Annual Report 2019: Genting Berhad

AnnuAl report 2019
GentinG Berhad
196801000315 (7916-A)
about
GENTING
BERHAD
OUR VISION
We are a leading multinational corporation committed to enhancing shareholder value and maintaining long-term
sustainable growth in our core businesses.
OUR MISSION
We will:
• Be responsive to the changing demands of our customers and excel in providing quality products and services.
• Be committed to innovation and the adoption of new technology to achieve competitive advantage.
• Pursue personnel policies which recognise and reward performance and contributions of employees and
provide proper training, development and opportunities for career development.
• Generate a fair return to shareholders.
• Be a responsible corporate citizen, committed to enhancing corporate governance and transparency,

including undertaking social responsibility for the enhancement of the standard of living of the country.
OUR CORE VALUES

• HARD WORK • HONESTY • HARMONY • LOYALTY • COMPASSION
CORPORATE PROFILE
Genting Berhad is principally an investment holding and management company. While the Company was
incorporated in 1968 and listed in 1971, the Genting Group was founded in 1965 when its Founder, the late
Tan Sri Lim Goh Tong started the journey to realise his vision of building a mountaintop resort in Malaysia. Today,
the Genting Group comprises Genting Berhad and its listed companies; Genting Malaysia Berhad (“Genting Malaysia”),
Genting Plantations Berhad (“Genting Plantations”) and Genting Singapore Limited (“Genting Singapore”), as well as
its wholly owned unlisted subsidiaries Genting Energy Limited (“Genting Energy”) and Resorts World Las Vegas LLC
(“Resorts World Las Vegas”).
Led by Tan Sri Lim Kok Thay, the Group is involved in leisure and hospitality, oil palm plantations, power generation, oil
and gas, property development, life sciences and biotechnology activities, with operations spanning across the globe,
including in Malaysia (the Group’s country of origin), Singapore, Indonesia, India, China, the United States of America,
the Bahamas, the United Kingdom and Egypt. In the core leisure and hospitality business, the Genting Group and its
brand affiliates, market and offer a suite of products under a number of premier brands including Genting, Resorts
World, Genting Grand, Genting Club, Crockfords, Maxims, Crystal Cruises, Dream Cruises and Star Cruises. The
Genting Group also have tie ups with established names such as Universal Studios, Premium Outlets, Zouk, Hard Rock
Hotel, Hilton and other renowned international brand partners.
CONTENTS
Financial Statements:
2 Chairman’s Statement / 84 Income Statements
Penyata Pengerusi / 主席文告
85 Statements of Comprehensive Income
12 Board of Directors
86 Statements of Financial Position
14 Directors’ Profile
87 Statements of Changes in Equity
22 Principal Executive Officers’ Profile
90 Statements of Cash Flows
23 Management & Corporate Information
96 Notes to the Financial Statements
24 Group Corporate Structure
199 Statement on Directors’ Responsibility
25 Corporate Diary
199 Statutory Declaration
27 Financial Highlights
200 Independent Auditors’ Report
28 Five-Year Summary
206 List of Properties Held
29 Management’s Discussion and
Analysis of Business Operations and 211 Analysis of Shareholdings
Financial Performance
214 Requirements of Nevada Gaming Regulations
34 2019 Highlights on Genting Berhad and its Shareholders
53 Awards and Accolades Group Offices
55 Sustainability Statement Genting Premier Brands
57 Corporate Governance
Overview Statement
70 Audit Committee Report
73 Statement on Risk Management

and Internal Control
76 Directors’ Report
83 Statement by Directors
2
CHAIRMAN’S
STATEMENT
Dear Shareholders,
On behalf of the Board of Directors (“Board”),

I am pleased to present the Annual Report
and Audited Financial Statements of
Genting Berhad (“Company”) and its group
of companies (“Group”) for the financial
year ended 31 December 2019.
2019 has been a year of regulatory changes,

geopolitical uncertainties and economic
headwinds that impacted local and global
economies, including our businesses. It
was a year of perseverance as our Group
implemented various strategies and
efficiency measures to overcome these
challenges and delivered a set of resilient
results.
FINANCIAL OVERVIEW
The Group recorded total revenue of RM21.6 billion in 2019, an increase of 4% year-on-year while adjusted earnings before
interest, tax, depreciation and amortisation (“adjusted EBITDA”) was RM7.9 billion in 2019, a decline of 3% year-on-year.
Pre-tax profit for the Group was RM4.6 billion in 2019, an increase of 34% year-on-year mainly due to the impairment loss
recorded in 2018 of RM1.8 billion on Genting Malaysia’s investment in promissory notes. These results were predominantly
contributed by the Group’s leisure and hospitality division.
Genting Singapore recorded a marginal decline in revenue and earnings as the business from Resorts World Sentosa was
challenged by geopolitical uncertainties and economic volatilities.
Genting Malaysia recorded higher revenue from Resorts World Genting mainly due to an improved hold percentage in the
mid to premium players segments. However, the earnings from Genting Malaysia declined mainly due to higher casino
duties imposed on its operations in Malaysia.
Genting Plantations recorded higher revenue mainly due to higher sales volume from Downstream Manufacturing. Fresh
fruit bunches production grew 5% year-on-year contributed by its Indonesia operations, on the back of increased harvesting
area and better age profile.
Genting Energy posted lower revenue mainly due to lower net generation by the Banten power plant and lower coal prices.
Genting Energy’s earnings declined due to lower revenue and impairment loss on receivable from a power plant in India.
The revenue and earnings from the Oil & Gas division were lower mainly due to lower production, despite higher average oil
prices achieved in 2019.
More details of our financial performance are disclosed in the Management’s Discussion and Analysis of Business Operations
and Financial Performance section in this Annual Report.
CHAIRMAN’S STATEMENT 3
DIVIDENDS The ongoing development of the new outdoor theme park

