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Annual Report 2007 

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Annual Report 2007  RESORTS WORLD BHD(58019-U) RESORTS WORLD BHD (58019-U) 24th Floor, Wisma Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia T : +603 2178 2233 / 2333 2233 F : +603 2161 5304 www.resortsworld.com a Genting company www.genting.com.my RESORTS WORLD BHD To be the leading Leisure, Hospitality and Entertainment Corporation in the world. OUR MISSION We will: 1. Be responsive to the changing demands of our customers and excel in providing quality products and services. 2. Be committed to innovation and the adoption of new technology to achieve competitive advantage. 3. Generate a fair return to our shareholders. 4. Pursue personnel policies which recognise and reward performance and contributions of employees and provide proper training, development and opportunities for career advancement. 5. Be a responsible corporate citizen, committed to enhancing corporate governance and transparency. CONTENTS Page Page Resorts World Bhd/Our Mission Directors’ Report and Statement by Directors 38 Corporate Profile 1 Financial Statements: Tribute to Our Founder, the late Tan Sri (Dr.) Lim Goh Tong 2 Income Statements 43 Bringing You The Best 4 Balance Sheets 44 Genting Premier Brands 5 Statements of Changes in Equity 45 Corporate Diary 6 Cash Flow Satements 47 Corporate Information 7 Notes to the Financial Statements 49 Directors’ Profile 8 Statement on Directors’ Responsibilities 81 Chairman’s Statement / Penyata Pengerusi / 主席文告 11 Statutory Declaration 81 Review of Operations: 19 Report of the Auditors 82 Genting Highlands Resort 20 Ten-Year Summary 83 Awana Hotels & Resorts 26 List of Properties Held 84 E-Commerce and IT Development 27 Analysis of Shareholdings 85 Recognition 28 Notice of Annual General Meeting 87 Corporate Social Responsibility 29 Statement Accompanying Notice of Corporate Governance 32 Annual General Meeting 90 Audit Committee Report 35 Form of Proxy Statement on Internal Control 37 Group Offices Resorts World Bhd Annual Report 2007 1 CORPORATE PROFILE www.resortsworld.com www.genting.com.my Resorts World Bhd (“Resorts World”) is one of the world’s leading fun rides & attractions, 170 dining and shopping outlets, mega shows, leisure and hospitality corporations with strong and stable financial international business convention facilities and endless entertainment - profile. all in one location. The Guinness World Records and Ripley’s Believe It or Not acknowledged First World Hotel as the world’s largest hotel with Resorts World is a member company of the Genting Group, one of 6,118 rooms. At 2,000 metres (6,000 feet) above sea level, Genting Asia’s leading and best managed multinationals. The Genting Group Highlands Resort enjoys fresh cool climate all year round and splendid is the collective name for Genting Berhad and its subsidiaries and view of its surrounding mountains. associates. In addition, Resorts World owns and operates the Awana hotel chain, The crown jewel is Genting Highlands Resort, which was voted the comprising three beautifully designed hotels in Malaysia – Awana World’s Leading Casino Resort (2005 and 2007) and Asia’s Leading Genting Highlands Golf & Country Resort, Awana Kijal Golf, Beach & Casino Resort for three successive years (2005 - 2007) by World Spa Resort, Terengganu and Awana Porto Malai, Langkawi. Travel Awards. The Resort offers six hotels with 10,000 rooms, over 50 2 Resorts World Bhd Annual Report 2007 5"/43* %S -*.