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Annual Report 2018 Genting Malaysia Berhad (58019-U) About GENTING MALAYSIA GENTIN G M ALAYSIA BERHAD (58019-U) ANNUAL REPORT 2018 ANNUAL GENTING MALAYSIA BERHAD (58019-U) 23rd Floor, Wisma Genting Jalan Sultan Ismail 50250 Kuala Lumpur, Malaysia T : +603 2178 2233 / 2333 2233 F : +603 2161 5304 ANNUAL REPORT 2018 GENTING MALAYSIA BERHAD (58019-U) www.gentingmalaysia.com www.rwgenting.com about GENTING MALAYSIA OUR VISION To be the leading integrated resort operator in the world. OUR MISSION We are committed towards providing the most delightful and memorable experiences to our customers. We aim to generate sustainable growth and profits, and to consistently enhance our stakeholders’ value. OUR CORE VALUES • HARDWORK • HONESTY • HARMONY • LOYALTY • COMPASSION CORPORATE PROFILE Genting Malaysia Berhad (“Genting Malaysia” or the “Group”) (www.gentingmalaysia.com) is one of the leading destination resort operators in the world. Incorporated in 1980, Genting Malaysia was subsequently listed on Bursa Malaysia’s Main Market in 1989. Genting Malaysia has a well-established reputation of being a premier provider of leisure and entertainment services and has a market capitalisation of RM17 billion as at 31 December 2018. Genting Malaysia owns and operates major resort properties including Resorts World Genting (“RWG”) in Malaysia, Resorts World Casino New York City (“RWNYC”) in the United States (“US”), Resorts World Bimini (“RW Bimini”) in the Bahamas, Resorts World Birmingham and over 40 casinos in the United Kingdom (“UK”) and Crockfords Cairo in Egypt. Genting Malaysia also owns and operates two seaside resorts in Malaysia, namely Resorts World Kijal in Terengganu and Resorts World Langkawi on Langkawi island. In December 2013, the Group embarked on a 10-year master plan to reinvigorate and transform RWG under the Genting Integrated Tourism Plan (“GITP”). Since then Genting Malaysia has introduced a plethora of new facilities and attractions under the GITP that promises to provide guests a truly wholesome and world-class experience at RWG. These include the First World Hotel Tower 3, the Awana SkyWay cable car system, the Theme Park Hotel, the Crockfords Hotel, new attractions in the SkyAvenue entertainment complex and the newly refurbished First World Plaza, as well as the new Skytropolis Funland indoor theme park. The opening of the Genting Highlands Premium Outlet (a joint venture between Genting Plantations Berhad and Simon Property Group) at the mid- hill in June 2017 further complements the new and existing offerings at RWG. In the UK, Genting Malaysia owns and operates over 40 casinos, making it one of the largest casino operators in the country. The Group is also involved in an interactive business which operates an online gaming platform comprising an online casino and sports book operation aimed at providing customers a seamless multi-channel gaming experience. Additionally, Genting Malaysia operates Resorts World Birmingham, the first integrated leisure complex of its kind in the UK, offering gaming and entertainment facilities, retail and dining outlets and a 178-room four-star hotel. In the Middle East, Crockfords Cairo, an exclusive casino nestled within the posh surroundings of The Nile Ritz-Carlton Hotel in Cairo, is the Group’s first venture into the region. In the US, Genting Malaysia operates RWNYC, the first and only video gaming machine facility in New York City, at the site of the Aqueduct Racetrack. As a premier entertainment hub, RWNYC offers the ultimate gaming and entertainment experience, with electronic gaming machines, shows, events and culinary delights. Additionally, RWNYC embarked on an expansion project in July 2017 to add new facilities and attractions to its portfolio, such as a 400-room hotel, additional gaming space, F&B outlets, retail stores and entertainment facilities. Over in Miami, the Group owns the 527-room Hilton Miami Downtown which sits on 30 acres of prime freehold waterfront land. In the Bahamas, the Group operates RW Bimini, which features a casino, The Hilton at RW Bimini, restaurants and bars, various resort amenities as well as the largest yacht and marina complex on the island surrounded by turquoise waters and white-sand beaches. Genting Malaysia is a member of the Genting Group, one of Asia’s leading and best-managed multinational companies. The Genting Group is led by Tan Sri Lim Kok Thay, a visionary entrepreneur who has established Resorts World branded properties in Malaysia, Singapore, the Philippines, the US, the Bahamas and the UK, as well as significant investments in oil palm plantations, power generation, oil and gas, property development, cruise, biotechnology and other industries globally. CONTENTS FINANCIAL STATEMENTS: 02 Chairman’s Statement / 79 Income Statements Penyata Pengerusi / 