in Resorts World Genting is approaching final stages and
Genting Berhad has consistently paid dividends while Genting Malaysia remains focused on its timely completion.
allocating funds for investment and business growth. An Genting Malaysia will continue to leverage on its quality
interim single-tier dividend of 6.5 sen per ordinary share assets to grow key business segments. These include the
was declared and paid on 18 November 2019. The Board roll-out of virtual reality-based attractions to supplement
has declared a special single-tier dividend of 9.5 sen per and expand the breadth of offerings of Skytropolis Indoor
ordinary share and also recommended a final single-tier Theme Park, as well as the introduction of new events to
dividend of 6.0 sen per ordinary share for the approval drive traffic growth to Resorts World Genting.
of shareholders at the forthcoming 52nd Annual General
Meeting of the Company. If approved, the total dividend Meanwhile, Genting Malaysia will continue to enhance cost
in 2019 would amount to 22.0 sen per ordinary share. In and operational efficiencies to manage the challenging
comparison, the total dividend in 2018 was 21.5 sen per operating environment by intensifying database marketing
ordinary share. efforts, optimising yield management and improving
overall service delivery at Resorts World Genting.
KEY BUSINESS OPERATIONS
Genting Malaysia’s operations in the United Kingdom
Genting Singapore remained resilient in 2019, despite ongoing economic
headwinds and regulatory uncertainties. While the
Resorts World Sentosa produced resilient operational premium players segment remained volatile, the mass
results in spite of the economic and operating challenges. market segment has been growing gradually, particularly
It attracted around 20 million visitors in 2019 and in electronic gaming offerings. Significant investments
remained a significant contributor to the tourism industry in online gaming were made in 2019 to capitalise on this
in Singapore. Its hotels continued to outperform industry- momentum. Among them included the rebranding of its
wide benchmarks with an average occupancy rate of 90% online business as ‘GentingBet’ and the acquisition of
in 2019. Authentic Gaming Limited, an online gaming specialist.
These investments aim to expand Genting Malaysia’s
Innovative and novel offerings at Resorts World Sentosa’s offerings by bringing together offline and online gaming
key attractions, namely Universal Studios Singapore, experiences through innovative streaming technologies.
S.E.A. Aquarium and Adventure Cove Waterpark helped to Meanwhile, Resorts World Birmingham has shown
reaffirm its position as the Best Integrated Resort in Asia continued operating improvement and Genting Malaysia
Pacific, the ninth consecutive win at the prestigious Travel will continue to focus on growing the business in this
Trade Gazette Travel Awards 2019. The resort also won the property.
“Best Integrated Resort – Asia Pacific” and “Best Theme
Park” awards for Universal Studios Singapore at the Travel Resorts World Casino New York City in the United States
Weekly Asia 2019 Readers’ Choice Awards. of America (“US”) has maintained as the market leader
by gaming revenue in the Northeast US region, despite
Design and planning for the SGD4.5 billion mega expansion increasing competition. It welcomed 8 million visitors
(“RWS 2.0”) are well underway to augment the world- in 2019. Various initiatives have been undertaken to
class facilities at Resorts World Sentosa and deliver new strengthen its operations, including working towards the
attractions progressively from 2021 onwards. timely completion of the property’s ongoing expansion,
which will enhance the product offerings and position
Genting Singapore will continue with the process of bidding Resorts World Casino New York City well for future growth.
for the Japan Integrated Resort opportunity. On 4 February
2020, shareholders of Genting Singapore approved an Additionally, Genting Malaysia and Kien Huat Realty III
investment amount not exceeding USD10 billion for the Limited completed the privatisation of Empire Resorts,
development, operation and/or ownership of an Integrated Inc in November 2019, which resulted in Genting Malaysia
Resort in Japan. Going forward, Genting Singapore will and Kien Huat Realty III Limited indirectly owning 49% and
continue to engage in the ongoing Request-for-Concept by 51% equity interest in Empire Resorts, Inc respectively.
Yokohama and focus its efforts and resources in delivering Genting Malaysia is committed to realising Resorts World
a compelling proposal which will make Yokohama a must- Catskills’ full potential as one of the highest quality assets
visit tourism destination with particular prominence in in the Northeast US region. Resorts World Catskills has
meetings, incentives, conventions and exhibitions (“MICE”) recorded considerable improvements, with gaming revenue
and leisure. registering a 33% increase in December 2019. Genting
Malaysia will continue implementing various measures to
Genting Malaysia improve the operating performance of this property, as well
as to capitalise on the synergies between Resorts World
Resorts World Genting in Malaysia produced stable Casino New York City and Resorts World Catskills to drive
operational results in 2019 despite growing regional business volume and enhance overall operating margins.
competition. New attractions from its Genting Integrated
Tourism Plan were rolled out progressively since the end of Resorts World Bimini in the Bahamas has shown
2016 and continued to boost the attractions in the resort. continuous improvement in its business in 2019. Genting
The visitors to the resort totalled over 28.7 million in 2019, Malaysia will continue to improve the accessibility and
a growth of 11% year-on-year. The average hotel occupancy infrastructure at this resort, as well as provide more
rate registered was a solid 95% in 2019. exciting offerings for visitors. This includes leveraging on
partnerships with renowned brands to increase footfall and
The resort’s prestigious Crockfords Hotel received the foster higher spend at the resort.
coveted Five-Star award in the latest Forbes Travel Guide,
the first and only hotel in Malaysia to receive such an award.
ANNUAL REPORT 2019 | GENTING BERHAD

4 CHAIRMAN’S STATEMENT
Resorts World Las Vegas Genting Plantations’ biotechnology team is continuing

efforts on developing commercial solutions and
Resorts World Las Vegas has become one of Nevada’s applications to enhance the yield and productivity of oil
largest construction employers and a key contributor to the palm.
economic growth in Las Vegas. Its construction works had
progressed well in 2019. The development and land costs Genting Energy
incurred up to 31 December 2019 totalled USD1.9 billion.
Genting Energy’s power businesses remained stable and
Resorts World Las Vegas will combine traditional and contributed positively throughout 2019. Its two power
modern architecture, weaving a new luxury hotel experience plants in Meizhou Wan, Fujian, China underwent an internal
into the fabric of Las Vegas with Asian-inspired touches, merger exercise in 2019 to improve operational efficiency.
progressive technology and world-class guest service.
Updated plans for the USD4.3 billion luxury resort-casino Genting Energy’s oil-producing field in the Chengdaoxi
include new amenities such as a 5,000-capacity state-of- block, China recorded a steady output in 2019. There
the-art theatre which is scalable to host A-list celebrity are plans to drill 3 new wells in 2020 to maintain future
residencies and corporate events; 350,000 square feet of oil production output. The front end engineering design
meeting and convention space; a mega-sized pool complex work for the Kasuri block in West Papua, Indonesia had
with seven unique pool experiences covering 220,000 commenced since the third quarter of 2019 and is expected
square feet; spa and fitness centre; extensive collection of to complete by the second half of 2020. Our team plans to
casual and fine-dining food and beverage concepts; and supply about 170 million cubic feet per day of natural gas
more. for 20 years to a petrochemical plant in West Papua, which
is in the plan and will be built by a third party.
Resorts World Las Vegas has partnered Hilton to bring
three of Hilton’s premium brands together for the first Life Sciences and Biotechnology Investments
time, when the integrated resort opens in Summer 2021.
The partnership will incorporate the Hilton Hotels & Over the past decade, we have invested in life science
Resorts, LXR Hotels & Resorts and Conrad Hotels & Resorts and biotechnology companies that are involved in various
brands as well as the Hilton Honors loyalty programme into stages of research and development (“R&D”) for new
Resorts World Las Vegas. treatments and new ways to improve our health and
lifestyle. We acknowledge that the investments in R&D
Genting Plantations within the medical space pose higher risks than other
investments as the results and success rates are uncertain
The operating landscape of the palm oil industry showed and the gestation period to any breakthrough discovery
little improvement in 2019 as crude palm oil prices can potentially be long. Although some companies may
continued to be weak for most parts of 2019. The average find it not economically viable to invest in these R&D
selling prices of palm products achieved by Genting ventures, as a responsible corporation, we are committed
Plantations was RM2,048 per metric tonne for crude palm to find new solutions to improve the health of mankind and
oil and RM1,179 per metric tonne for palm kernel in 2019, a the community that we live in.
year-on-year decline of 3% and 30% respectively.
Our investment in biotechnology has provided a platform
Against this challenging backdrop, Genting Plantations to the Genting Plantations team to conduct R&D with the
recorded higher total revenue of RM2.3 billion compared to aim to increase yield and productivity of its oil palm estates.
RM1.9 billion in 2018. However, lower profit was recorded in Our investments in life science companies such as TauRx
2019, mainly due to lower contribution from the plantation Pharmaceuticals Ltd and Genting TauRx Diagnostics Centre
business on the back of weaker palm products prices, Sdn Bhd support research and clinical trials in the on-going
but partly mitigated by higher crop output. The downstream fight against Alzheimer’s Disease from the perspective of
manufacturing business posted an exceptional year as the early diagnosis and treatment. Our investments in Cortechs
biodiesel operations leveraged on the favourable palm Labs Inc., DNAe Group Holdings Ltd and Celularity Inc. aim
oil-gas spread to garner higher sales and higher capacity to find ways to detect and treat diseases in the fields of
utilisation in 2019. oncology and neuro-degeneration. In the field of renewable
energy, we have invested in Elevance Renewable Sciences,
As the Malaysian property market remained subdued in a company that utilises a Nobel Prize winning metathesis
2019, Genting Plantations’ property development team technology to create specialty chemicals from natural oils.
took a judicious strategy of striking a balance between
launching new properties catering to the broader market GENTING FOUNDER’S DAY
and promoting existing inventories to offload its carrying
stocks. The Property team launched 82 units of high-end In conjunction with Genting Founder’s Day 2019, Genting
residential properties priced between RM885,000 to Berhad sponsored a new Dementia Care Centre and co-
RM1.2 million per unit at Genting lndahpura, and its non- organised the inaugural Eminent Speakers Conference
Bumiputra units were fully sold. The adopted strategy bore Series.
fruit and resulted in higher sales of about RM154 million in
2019. The Dementia Care Centre was handed over on Genting
Founder’s Day on 28 February 2019 to a management
The Premium Outlets, namely Johor Premium Outlets team led by the Geriatric division of University of Malaya.
and Genting Highlands Premium Outlets performed well The purpose-built centre began operation on 1 September
with continued growth in 2019. Johor Premium Outlets 2019, providing day care services to people suffering
celebrated its official opening on 21 March 2019 following from dementia, and training services to caregivers, family
the completion of Phase 3, its final phase that features new members and professionals involved in dementia care. The
stores and added 14.5% to the total gross leasable area of centre is designed to accommodate up to 50 patients at
about 310,000 square feet. The event commemorated the any one time and is operated on a charitable basis, as part
full completion of Johor Premium Outlets and was graced of the Genting Group’s corporate social responsibility.
by His Majesty Sultan Ibrahim ibni Almarhum Sultan
Iskandar, Sultan of Johor.
GENTING BERHAD | ANNUAL REPORT 2019