(0)50/( 5 3 * # 6 5 & &EBRUARYn/CTOBER 4HESTORYOF,IM'OH4ONG FOUNDEROFTHE'ENTING'ROUP ISAUNIQUE /N !UGUST HE BEGAN CONSTRUCTING THE ACCESS ROAD TO THE INSPIRING-ALAYSIANSUCCESSSTORY(EARRIVEDIN-ALAYSIAINASA SUMMITOF-OUNT5LU+ALITHROUGHTHEDENSETROPICALRAINFORESTAND PENNILESSYOUNGMANWITHOUTANYTERTIARYEDUCATIONANDWENTONTO RUGGED MOUNTAINOUS TERRAIN (E DEVOTED ALL HIS TIME MONEY AND CREATETHE'ENTING'ROUPnONEOF!SIASLEADINGCONGLOMERATES RESOURCES EVENRISKINGHISLIFESEVERALTIMESTOCOMPLETETHISCRUCIAL ACCESSROADWITHINTHREEYEARS INSTEADOFTHEORIGINALSIX YEARTARGET (E WAS OFTEN NAMED AMONGST THE WORLDS MOST SUCCESSFUL !SIAN ENTREPRENEURS 4O MANY HE WAS THE LEGEND WHO AT THE AGE OF /N-ARCH WHENTHEFOUNDATIONSTONEFORTHEFIRSTHOTELWAS EMBARKEDONAVISIONOFTURNINGAREMOTEMOUNTAININTOTODAYSHIGHLY LAID -ALAYSIASFIRST0RIME-INISTER4UNKU!BDUL2AHMAN0UTRASAIDTHE SUCCESSFUL 'ENTING (IGHLANDS 2ESORT n -ALAYSIAS PREMIER TOURIST 'OVERNMENTWOULDCONSIDERACASINOLICENCETOFURTHERDEVELOPTOURISM DESTINATION INTHISREMOTEAREA/N!PRIL -ALAYSIAGRANTEDITSFIRSTANDONLY CASINOLICENCETO'ENTING (ISLIFESTORYANDVALUESAREANINSPIRATIONTOALL(EDAREDTODREAM DREAMSANDHADTHECOURAGEANDCONVICTIONTOTURNTHEMINTOREALITY(E /N-AY 'ENTING(IGHLANDS2ESORTOPENEDFORBUSINESSAND DIDNOTSTUDYBEYONDPRIMARYSCHOOL YETWASFEARLESSINTURNINGLIFES BECAMEAGREATSUCCESSSTORY4ODAY ITIS-ALAYSIASPREMIERINTEGRATED CHALLENGESINTOOPPORTUNITIES(ISDISTINCTENTREPRENEURIALSTYLEBLENDED RESORTANDTOURISTDESTINATIONATTRACTINGMILLIONVISITORSIN! STREET SAVVY WITH WELL TIMED RISK TAKING AND RELENTLESS HANDS ON VIBRANT @#ITY OF %NTERTAINMENT n IT OFFERS SIX HOTELS INCLUDING THE MANAGEMENT(EHADAHUGEAPPETITEFORWORK VACATIONWASNOTINHIS WORLDSLARGESTHOTEL WITHTENTHOUSANDROOMS EXHILARATINGFUNRIDES VOCABULARY"UTABOVEALL HEWASEXTREMELYHUMBLE OFTENADDRESSING SUPERB DINING AND SHOPPING EXPERIENCES MEGA SHOWS AND HIMSELFASASIMPLETRADITIONAL#HINESEBUSINESSMAN INTERNATIONALCONVENTIONFACILITIES ,IMWASBORNININ!NXIIN#HINASSOUTHERN&UJIANPROVINCE(E &ROMTHEHUMBLEBEGINNINGSOFA ROOMHOTEL ,IMDEVELOPEDHIS WASTHEFIFTHCHILDANDSECONDSONOFAVEGETABLE SEEDTRADER7HENHIS 'ENTING 'ROUP INTO A GLOBAL EMPIRE SPANNING RESORTS CRUISE SHIPS FATHER DIED YEAR OLD ,IM LEFT SCHOOL AND TOOK OVER THE TRADING PLANTATIONS POWER GENERATION AND OIL AND GAS EXPLORATION AND BUSINESS HAWKINGHISGOODSALONGCOUNTRYROADS PRODUCTION4HE'ENTING'ROUPISNOWKNOWNASONEOF!SIASLEADING AND BEST MANAGED CONGLOMERATES )N THE 53 ,IM BANKROLLED THE $ETERMINED TO SUPPORT HIS MOTHER AND SIBLINGS FINANCIALLY AT HE -ASHANTUCKET0EQUOT4RIBEIN#ONNECTICUTTOCREATEONEOFTHEWORLDS VENTUREDTOWORKIN-ALAYA3TARTINGASACARPENTER HEWENTONTOTRADE LARGESTCASINOCOMPLEXES &OXWOODS2ESORT#ASINO IN USED EQUIPMENT AND MACHINERY INVESTING PROFITS EARNED INTO SMALL SCALEMININGVENTURESANDPLANTATIONS%VENTUALLY HEESTABLISHED ,IMRETIREDON$ECEMBERATAGE HANDINGOVERTHEREIGNSTO HIS OWN CONSTRUCTION COMPANY CALLED @+IEN (UAT AND THROUGH HISSECONDSON+OK4HAY!FTERRETIRING ,IMSPENTMOSTOFHISTIMEATA DEDICATION AND HARD WORK BECAME A SUCCESSFUL #LASS ! 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