Genting Group Fails To Break Canada Market
The UOB Kay Malaysia Research group reported last month that the international conglomerate, the Genting Group, was unsuccessful with their application for a casino concession in Canada. The Genting Group attempted to apply to the Ontario Lottery and Gaming Corporation to be able to run its facilities in the Greater Toronto Area.
Genting Group failed in their bid after the Ontario Lottery and Gaming Group rather handed over the running of their facilities to the Great Canadian Gaming Corp and Brookfield Business Partners LP. The currently available venues would be dived amongst the two organisations. These venues include OLG Slots in Ajax Downs, OLG Slots in Woodbine and Blue Heron Casino in Mississaugas.
In total these venues have a little over 4000 slots machines and some 60 odd tables. Great Canadian Gaming Corp and Brookfield Business Partners will have exclusive rights on the venues for 22 years. Even though the Genting Group made it to the final three in the bidding war and they have a wealth of gaming experience to call upon along with many current resorts and gaming venues that could have greatly benefit the three venues, the Ontario Lottery and Gaming Group decide to rather hand the deals to local organisations. Brookfield Asset Management and Caesars Entertainment were two other applicants for the concession who also failed in their bid.
By UOB Kay Hian Research’s estimation, this set back should not affect the company’s share value negatively and they still recommend people to purchase shares in Genting Bhd, but they recommend investors hold off on Genting Malaysia stocks for now.
The History Of The Genting Group
Genting was founded in Malaysia in 1965 by the renowned and respected entrepreneur Tan Sri Lim Kok. From the company’s earliest days it has pursued developing, acquiring and operating casinos and resorts across the globe. They have 52 years of experience in the gaming industry and have partnered themselves with some of the best people in the business.
Today the Genting Group has diversified its portfolio to also include property, plantations, power and energy, oil and gas, IT and e-commerce and even the world of biotechnology.
With over 62 000 employees worldwide and more than 600 000 acres of land, the Genting Group is a massive, well connected entity that has shaped and guided the gaming industry over many years. It was a loss for the Ontario Lottery and Gaming Corporation to miss out on a partnership with Genting.
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