CHAIRMAN’S STATEMENT 5
The Eminent Speakers Conference Series entitled Their diverse expertise, knowledge and experience will
‘Navigating Towards Healthy Ageing’ which was co- add value and assist the Board in decision-making and in
organised by Genting Berhad and University of Malaya, upholding good corporate governance for the Company
was held on the morning of Genting Founder’s Day on 28 and the Group.
February 2019. Three of the four eminent speakers at the
conference who were invitees of the Genting Group are My appreciation is extended to all Board members for their
founders of life sciences companies that the Genting Group invaluable counsel, insight and guidance to the Group.
has invested in recent years.
My appreciation is also extended to our valued
SUSTAINABILITY REPORTING stakeholders, especially shareholders, regulatory
authorities, governing agencies, business partners,
The Board is committed to uphold the Genting Core customers and suppliers, as well as our management
Values, namely Hard Work, Honesty, Harmony, Loyalty and and employees, for your unwavering support, loyalty and
Compassion, which have always been embedded in our cooperation throughout the years.
work culture and business practices. These core values
form the underlying principles of sustainable development I look forward to your continued support in our journey to
and responsible business practices of our Group. achieve the best for the Genting Group.
Five sustainability pillars, namely maintaining the integrity

of our assets; regulatory compliance; corporate culture, Thank you.
branding and reputation; leadership and succession
planning; and community investments were reaffirmed as
the basis of our sustainability reporting in 2019.
An executive summary of our sustainability journey is TAN SRI LIM KOK THAY
disclosed in this Annual Report and the full report can be Chairman and Chief Executive
found on our corporate website. 27 February 2020
PROSPECTS
The year 2020 started with heightened concerns over Updates (7 April 2020)
the impact of the Coronavirus Disease 2019 (COVID-19)
outbreak on the global economy. Additionally, the The paragraphs below supersede in full all the paragraphs
concerns over protracted geopolitical tensions and policy above under the header “Prospects”. Shareholders should
uncertainties remain. Demand for international travel not rely on the preceding section under Prospects but
is expected to decline in the near-term following the should instead refer to the two paragraphs below for the
imposition of travel restrictions and widespread concerns Group’s prospects.
surrounding the COVID-19 outbreak. The regional leisure
and hospitality industry will be adversely impacted, The COVID-19 outbreak has evolved into a global pandemic,
including the gaming industry. We are very cautious on the adversely affecting economies worldwide due to the
near-term prospects of our businesses. widespread imposition of travel restrictions, constraints
on the movement of people and the suspension of many
2020 also marks the 55th year of the founding of the business operations to curb the spread of this virus. The
Genting Group. As we advance into a new decade of Group has temporarily suspended most of its operations
operations, we will focus on our ongoing projects, take in Malaysia since 18 March 2020, in compliance with the
proactive measures to refresh and develop our resorts- Movement Control Order (“MCO”) announced by the
based offerings, optimise productivity and improve Prime Minister of Malaysia on 16 March 2020. Similarly, as
operational efficiencies in our businesses to manage the required by the respective authorities, most of the Group’s
extremely challenging operating environment. It will not worldwide operations are temporarily closed until further
be an easy task but we will do our best to strengthen our notice to curb the spread of COVID-19.
existing businesses and continue building the Genting and
Resorts World brands globally. These are unprecedented and extremely challenging times
for the Group. The spread of the COVID-19 threat and
APPRECIATION its impact on economies worldwide are major concerns
globally and to the Group. As at the date of this update,
Our Board plays a key role in guiding the Group forward the MCO is still in force in Malaysia and the Singapore
with each director bringing their unique experiences, skills Government has announced the implementation of
and industry knowledge. COVID-19 circuit breaker measures to pre-empt escalating
COVID-19 infections. These circuit breaker measures will
I would like to welcome Datuk Manharlal A/L Ratilal and come into effect on 7 April 2020. Crude palm oil prices
Mr Eric Ooi Lip Aun, who were appointed as Independent have been volatile and are expected to remain volatile
Non-Executive Directors of the Company, effective from 1 as more countries go into lockdown due to the COVID-19
March 2019. outbreak. In addition, oil prices have been volatile and are
expected to remain highly volatile. The situation globally
I would also like to welcome Mr Tan Kong Han who was will remain fluid as world-wide governments’ responses
appointed as Executive Director of the Company, effective to the COVID-19 pandemic continue to evolve rapidly to
from 1 January 2020, in addition to his current capacity contain the outbreak. Given these unprecedented times
as President and Chief Operating Officer of the Company of uncertainty, it is not prudent at this time to issue any
since July 2007. statement on the Group’s prospects.