主席文告 80 Statements of Comprehensive Income 10 Board of Directors 81 Statements of Financial Position 12 Directors’ Profile 84 Statements of Changes in Equity 21 Principal Executive Officers’ Profile 87 Statements of Cash Flows 22 Management & Corporate Information 90 Notes to the Financial Statements 23 Group Corporate Structure 158 Statement on Directors’ Responsibility 24 Corporate Diary 158 Statutory Declaration 25 Financial Highlights 159 Independent Auditors’ Report 26 Five-Year Summary 166 List of Properties Held 27 Management’s Discussion and Analysis of Business Operations and 169 Analysis of Shareholdings Financial Performance 173 Notice of Annual General Meeting 31 Awards and Accolades 177 Statement Accompanying Notice of 32 2018 Highlights Annual General Meeting 40 Sustainability Statement Form of Proxy 47 Corporate Governance Group Offices Overview Statement Genting Premier Brands 65 Audit and Risk Management Committee Report 68 Statement on Risk Management and Internal Control 71 Directors’ Report and Statement by Directors 2 CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of the Board of Directors (“Board”), it is my pleasure to present to you the Annual Report and Audited Financial Statements of Genting Malaysia Berhad (“GENM”) and its group of companies (“Group”) for the financial year ended 31 December 2018 (“FY2018”). Amidst an eventful FY2018, the Group recorded an Funland indoor theme park which offers more than 20 increase in revenue of 6% to RM9,927.6 million while thrilling rides for all ages. We also rolled out The VOID, the adjusted earnings before interest, taxation, depreciation first location-based hyper-reality experience centre of its and amortisation (“adjusted EBITDA”) grew by 30% to kind in Asia. Just before the year ended, we unveiled the RM2,872.8 million. These improvements were primarily highly anticipated Zouk Genting. I am pleased to share that driven by the Malaysian operations following the opening the new facilities and attractions under the GITP continue of new facilities and attractions under the Genting to be well received as evidenced by the growth in visitation Integrated Tourism Plan (“GITP”) at Resorts World Genting at RWG to 25.9 million visitors in FY2018, an increase of (“RWG”). However, the Group registered a net loss of 10% from the financial year before. RM86.3 million, mainly due to the impairment loss on the Group’s investment in the promissory notes issued by the In the United Kingdom (“UK”), our operations continue to Mashpee Wampanoag Tribe (“Tribe”). face various challenges amid economic headwinds and uncertainties. Despite this, the business remains resilient In Malaysia, RWG saw the roll out of more exciting dining, and profitable as we continue to benefit from the strategic retail and entertainment options in the SkyAvenue changes implemented in previous years. Nevertheless, entertainment complex and the newly refurbished there is still much to be done to defend our market share. First World Plaza. In the first quarter of FY2018, we opened We remain steadfast in our commitment of delivering Medan Selera, a halal-certified eatery offering diverse sustainable performance in this segment by managing cuisines. In line with growing our nightlife portfolio, we business volatility and strengthening our position in the UK. introduced RedTail and Empire by Zouk; two of the five This includes improving overall efficiencies and positioning distinctive destination zones in the expansive Zouk Atrium. the business for future growth. We are also heartened by We have also unveiled a new dining and nightlife precinct the performance of Resorts World Birmingham over the at the rooftop of SkyAvenue – High Line Roof Top Market – past year as the property continues to record encouraging which provides guests an eclectic al fresco experience. More results with footfall and business volumes improving. excitingly, one of the key milestones achieved in FY2018 had Meanwhile, in the Middle East, Crockfords Cairo continues been the soft launch of our newly refurbished Skytropolis to be well received. GENTING MALAYSIA BERHAD | ANNUAL REPORT 2018 CHAIRMAN’S STATEMENT 3 In the United States (“US”), Resorts World Casino New A key consideration in upholding corporate governance York City (“RWNYC”) maintained its position as the leading is recognising the importance of ensuring that the Board gaming operator in the Northeast US. In view of the comprises a good balance of perspectives, diversity and increasing competition in the region, we aim to continue views. With this in mind, we have appointed a new Director capitalising on our strategic position as the first and only during the year, Madam Chong Kwai Ying, who brings gaming operator in New York City. Our efforts will be with her over 35 years of experience in the
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