and excitedly looking forward to the opening of the preliminary phase around New York as well as international travellers. during the 2nd half of 2011. I wish to thank all our Board members who have worked On 15 October 2010, we completed our acquisition of casino tirelessly throughout the year and contributed to the continuing businesses in the UK from Genting Singapore PLC for a total success of the Group. Your invaluable insights have provided cash consideration of £351.5 million. We now own the largest guidance for the direction that the Group is heading. I express number of casinos in the UK with 46 casinos as at 31 December my appreciation and gratitude to Tan Sri Dr. Lin See Yan who 2010 and they offer various types of slots and table games. had resigned as an Independent Non-Executive Director of Five of these casinos are located in London, with the other 41 the Company on 1 November 2010. Tan Sri Dr. Lin has had a casinos located within the provinces. distinguished tenure with us and he is held in high esteem. As a leading multinational corporation, we strive to constantly I also thank all our shareholders, guests, business associates, add value to the environment that we operate in. We continue to various regulatory authorities and other stakeholders for their uphold our responsibility and ensure we adhere to the industry continuing support in their interactions with the Group. Last but standards of responsible business practices under the four major not least, I would like to thank all our management and staff, for pillars of corporate sustainability - Environment, Marketplace, their dedication and contribution to the success of the Group. Workplace and Community. Our management, operations and corporate governance are consistently reviewed and refined in order to elevate our standards of operating in a sustainable manner while maintaining our position as a leader in the leisure and hospitality industry. Our philanthropic and community-based contributions and TAN SRI LIM KOK THAY activities cater to different sectors of the community. It is our long- Chairman and Chief Executive standing and unwavering commitment to the society to leave 6 May 2011 a positive impact in their lives. A special Sustainability Report in pages 33 to 38 highlights our key corporate responsibility activities in 2010. Over 24.6 million tourists visited Malaysia in 2010, and the Ministry of Tourism Malaysia targets 25 million tourist arrivals in 2011 with a projected tourism revenue of RM60 billion. This augurs well for our aim to keep growing our Malaysian operations. For the upcoming future, we foresee that the performance of the leisure and hospitality industry in Malaysia will continue to be affected by greater regional competition, primarily from Singapore and Macau.
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