6
PENYATA
PENGERUSI
Para Pemegang Saham,
Bagi pihak Lembaga Pengarah (“Lembaga”), saya dengan Butiran lanjut mengenai prestasi kewangan kami
sukacitanya membentangkan Laporan Tahunan dan dinyatakan dalam segmen Perbincangan Pengurusan dan
Penyata Kewangan Beraudit Genting Berhad (“Syarikat”) Analisis Operasi Perniagaan dan Prestasi Kewangan di
dan kumpulan syarikat-syarikatnya (“Kumpulan”) untuk dalam Laporan Tahunan ini.
tahun kewangan berakhir 31 Disember 2019.
DIVIDEN
2019 merupakan tahun yang mengalami pergolakan-
pergolakan kawal selia, ketidaktentuan geopolitik dan Genting Berhad telah membayar dividen secara konsisten
rintangan-rintangan ekonomi yang telah mencabarkan dan pada masa yang sama memperuntukkan dana untuk
ekonomi tempatan dan global, termasuk perniagaan- pelaburan dan pertumbuhan perniagaan. Dividen interim
perniagaan kami. Ini merupakan tahun yang penuh dengan seperingkat sebanyak 6.5 sen setiap saham biasa telah
ketabahan di mana Kumpulan kami telah melaksanakan diluluskan dan dibayar pada 18 November 2019. Lembaga
pelbagai strategi dan langkah kecekapan untuk mengatasi Pengarah kami telah mengisytiharkan dividen seperingkat
cabaran-cabaran tersebut dan menyampaikan keputusan khas sebanyak 9.5 sen setiap saham biasa dan juga telah
prestasi yang mantap. mencadangkan dividen seperingkat akhir sebanyak 6.0
sen setiap saham biasa untuk kelulusan para pemegang
GAMBARAN KEWANGAN saham pada Mesyuarat Agung Tahunan Syarikat ke-52
yang akan datang. Sekiranya diluluskan, dividen untuk
Kumpulan kami telah mencatatkan hasil perolehan 2019 akan berjumlah 22.0 sen setiap saham biasa. Sebagai
sejumlah RM21.6 bilion pada tahun 2019, peningkatan perbandingan, jumlah dividen pada tahun 2018 ialah 21.5
sebanyak 4% tahun-ke-tahun manakala pendapatan sen sesaham biasa.
terlaras sebelum faedah, cukai, susut nilai dan pelunasan
(“EBITDA diselaraskan”) ialah RM7.9 bilion pada tahun 2019, OPERASI PERNIAGAAN UTAMA
penurunan sebanyak 3% tahun-ke-tahun. Keuntungan
sebelum cukai Kumpulan yang dicatatkan pada tahun 2019 Genting Singapore
ialah RM4.6 bilion, peningkatan sebanyak 34% tahun-ke-
tahun disebabkan terutamanya oleh kerugian kemerosotan Resorts World Sentosa telah menghasilkan prestasi yang
ke atas pelaburan Genting Malaysia dalam nota janji hutang mantap meskipun menghadapi cabaran-cabaran operasi
sebanyak RM1.8 bilion pada 2018. Prestasi kewangan kami dan ekonomi. Ia telah menarik perhatian kira-kira 20
sebahagian besar disumbangkan oleh bahagian keraian juta para pelawat pada tahun 2019 dan kekal sebagai
dan hospitaliti Kumpulan. penyumbang utama kepada industri pelancongan di
Singapura. Prestasi hotel-hotelnya kekal mengatasi
Genting Singapura telah mencatatkan penurunan kecil prestasi penanda aras industri, dengan kadar purata
dalam hasil perolehan dan pendapatan kerana perniagaan penghunian sebanyak 90% pada tahun 2019.
dari Resorts World Sentosa telah menghadapi cabaran-
cabaran ketidakpastian geopolitik dan kemeruapan Tarikan-tarikan baru dan berinovatif di pusat tarikan utama
ekonomi. Resorts World Sentosa, iaitu Universal Studios Singapore,
S.E.A. Aquarium dan Adventure Cove Waterpark telah
Genting Malaysia telah merekodkan hasil perolehan membantu mengukuhkan semula kedudukannya sebagai
yang lebih tinggi dari Resorts World Genting disebabkan Resort Berpadu Terbaik di Asia Pasifik, iaitu kemenangan
terutamanya oleh peningkatan peratusan pegangan ke-sembilan yang berturut-turut di Travel Trade Gazette
dalam segmen-segmen pemain tahap pertengahan hingga Travel Awards 2019. Resort ini juga telah memenangi
premium. Walau bagaimanapun, hasil pendapatan dari anugerah-anugerah “Best Integrated Resort - Asia Pacific”
Genting Malaysia telah menurun disebabkan terutamanya dan “Taman Tema Terbaik” untuk Universal Studios
oleh duti kasino yang lebih tinggi, yang dikenakan ke atas Singapore di Travel Weekly Asia 2019 Readers’ Choice
operasinya di Malaysia. Awards.
Genting Plantations telah mencatatkan hasil perolehan Reka bentuk dan perancangan mega projek pengembangan
yang lebih tinggi disebabkan terutamanya oleh jumlah sebanyak SGD4.5 bilion (“RWS 2.0”) sedang berjalan
jualan yang lebih tinggi daripada segmen Pembuatan dengan lancar untuk menambah kemudahan-kemudahan
Hilirannya. Jumlah pengeluaran kelapa sawit buah tandan bertaraf dunia di Resorts World Sentosa untuk
segar telah meningkat sebanyak 5% tahun-ke-tahun, menyampaikan tarikan-tarikan baru secara progresif dari
dengan hasil sumbangan dari operasi perladangannya tahun 2021 dan seterusnya.
di Indonesia yang telah menyaksikan peningkatan dalam
kawasan perladangan yang matang dan profil usia kelapa Genting Singapura akan terus berusaha dalam proses
sawit yang lebih baik. pembidaan Resort Bersepadu Jepun. Pada 4 Februari
2020, para pemegang saham Genting Singapura telah
Genting Energy telah mencatatkan hasil perolehan yang bersetuju dengan jumlah pelaburan tidak melebihi USD10
lebih rendah disebabkan terutamanya oleh penjanaan bilion untuk pembangunan, operasi dan/atau pemilikan
bersih yang lebih rendah daripada loji kuasa Banten dan sebuah Resort Bersepadu di Jepun. Lanjutan dari ini,
harga arang batu yang rendah. Hasil perolehan Genting Genting Singapura kini meningkatkan usahanya dalam
Energy telah merosot disebabkan oleh hasil perolehan proses Permintaan-untuk-Konsep oleh Yokohama dan
yang lebih rendah dan kerugian kemerosotan nilai yang menumpukan usaha-usaha dan sumber-sumbernya
diterima daripada loji kuasanya di India. Hasil perolehan untuk menyampaikan satu cadangan yang amat menarik
dan pendapatan daripada bahagian Minyak & Gas adalah untuk menampilkan Yokohama sebagai satu destinasi
lebih rendah disebabkan terutamanya oleh pengeluaran pelancongan yang mesti dikunjungi dengan keutamaan
yang lebih rendah, walaupun harga minyak purata yang dalam sektor mesyuarat, insentif, konvensyen dan pameran
lebih tinggi dicapai pada tahun 2019. (“MICE”) dan keraian.

PENYATA PENGERUSI 7
Genting Malaysia berterusan, demi mempertingkatkan penawaran produk

