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2009 Annual Report

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2009 Annual Report GENTING SINGAPORE PLC 2009 ANNUAL REPORT 2009 ANNUAL REPORT GENTING SINGAPORE PLC (Incorporated in the Isle of Man with Limited Liability No.003846V) ANNUAL REPORT HEAD OFFICE SINGAPORE UNITED KINGDOM 9 Penang Road Resorts World at Sentosa Pte Ltd Genting UK Plc #13-10 Park Mall 8 Sentosa Gateway, Sentosa, Singapore 098269 Circus Casino, Star City, Watson Road, Singapore 238459 Birmingham, B7 5SA, United Kingdom Correspondence address: 39 Artillery Avenue, Sentosa, Singapore 099958 T: +65 6823 9888 T: +65 6577 8888 T: +44 121 325 7760 F: +65 6823 9878 F: +65 65778890 F: +44 121 325 7761 www.gentingsingapore.com www.rwsentosa.com www.gentinguk.com GENTING SINGAPORE PLC (Incorporated in the Isle of Man with Limited Liability No. 003846V) GENTING SINGAPORE PLC We are a global gaming company and one of the worldʼs leading integrated resorts specialists. OUR VISION To be the brand leader in Integrated Resorts destinations. OUR MISSION To provide the most memorable guest experience with innovative and differentiated products and services. CONTENTS Page Page Genting Singapore / Our Mission Financial Statements: Corporate Profile 1 Consolidated Statement of Comprehensive Income 36 Bringing You The Best 2 Statements of Financial Position 37 Genting Premier Brands 3 Consolidated Statement of Cash Flows 38 Corporate Diary 4 Notes To The Financial Statements 40 Corporate Information 5 Independent Auditorʼs Report 80 Directorsʼ Profile 6 Analysis of Shareholdings 81 Senior Management Team 8 Group Offices Chairmanʼs Statement 10 Review of Operations 20 Corporate Social Responsibility 26 Corporate Governance 29 Report of the Directors 33 Cover & Photos The cover depicts the presence of Genting Singapore as a leading global gaming company and one of the worldʼs leading integrated resorts specialists. Genting Singapore provides international sales and marketing services to Resorts World Genting and the marketing of the Genting Groupʼs loyalty card programmes. Genting Singapore PLC Annual Report 2009 1 CORPORATE PROFILE www.gentingsingapore.com Battlestar Galactica ™ Universal Studios. © Universal Network Television LLC. All rights reserved. Genting Singapore PLC* (“Genting Singapore”) is a leading integrated Its principal activities are: resorts development specialist with over 20 years of international • Development and operation of integrated resort gaming expertise and global experience in developing, operating and/or • Casino operations marketing internationally acclaimed casinos and integrated resorts in • International sales and marketing services different parts of the world, including Australia, the Americas, Malaysia, • IT application related services the Philippines and the United Kingdom (“UK”). Genting Singapore has an experienced management team that is It is a subsidiary of Genting Berhad and was incorporated in 1984 to focused on and committed to growing its business globally. The Group invest in leisure and gaming-related businesses outside Malaysia. The is the largest casino operator in the UK and is developing a world-class Genting Group is a collective name for Genting Berhad and its integrated family resort in Singapore. subsidiaries and associates. The Genting Group is one of Asiaʼs leading and best managed multinationals. The Group is renowned for its strong Genting Singapore is constantly reviewing new opportunities in the management leadership, financial prudence and sound investment gaming, leisure and hospitality businesses. discipline. * Formerly known as Genting International Public Limited Company Genting Singapore is listed on the Main Board of the Singapore Exchange Securities Trading Limited (“Singapore Exchange”). 2 Genting Singapore PLC Annual Report 2009 bringing you the in... theme park & attractions • gaming experiencebest • international shows mega meetings & incentive venues • spa & relaxation • dining pleasure Woody Woodpecker ® Walter Lantz Productions. © Universal Studios. All rights reserved. Resorts World Sentosa A Million Moments. One World. Genting UK Largest casino operator in the UK Genting Singapore PLC Annual Report 2009 3 GENTING PREMIER BRANDS INTEGRATED RESORT RESORTS WORLD SENTOSA SINGAPORE GENTING UK CASINO CLUBS LONDON UNITED KINGDOM CLUB, SUITES, PENTHOUSES & RESIDENCES RESORTS WORLD GENTING MALAYSIA 4 Genting Singapore PLC Annual Report 2009 CORPORATE DIARY 2009 19 February 15 September Release of the Consolidated Results of the Group for the financial year Lodgement and despatch of Offer Information Statement in relation to ended 31 December 2008. the Rights Issue. 