Genting Singapore, operator of Resorts World Sentosa, has approved a 2019 annual dividend payout of USD $213 million to shareholders.
At its 35th annual general meeting—held remotely due to COVID-19—investors voted overwhelmingly in favor of a year-end dividend totaling SGD302 million (USD $213.25 million). With more than 12.09 billion outstanding shares, the distribution equates to SGD0.025 per share (USD $0.018). The resolution passed with 99.92% approval.
Shareholders also reelected Tan Hee Teck as director, ensuring he remains president and COO of Genting Singapore. The company continues to be controlled by billionaire Lim Kok Thay, son of Genting Group founder Lim Goh Tong. Lim, 68, holds an estimated net worth of USD $2.5 billion, according to Forbes.
Expanding Horizons
Beyond Singapore, Genting Group manages integrated resorts and casinos across Malaysia, the Philippines, the Bahamas, the U.S., and the U.K. But Japan remains the company’s key growth target.
Japan is finalizing its commercial gambling framework ahead of awarding three multibillion-dollar integrated resort licenses. Despite COVID-19 disrupting global markets, Genting Singapore maintains that Japan remains a critical long-term opportunity.
“The Japan IR investment opportunity continues to feature in our long-term growth strategy,” the company said, highlighting its participation in Yokohama’s Request-for-Concept process and its anticipation of a Request-for-Proposal in late 2020.
Genting’s chances in Yokohama strengthened earlier this year when Las Vegas Sands withdrew from the race. Sands operates Marina Bay Sands, Genting’s main rival in Singapore, where the two share a casino duopoly.
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