hartanah dan mengukuhkan kedudukan Resorts World
Resorts World Genting di Malaysia telah mencapai Casino New York City untuk berkembang maju di masa
keputusan operasi yang stabil pada tahun 2019 walaupun hadapan.
menghadapi persaingan serantau yang semakin sengit.
Tarikan-tarikan baru daripada Pelan Pelancongan Di samping itu, Genting Malaysia dan Kien Huat Realty
Bersepadu Genting yang telah diperkenalkan secara III Limited telah menyempurnakan penswastaan Empire
berperingkat sejak akhir tahun 2016 telah meningkatkan Resorts, Inc. pada November 2019. Sehubungan dengan
daya tarikan di resort. Pelawat-pelawat ke resort berjumlah itu, Genting Malaysia dan Kien Huat Realty III Limited
lebih daripada 28.7 juta pada tahun 2019, iaitu kenaikan masing-masing secara tidak langsung memiliki 49% dan
sebanyak 11% tahun-ke-tahun. Kadar penghunian hotel 51% kepentingan ekuiti dalam Empire Resorts, Inc. Genting
telah mencatat purata 95%, satu kadar yang mantap pada Malaysia berkomited untuk merealisasikan potensi penuh
tahun 2019. Resorts World Catskills sebagai salah satu aset berkualiti
tinggi di rantau timur laut AS. Resorts World Catskills
Crockfords Hotel yang berprestij telah menerima anugerah telah mencatatkan peningkatan yang ketara, dengan hasil
Lima Bintang yang diiktiraf dalam Forbes Travel Guide pendapatan permainan kasino yang telah mencatatkan
terbaru, iaitu hotel yang pertama dan satu-satunya di kenaikan 33% pada Disember 2019. Genting Malaysia akan
Malaysia yang menerima anugerah sedemikian. kekal melaksanakan pelbagai langkah untuk meningkatkan
prestasi operasi hartanah ini, serta memanfaatkan
Pembangunan taman tema luar di Resorts World Genting sinergi di antara Resorts World Casino New York City dan
yang kini menghampiri peringkat akhir dan Genting Malaysia Resorts World Catskills untuk memacu jumlah dagangan
akan menumpukan fokus untuk menyiapkannya secepat perniagaan dan meningkatkan hasil operasi keseluruhan.
mungkin. Genting Malaysia akan terus memanfaatkan aset-
asetnya yang berkualiti untuk mengembangkan segmen- Resorts World Bimini di Bahamas telah menunjukkan
segmen perniagaan utama. Ini termasuk pelancaran prestasi perniagaannya kekal bertambah baik pada
permainan-permainan tarikan berasaskan realiti maya tahun 2019. Genting Malaysia akan kekal meningkatkan
untuk menambah dan memperluaskan rangkaian tawaran kemudahan akses dan infrastruktur di resort ini, serta
di Skytropolis Indoor Theme Park, serta memperkenalkan menyediakan penawaran yang lebih menarik untuk
acara-acara baru untuk meningkatkan jumlah kunjungan para pelawat. Ini termasuk memanfaatkan perkongsian
ke Resorts World Genting. dengan jenama-jenama terkenal untuk menambah jumlah
kunjungan dan menggalakkan perbelanjaan pengguna
Sementara itu, Genting Malaysia kekal menguruskan yang lebih tinggi di resort ini.
kecekapan kos dan operasinya untuk menangani
persekitaran operasi yang mencabar dengan usaha- Resorts World Las Vegas
usaha pemasaran pangkalan data yang lebih gigih,
mengoptimumkan pengurusan hasil dan meningkatkan Resorts World Las Vegas telah menjadi salah satu majikan
penyediaan perkhidmatan secara keseluruhan di Resorts pembinaan yang terbesar di Nevada dan penyumbang
World Genting. utama kepada pertumbuhan ekonomi di Las Vegas. Kerja-
kerja pembinaannya telah berlangsung dengan baik pada
Operasi Genting Malaysia di United Kingdom kekal berdaya tahun 2019. Kos-kos pembangunan dan tanah yang telah
tahan pada tahun 2019, walaupun ekonomi kekal mencabar ditanggung sehingga 31 Disember 2019 berjumlah USD1.9
dan ketidaktentuan kawal selia masih berterusan. bilion.
Manakala segmen pemain-pemain premium kekal tidak
menentu, segmen pasaran massa telah berkembang secara Resorts World Las Vegas akan menggabungkan seni
beransur-ansur, terutamanya dalam penawaran permainan bina tradisional dan moden, menyulam pengalaman
kasino elektronik. Pelaburan yang ketara permainan hotel mewah yang baru ke dalam persekitaran Las Vegas
kasino dalam talian telah dilaksanakan pada tahun dengan inspirasi Asia, teknologi yang progresif dan
2019 untuk memanfaatkan momentum ini. Antaranya perkhidmatan tetamu bertaraf dunia. Pelan-pelan kemas
termasuk penjenamaan semula perniagaan dalam talian kini untuk kasino resort mewah ini berjumlah USD4.3
sebagai ‘GentingBet’ dan pemerolehan Authentic Gaming bilion, yang merangkumi kemudahan-kemudahan baru
Limited, pakar permainan kasino dalam talian. Pelaburan seperti teater mega canggih berkapasiti 5,000 yang
ini bertujuan untuk memperluaskan penawaran Genting boleh dipertingkatkan untuk menampung para selebriti
Malaysia dengan menyatukan pengalaman permainan terkemuka dan acara-acara korporat; ruang mesyuarat
kasino dalam dan luar talian melalui teknologi aliran dan konvensyen seluas 350,000 kaki persegi; kompleks
inovatif. Sementara itu, Resorts World Birmingham kekal kolam renang 220,000 kaki persegi dengan tujuh kolam
menunjukkan peningkatan prestasi operasinya dan Genting renang bersuasana unik; pusat spa dan kecergasan; koleksi
Malaysia akan kekal menumpukan usaha-usahanya untuk yang ekstensif merangkumi konsep-konsep makanan dan
mengembangkan perniagaan di hartanah ini. minuman yang kasual dan mewah serta banyak lagi.
Di Amerika Syarikat (“AS”), Resorts World Casino New York Resorts World Las Vegas telah bekerjasama dengan Hilton
City telah mengekalkan kedudukannya sebagai peneraju untuk menggabung tiga jenama premium Hilton buat kali
yang utama dari segi hasil perolehan permainan kasino di pertamanya, apabila resort bersepadu dibuka pada musim
rantau timur laut AS walaupun persaingan pasaran semakin panas tahun 2021. Perkongsian ini akan menggabungkan
meningkat. Ia telah mengalu-alukan 8 juta para pelawat jenama-jenama Hilton Hotels & Resorts, LXR Hotels &
pada tahun 2019. Pelbagai inisiatif telah dilaksanakan Resorts dan Conrad Hotels & Resorts serta program
untuk mengukuhkan operasi-operasinya, termasuk usaha kesetiaan Hilton Honors ke dalam Resorts World Las Vegas.
menyiapkan projek pengembangan hartanah yang

8 PENYATA PENGERUSI
Genting Plantations kami adalah untuk membekalkan kira-kira 170 juta kaki
padu gas sehari selama 20 tahun kepada satu loji
Lanskap operasi industri minyak sawit tidak menyaksikan petrokimia di Papua Barat yang dalam perancangan dan
peningkatan ketara pada tahun 2019 apabila harga minyak akan dibina oleh pihak ketiga.
sawit mentah terus lemah pada sebahagian besar tahun
2019. Harga jualan purata produk sawit yang telah dicapai Pelaburan Sains Hayat dan Bioteknologi
oleh Genting Plantations ialah RM2,048 setiap tan metrik
bagi minyak sawit mentah dan RM1,179 setiap tan metrik Sepanjang dekad yang lalu, kami telah melabur dalam
bagi isirung sawit pada tahun 2019, masing-masing syarikat-syarikat sains hayat dan bioteknologi yang
menurun sebanyak 3% dan 30%. melibatkan dalam pelbagai peringkat penyelidikan dan
usaha-usaha (“R&D”) mencari rawatan dan cara baru
Di sebalik cabaran ini, Genting Plantations telah untuk meningkatkan kesihatan dan gaya hidup kita. Kami
mencatatkan jumlah hasil yang lebih tinggi sebanyak mengakui bahawa pelaburan R&D dalam bidang perubatan
RM2.3 bilion berbanding RM1.9 bilion pada tahun 2018. menimbulkan risiko yang lebih tinggi berbanding dengan
Bagaimanapun, keuntungan yang lebih rendah telah pelaburan lain kerana keputusan dan kadar kejayaan
dicatatkan pada tahun 2019, disebabkan terutamanya adalah tidak pasti dan tempoh gestasi untuk sebarang
oleh sumbangan yang lebih rendah daripada perniagaan kejayaan penemuan mungkin panjang. Walaupun
perladangan dengan harga keluaran sawit yang lemah, sesetengah syarikat mendapati ia tidak ekonomi untuk
tetapi sebahagian pengurangannya telah diatasi oleh melabur dalam usaha R&D, namun sebagai sebuah syarikat
pengeluaran tanaman yang lebih tinggi. Perniagaan yang bertanggungjawab, kami komited untuk mencari
pembuatan hiliran telah mencatatkan tahun yang amat penyelesaian baru untuk menambah baik kesihatan
baik kerana operasi-operasi biodieselnya telah manfaat manusia dan komuniti kita.
daripada sebaran minyak sawit dan gas yang menggalakkan
untuk mencapai hasil jualan dan penggunaan kapasiti yang Pelaburan kami dalam bioteknologi telah membolehkan
lebih tinggi pada tahun 2019. pasukan Genting Plantations untuk menjalankan R&D
dengan matlamat untuk meningkatkan hasil keluaran dan
Memandangkan pasaran hartanah Malaysia masih lemah produktiviti ladang kelapa sawitnya. Pelaburan-pelaburan
pada tahun 2019, pasukan pembangunan hartanah kami dalam syarikat-syarikat sains hayat seperti TauRx
Genting Plantations telah mengambil strategi yang arif Pharmaceuticals Ltd, dan Genting TauRx Diagnostics
untuk mendapatkan keseimbangan di antara melancarkan Centre Sdn Bhd menyokong percubaan-percubaan kajian
hartanah baru yang memenuhi pasaran yang lebih luas dan dan klinikal dalam usaha menangani Penyakit Alzheimer
mempromosikan inventori sedia ada untuk mengurangi melalui perspektif pengesanan dan rawatan awal.
stok. Pasukan Hartanah telah melancarkan 82 unit hartanah Pelaburan kami dalam Cortechs Labs Inc., DNAe Group
kediaman mewah yang berharga antara RM885,000 Holdings Ltd dan Celularity Inc. bertujuan mencari cara-
hingga RM1.2 juta seunit di Genting lndahpura, dan unit- cara untuk mengesan dan merawat penyakit dalam
unit bukan Bumiputera telah habis dijual. Strategi ini telah bidang-bidang onkologi dan kemerosotan saraf. Dalam
menghasilkan jualan hartanah yang lebih tinggi, sebanyak bidang tenaga boleh diperbaharui, kami telah melabur
kira-kira RM154 juta pada tahun 2019. dalam Elevance Renewable Sciences, sebuah syarikat
berteknologi metathesis yang telah memenangi Hadiah
Premium Outlet, iaitu Johor Premium Outlets dan Genting Nobel untuk menghasilkan bahan kimia khusus daripada
Highlands Premium Outlets terus mencapai prestasi minyak semula jadi.
baik dengan pertumbuhan yang berterusan pada tahun
2019. Johor Premium Outlets telah meraikan pembukaan HARI PENGASAS GENTING
rasminya pada 21 Mac 2019 berikutan penyempurnaan
Fasa 3, fasa terakhir yang menawarkan kedai-kedai baru Bersempena dengan Hari Pengasas Genting 2019,
dengan jumlah keluasan yang boleh disewa meningkat Genting Berhad telah menaja penubuhan Pusat Penjagaan
sebanyak 14.5%, iaitu kira-kira 310,000 kaki persegi. Acara Demensia yang baru dan anjuran bersama Siri Persidangan
pembukaan rasmi ini juga telah meraikan penyempurnaan Penceramah Terbilang perdana.
sepenuh Johor Premium Outlets dan dirasmikan oleh Duli
Yang Maha Mulia Sultan Ibrahim ibni Almarhum Sultan Pusat Penjagaan Demensia tersebut telah diserahkan
Iskandar, Sultan Johor. kepada pasukan pengurusan yang diketuai oleh bahagian
Geriatrik Universiti Malaya pada Hari Pengasas Genting
Pasukan bioteknologi Genting Plantations masih iaitu 28 Februari 2019. Pusat yang dibina khas ini telah
meneruskan usaha-usaha untuk memajukan hasil produk mula beroperasi pada 1 September 2019, menawarkan
penyelidikannya dan penggunaan komersial untuk perkhidmatan-perkhidmatan penjagaan harian untuk
meningkatkan mutu hasil dan produktiviti kelapa sawit. mereka yang mengalami demensia, serta latihan kepada
para penjaga, ahli-ahli keluarga dan pihak-pihak profesional
Genting Energy yang terlibat dalam penjagaan demensia. Pusat ini dibina
untuk menampung sehingga 50 pesakit pada satu-satu
Perniagaan kuasa Genting Energy kekal stabil dan telah masa dan beroperasi secara amal, sebagai sebahagian
menyumbang secara positif sepanjang tahun 2019. Dua daripada tanggungjawab sosial korporat Kumpulan
loji janakuasanya di Meizhou Wan, Fujian, China telah Genting.
mengambil langkah penggabungan dalaman pada tahun
2019 untuk mencapai kecekapan operasi yang lebih tinggi. Siri Persidangan Penceramah Terbilang perdana yang
bertajuk ‘Navigating Towards Healthy Ageing’ anjuran
Kawasan minyak Genting Energy di blok Chengdaoxi, bersama Genting Berhad dan Universiti Malaya, telah
China telah merekodkan hasil keluaran minyak yang stabil dilangsungkan pada pagi Hari Pengasas Genting pada 28
pada tahun 2019. 3 telaga baru dijangka akan digerudi Februari 2019. Tiga daripada empat penceramah terbilang
pada tahun 2020 untuk mengekalkan pengeluaran minyak di persidangan ini adalah para jemputan Kumpulan Genting
pada masa depan. Kerja-kerja reka bentuk kejuruteraan dan mereka merupakan pengasas syarikat-syarikat sains
‘front end’ untuk blok Kasuri di Papua Barat, Indonesia, hayat yang Kumpulan Genting telah melabur pada tahun-
telah bermula sejak suku ketiga 2019 dan dijangka siap tahun kebelakangan ini.
menjelang separuh kedua tahun 2020. Rancangan pasukan