4 March 15 October Announcement relating to the change of names of subsidiaries: Announcement of the final results of the Rights Issue. (a) Stanley Casinos Limited changed to Genting Casinos Limited; (b) Genting Stanley Plc changed to Genting UK Plc; and 20 October (c) Genting Stanley (Solihull) Limited changed to Genting Solihull a) Announcement of the issue and allotment of the 1,931,564,264 Limited. rights shares on 20 October 2009 and the listing and quotation of the same on the Main Board of the Singapore Exchange on 21 11 March October 2009. Announcement relating to the change of name of its wholly-owned b) Notice of Adjustment to the conversion price of the S$425,000,000 subsidiary, Genting Stanley Alderney Limited to Genting Alderney Convertible Bonds due 2012 and S$450,000,000 Convertible Limited. Bonds due 2012. 31 March Announcement of the following proposals to be tabled at the 12 November Extraordinary General Meeting (“EGM”) of the Company: Release of the Consolidated Results of the Group for the third quarter a) Proposed change of name of the Company to “Genting Singapore ended 30 September 2009. PLC”; b) Proposed re-registration of the Company under the Isle of Man 9 December Companies Act 2006; Announcement of the award of shares under The Genting Singapore c) Proposed adoption of a new Memorandum and Articles of Performance Share Scheme. Association of the Company as part of the proposed re-registration; and 15 December d) Proposed addition of the International Sales and Marketing Announcement of the entry into Casino Concession Agreement with Agreement to the Shareholdersʼ Mandate for Interested Person Misr Hotels Company for Casino operation in Cairo, Egypt. Transactions. 21 December 1 April Announcement of the change of the Companyʼs corporate head office Notice of the Twenty-Fourth Annual General Meeting (“24th AGM”) and address, the appointment of President and Chief Operating Officer EGM. (Designate) and the change of Chief Financial Officer. 24 April 31 December 24th AGM and EGM. Announcement of the full conversion of the S$425,000,000 Convertible 27 April Bonds due 2012. Change of name of the Company from Genting International Public Limited Company to Genting Singapore PLC. 28 April De-registration of the Company under the Isle of Man Companies Acts 2010 1931 to 2004 and re-registration of the Company as a company 25 January governed under the Isle of Man Companies Act 2006. Announcement of the Mandatory Conversion of the S$450,000,000 Convertible Bonds due 2012. 13 May Release of the Consolidated Results of the Group for the first quarter 27 January ended 31 March 2009. Announcement of the registration of the Company as a foreign 27 May company in Singapore. Reply to the query of Singapore Exchange Securities Trading Limited (“Singapore Exchange”) regarding trading activity and the disposal of 8 February shares in the Company by the substantial shareholders of the Announcement of the issuance of a casino licence to Resorts World at Company, namely Kien Huat Realty Sdn Berhad, Parkview Sentosa Pte Ltd, an indirect wholly-owned subsidiary of the Company Management Sdn Berhad and GZ Trust Corporation via a placing by the Casino Regulatory Authority of Singapore on 6 February 2010. agreement. 10 February 7 August Announcement of the full conversion of the S$450,000,000 Convertible Release of the Consolidated Results of the Group for the second Bonds due 2012. quarter ended 30 June 2009. 19 February 9 September Release of the Consolidated Results of the Group for the financial year Announcement of the proposed renounceable underwritten rights issue ended 31 December 2009. of up to 2,043,716,094 new ordinary shares at an issue price of S$0.80 for each rights share, on the basis of 1 rights share for every 5 existing Announcement of the retirement of Mr Justin Tan Wah Joo as the shares held (“Rights Issue”). Managing Director of the Company, the cessation of Mr Ong Moh Pheng as the alternate director to Mr Justin Tan and the appointment of Notice to holders of the S$425,000,000 Convertible Bonds due 2012 Mr Tan Hee Teck as a Director/President and Chief Operating Officer and S$450,000,000 Convertible Bonds due 2012 of the Rights Issue. and a member of the Audit Committee of the Company. Genting Singapore PLC Annual Report 2009 5 CORPORATE INFORMATION BOARD OF DIRECTORS TAN SRI LIM KOK THAY (Executive Chairman) MR TAN HEE TECK (Director/President and Chief Operating Officer) MR TJONG YIK MIN (Independent Director) MR LIM KOK HOONG (Independent Director) MR KOH SEOW CHUAN (Independent Director) AUDIT COMMITTEE REGISTERED AGENT IFG INTERNATIONAL LIMITED MR LIM KOK HOONG International House, Castle Hill, Victoria Road, Douglas, (Chairman/Independent Non-Executive Director) Isle of Man, IM2 4RB, British Isles Tel : +441 624 630 600 MR TJONG YIK MIN Fax : +441 624 624 469 (Member/Independent Non-Executive Director) REGISTERED OFFICE MR KOH SEOW CHUAN International House, Castle Hill, Victoria Road, Douglas,
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