PENYATA PENGERUSI 9
LAPORAN KELESTARIAN Saya ingin menyampaikan perghargaan kepada semua ahli

Lembaga ke atas nasihat dan bimbingan mereka yang amat
Lembaga Pengarah sentiasa komited untuk menegakkan tinggi nilainya kepada Kumpulan.
Nilai-Nilai Teras Genting iaitu Rajin, Jujur, Harmoni, Setia
dan Belas Kasihan yang sentiasa dipupuk dalam budaya Saya juga merakamkan penghargaan kepada pihak-
kerja dan amalan perniagaan kami. Nilai-nilai teras tersebut pihak berkepentingan kami yang dihormati, terutamanya
membentuk asas-asas pembangunan lestari dan amalan para pemegang saham, pihak kerajaan, agensi-agensi
perniagaan yang bertanggungjawab dalam Kumpulan pentadbiran, rakan-rakan perniagaan, para pelanggan, para
kami. pembekal serta pihak pengurusan dan pekerja-pekerja
kami di atas sokongan teguh, kesetiaan dan kerjasama
Lima tonggak kelestarian, iaitu mengekalkan integriti anda selama ini.
aset kami; pematuhan kawal selia; budaya korporat,
penjenamaan dan reputasi; perancangan kepimpinan dan Semoga dengan sokongan anda yang berterusan, kami
kesinambungan; dan pelaburan komuniti telah ditegaskan akan sentiasa mencapai prestasi yang terbaik untuk
semula sebagai asas laporan kemampanan kami pada 2019. Kumpulan Genting.
Ringkasan eksekutif perjalanan kelestarian kami dilaporkan

dalam Laporan Tahunan ini dan laporan penuh boleh Terima kasih.
didapati di laman web korporat kami.
PROSPEK
Tahun 2020 telah bermula dengan kebimbangan yang TAN SRI LIM KOK THAY
meningkat terhadap kesan wabak Penyakit Coronavirus Pengerusi & Ketua Eksekutif
2019 (COVID-19) ke atas ekonomi global. Tambahan, 27 Februari 2020
kebimbangan terhadap ketegangan geopolitik yang
berlarutan dan ketidakpastian dasar polisi terus kekal.
Permintaan perjalanan serantau dijangka merosot dalam Kemas Kini (7 April 2020)
jangka masa pendek, berikutan perlaksanaan sekatan
perjalanan dan kebimbangan yang semakin menular Kenyataan di dalam perenggan-perenggan yang menyusul
berkaitan dengan wabak COVID-19. Industri rekreasi dan berikut mengambil alih pernyataan di perenggan-
keraian serantau termasuk industri kasino akan menerima perenggan sebelumnya yang terletak di bawah tajuk
kesan buruk. Kami amat berhati-hati terhadap prospek “Prospek”. Para pemegang saham haruslah tidak merujuk
jangka masa pendek perniagaan-perniagaan kami. kepada seksyen di bawah Prospek itu tetapi sebaliknya
perlu merujuk kepada dua perenggan berikut untuk
2020 menandakan ulang tahun ke-55 penubuhan pernyataan berkaitan prospek Kumpulan kami.
Kumpulan Genting. Dalam dekad yang baru ini, kami
akan menerajui operasi-operasi kami dengan memberi Wabak COVID-19 telah menular menjadi pandemik,
tumpuan kepada projek-projek kami yang sedang menjejaskan ekonomi-ekonomi di seluruh dunia akibat
dilaksanakan, mengambil langkah-langkah proaktif untuk pengenaan sekatan-sekatan perjalanan yang meluas,
menambah baik dan meningkatkan penawaran berasaskan kekangan pergerakan orang dan penggantungan
resort-resort kami, mengoptimumkan produktiviti dan kebanyakan operasi perniagaan untuk membendung
meningkatkan kecekapan operasi dalam perniagaan- penyebaran wabak tersebut. Operasi-operasi perniagaan
perniagaan kami untuk menguruskan persekitaran operasi Kumpulan di Malaysia telah digantung buat sementara
kini yang amat mencabar. Ia bukanlah tugasan yang waktu sejak 18 Mac 2020, untuk mematuhi Perintah
mudah tetapi kami akan berusaha dengan gigih untuk Kawalan Pergerakan (“MCO”) yang telah diumumkan oleh
mengukuhkan perniagaan-perniagaan kami yang sedia ada Perdana Menteri Malaysia pada 16 Mac 2020. Seperti
dan meneruskan pembangunan jenama-jenama Genting yang dikehendaki oleh pihak-pihak berkuasa, operasi-
dan Resorts World di seluruh dunia. operasi Kumpulan di seluruh dunia juga kebanyakannya
telah digantung buat sementara waktu sehingga notis
PENGHARGAAN selanjutnya untuk membendung penyebaran wabak
COVID-19.
Lembaga kami memainkan peranan penting membimbing
Kumpulan kami berteras maju dengan setiap pengarah Keadaan sedemikian tidak pernah terjadi sebelum ini
yang mempunyai pengalaman, kemahiran dan pengetahuan dan amat mencabar untuk Kumpulan kami. Ancaman
industri yang unik. penyebaran COVID-19 dan kesannya terhadap ekonomi-
ekonomi di seluruh dunia adalah kebimbangan utama
Bagi pihak Lembaga Pengarah, saya ingin mengalu-alukan sedunia dan Kumpulan kami. Pada tarikh dikemas kini, MCO
Datuk Manharlal A/L Ratilal dan Encik Eric Ooi Lip Aun, masih dikuatkuasakan di Malaysia dan Kerajaan Singapura
yang telah dilantik sebagai Pengarah-Pengarah Bukan telah mengumumkan pelaksanaan langkah-langkah
Eksekutif Bebas Syarikat, mulai 1 Mac 2019. pemutus rantaian COVID-19 untuk mengatasi penularan
jangkitan COVID-19 yang semakin meningkat. Langkah-
Saya juga ingin mengalu-alukan Encik Tan Kong Han yang langkah pemutus rantaian tersebut akan berkuatkuasa
telah dilantik sebagai Pengarah Eksekutif Syarikat, berkuat pada 7 April 2020. Harga minyak sawit mentah semakin
kuasa mulai 1 Januari 2020, di samping jawatan beliau turun naik tidak menentu dan dijangka kekal sebegitu
sebagai Presiden dan Ketua Pegawai Operasi Syarikat dengan lebih banyak negara menjalani perintah kawalan
sejak Julai 2007. pergerakan akibat wabak COVID-19. Di samping itu, harga
minyak petroleum yang turun naik tidak menentu dijangka
Kepakaran, pengetahuan dan pengalaman luas mereka kekal sebegitu. Keadaan di seluruh dunia masih tidak
akan menambah nilai dan membantu Lembaga untuk ketentuan dengan kerajaan-kerajaan sedunia mengambil
membuat keputusan dan mengekalkan tadbir urus korporat langkah-langkah untuk menangani wabak COVID-19
yang baik untuk Syarikat dan Kumpulan. yang pandemik dan semakin merebak. Memandangkan
keadaan ketidakpastian yang tidak pernah terjadi sebelum
ini, adalah tidak sesuai buat masa kini untuk Kumpulan
mengeluarkan sebarang kenyataan berkaitan prospek.

10
主席文告
亲爱的股东,
本人谨代表董事部欣然向诸位提呈云顶有限公司(以下简称“本公司”)及其集团云顶世界久负盛名的康乐福酒店在最新的福布斯旅游指南中获得众所称羡的
公司(简称“本集团”)截至2019年12月31日止财政年之常年报告和经审计的财五星级奖项，是马来西亚第一家也是唯一一家获得此殊荣的酒店。
务报表。
云顶世界的新户外主题公园的建设工程已接近最后阶段，而云顶马来西
2019年是面对监管条例变更、地缘政治不稳定与经济逆风的一年，冲击着本亚仍专注于及时竣工。云顶马来西亚将继续利用其优质资产来壮大核心
地与全球经济，我们的业务亦不例外。本集团实施各项策略与高效措施来克业务部门。这些措施包括推出虚拟现实为基础的景点，让天城室内游乐园
服这些挑战，并交出一份坚稳业绩，因此这亦是我们展现坚持不懈，不屈不 (Skytropolis)增添特色，更加令人屏息，同时亦推出各项新盛事活动来吸引更
挠精神的一年。多人潮前往云顶世界。
财务概览同时，云顶马来西亚将通过加强数据库营销，优化收益管理并改善云顶世界
的整体服务表现，以继续提高成本和运营效率，来应对充满挑战的营运环
本集团2019年的总营收达216亿令吉，按年增长4%，而调整后税息折旧、摊境。
销前利润及税前盈利(“经调整EBITDA”)则按年略降3%，至79亿令吉。本集团
2019年的税前利润按年增长34%，至46亿令吉，主要是由于2018年云顶马来尽管面对经济逆风与监管措施不明朗，云顶马来西亚在英国的业务在2019
西亚在本票投资上记录的18亿令吉减值损失。这些业绩的主要贡献来自集团年仍然保持稳健。在贵宾赌客业务仍波动不定之际，大众赌客业务已逐渐增
的休闲与酒店业务。长，尤其是电子博彩产品。因此，云顶马来西亚在2019年趁此时机势头对
线上博彩业务作出显著投资。其中包括线上博彩业务“GentingBet”的品牌重
云顶新加坡的营收与盈利稍微下降，主因是圣淘沙名胜世界的业务受到地缘塑，并收购线上博彩专家——Authentic Gaming Limited。这些投资旨在通
政治不明朗与经济波动所影响。过创新的串流技术，将离线和线上博彩体验融合为一，从而扩大云顶马来西
亚的产品组合。同时，伯明翰云顶世界的营运持续改善，而云顶马来西亚将
云顶马来西亚从云顶世界取得更高营收，主要是由于在中档至贵宾级赌客的继续专注发展伯明翰云顶世界的业务。
赌桌赢率有所改善。然而，云顶马来西亚的盈利下降，主要是由于赌场税调
高。尽管竞争日益激烈，美国的纽约市云顶世界仍凭着美国东北部地区的博彩
营收保持其市场领先者的地位。其在2019年吸引了800万名游客。纽约
云顶种植因下游制造业务销售量升高，而取得较高的营收。新鲜水果束产量市云顶世界实施各项举措以加强营运，包括按时完成纽约市云顶世界的扩
按年增长5%，主要贡献来自印尼的业务，因其增加收割面积并改善年龄。张，这将加强其所提供的产品范围，亦有助于纽约市云顶世界的未来成长。
云顶能源的营收降低，主要是由于万丹发电厂的净发电量减少和煤炭价格下此外，云顶马来西亚和建发实业III公司在2019年11月联手私有化帝国度假
降。云顶能源的盈利下跌，主要是受营收减少和印度发电厂的应收账减值损村，分别间接拥有在帝国度假村49%和51%的股权。云顶马来西亚致力于实
失影响。尽管2019年平均油价升高，但油气部门的营收与盈利由于产量减少现卡茨基尔云顶世界的全部潜力，使其成为美国东北部地区最优质的资产之
而下降。一。卡茨基尔云顶世界的业务表取得了显著改善，2019年12月的博彩营收增
长了33%。云顶马来西亚将继续实施各项措施来改善此物业的营运表现，并
有关财务表现的更多详情，敬请查看此常年报告里的管理层对业务运营和财充分利用纽约市云顶世界赌场和卡茨基尔云顶世界之间的协同综效，以推动
务绩效的讨论和分析篇章所披露的内容。业务量并提高整体营运赚幅。
在巴哈马，比米尼云顶世界的业务在2019年持续获得改善。云顶马来西亚将
股息继续改善此度假村的交通便利和基本设施，并为游客提供更多振奋人心的产
品。这包括利用与知名品牌的合作伙伴关系来增加客流量，并增加度假村的
云顶有限公司持续支付股息，同时分配资金用作投资和资助业务成长。本公
消费。
司派发每股6.5仙的中期单层股息经获批准，已于2019年11月18日支付。董
事会宣布派发每股9.5仙的特别单层股息，并建议派发每股6.0仙的终期单层股
拉斯维加斯云顶世界
息，将于本公司即将举行的第52届年度股东大会上寻求股东通过。一旦获得
批准，本公司在2019年派发的总股息将达到每股22.0仙。相比之下，2018年
拉斯维加斯云顶世界已成为内华达州最大的建筑业雇主之一，亦为拉斯维加
的总股息为每股21.5仙。
斯经济增长作出显著贡献。其建筑工程于2019年进展顺利。截至2019年12月
31日，其发展与土地成本总额为19亿美元。
主要业务运营
拉斯维加斯云顶世界将传统与现代建筑设计融为一体，以亚洲风格、先进技
云顶新加坡术和一流的客户服务，为拉斯维加斯带来全新的豪华酒店体验。耗资43亿美
元的豪华度假村赌场的最新计划包括新设施，例如可容纳5,000人、采用最新
尽管面临经济与营运方面的挑战，圣淘沙名胜世界仍取得可观的营运业绩表技术、能够为一线明星常驻表演和举办企业活动进行扩建的剧场；350,000平
现。圣淘沙名胜世界在2019年吸引了约2,000万名游客，继续为新加坡旅游方英尺的会议和会展空间；220,000平方英尺的大型泳池综合设施，附带七种
业作出显著贡献。其酒店业务持续超越业界基准，2019年的平均住客率高于独特的泳池体验；水疗和健身中心；琳琅满目的休闲和精致餐饮概念店等设
90%。施。
圣淘沙名胜世界的主要景点，包括新加坡环球影城、S.E.A.海洋馆与水上探险拉斯维加斯云顶世界和希尔顿开展合作，首次将希尔顿下属的三个高档品牌
乐园，其在2019年连续第九年荣获TTG旅游大奖，再次巩固了圣淘沙名胜世一起纳入这个正在进行开发中的综合度假村，而此综合度假村将于2021年夏
界在亚太区最佳综合性度假村的地位。在2019年《Travel Weekly Asia》读者季开业。这项合作将会把希尔顿酒店及度假村、LXR酒店及度假村和康莱德酒
选择奖中，圣淘沙名胜世界的新加坡环球影城荣获“最佳综合性度假村—— 店及度假村这三个品牌以及希尔顿荣誉客会忠诚计划纳入到拉斯维加斯云顶
亚太区”，以及“最佳主题公园”奖项。世界。
耗资45亿新元的圣淘沙名胜世界2.0大型扩建计划(“圣淘沙名胜世界2.0”)）的设云顶种植
计与规划正在如期进行中，以增加其世界级的设施，并从2021年陆续推出崭
新景点。由于原棕油价格在2019年大部分时间都持续疲弱，棕油业在2019年的营运状
况几乎没有改善。云顶种植的棕榈产品平均售价分别是原棕油每公吨2,048令
云顶新加坡将继续参与竞标日本综合式度假村的机会。2020年2月4日，云顶吉，而棕仁每公吨1,179令吉，按年各下跌3%与30%。
新加坡的股东已批准投资金额不超过100亿美元来投标日本综合式度假村的发
展、运营和/或所有权。未来，云顶新加坡将继续参与目前进行中的横滨综合在此充满挑战的大环境下，云顶种植录得较高的总营收，达到23亿令吉，相
式度假村概念计划书事宜，并集中精力和资源提呈出一份令人信服的提案，比2018年为19亿令吉。然而，由于棕榈产品价格走弱，种植园业务的贡献减
以使横滨成为必去的旅游胜地，尤其是在会展和休闲方面。少，导致2019年盈利下降，但部分因作物产量增加而缓解。其下游制造业务
表现出色，因着棕油—石油气的价差更为有利，销售量与产能使用于2019年
云顶马来西亚升高，让生物柴油业务从中受益。
尽管区域竞争日益激烈，马来西亚的云顶世界在2019年仍取得了稳定的营运鉴于大马产业市场保持呆滞不前，云顶种植的产业发展团队采用明智策略，
业绩。云顶综合旅游计划自2016年杪开始陆续推出新景点，持续加强此名胜致力于推介迎合广大市场的新产业，以及推销现有存货以消化库存之间取得
的吸引力。云顶世界2019年的游客人数达2,870万人，按年增长11%。其在平衡。产业组在云顶优美城(Genting Indahpura)推介82间高档住宅产业，每
2019年的平均住客率达到95%的稳定水平。单位售价介于885,000令吉至120万令吉之间，而非土著单位已悉数售罄。此
策略已奏效，并在2019年取得更高的按年销售额，约为1.54亿令吉。

主席文告 11
柔佛名牌折扣购物中心(Johor Premium Outlets)与云顶高原名牌折扣购物中 2020年是云顶集团成立55周年。随着我们迎来崭新十年，我们将专注于尚在

心(Genting Highlands Premium Outlets)的表现良好，并在2019年持续增进行中的项目，采取积极措施来翻新和开发度假村为基础的产品，优化生产
长。柔佛名牌折扣购物中心于2019年3月21日完成最后一期，即第三期发展力并提高业务营运效率，以应对极具挑战性的营运环境。这不是一件简单的
计划而举行正式开业仪式，其不但添加了新商店，还增加14.5%可出租总面任务，但我们将竭尽所能加强现有业务，并继续在全球各地打造云顶和云顶
积，共达到310,000平方英尺。该活动为庆祝柔佛名牌折扣购物中心的全面建世界品牌。
成，还邀请了柔佛苏丹依布拉欣陛下亲临主持开幕仪式。
云顶种植的生物科技团队继续致力于开发商业解决方案和应用，以提高油棕
感谢词
的产量和生产力。
董事会在指导集团未来发展方向扮演着至关重要的角色，每位董事都贡献出
自己的独特经验、技能和行业知识。
云顶能源
我在此欢迎Datuk Manharlal A/L Ratilal和黄立安先生，他们自2019年3月1
云顶能源的电力业务表现保持稳定，并在2019年全年做出积极贡献。其在
日起受任命为公司的独立非执行董事。
2019年将中国福建省湄洲湾的两座发电厂进行内部合并，以提高运营效率。
我亦欢迎陈光汉先生于2020年1月1日受委任为本公司执行董事，他自2007
云顶能源在中国的埕岛西油田区块在2019年保持产量稳定。其计划在2020
年7月起即担任本公司总裁兼总营运长。
年钻探3口新井，以保持未来的石油产量。至于印尼西巴布亚的Kasuri油田区
块，其前端工程设计工作已经在2019年第三季开始动工，预期在2020年下半
他们丰富渊博的专业知识、学问与经验将可带来附加价值，协助董事会作出
年竣工。我们的团队计划向西巴布亚一家由第三方所建造的石化厂供应每天
更明智决策，并维持公司和集团的良好企业治理。
约1.7亿立方英尺的天然气，为期20年。
我欲衷心感激每位董事成员们为本集团提供的宝贵意见与指导。
生命科学和生物科技投资
本人亦衷心感谢全体利益相关者一路以来的真诚支持、忠心耿耿与鼎力合
近十年来，我们已投资在涉及各个阶段研究与开发(“研发”)的生命科学与生作，尤其是我们尊贵的股东、监管当局、治理机构、商业伙伴、客户与供应
物科技公司，力求研发出新的疗法与方法来改善人类健康与生活方式。我们商，以及我们的全体管理层和员工。
承认，由于成果和成功率尚不明确，并且任何突破性发现可能需要漫长孕育
期，因此医疗领域研发投资比其他投资存有更高风险。尽管有些公司可能认期盼大家继续全力支持，一起为云顶集团做到最好，再续辉煌。
为投资在这些研发项目，并不符合经济效益，但作为负责任的企业机构，我
们致力于寻找新的解决方案来改善人类健康，以及我们所居住社区的福祉。
我们对生物科技的投资为云顶种植团队提供了研发平台，旨在提高其油棕谢谢。
园丘的收成和生产力。我们投资在TauRx Pharmaceuticals Ltd和Genting
TauRx Diagnostics Center Sdn Bhd等生命科学公司，从早期诊断和治疗的
角度来支持研究和临床试验，以持续对抗失智症。我们投资在Cortechs Labs
Inc.，DNAe Group Holdings Ltd和Celularity Inc.，旨在寻找检测和治疗肿
瘤学和神经退化疾病的方法。在可再生能源领域中，我们已投资在Elevance
Renewable Sciences，此公司利用曾获诺贝尔奖的复分解技术，从天然油生丹斯里林国泰
产出特种化学品。主席兼总执行长
2020年2月27日
云顶创办人日
配合2019年云“创办人日”，云顶有限公司赞助了崭新的失智症护理中心，并最新情况(2020年4月7日)
联办了首届杰出演说家大会系列。
上述的“前景”文段将被以下的段落所取代，股东们应以以下的两段文字作为
失智症护理中心于2019年2月28日云顶“创办人日”移交给由马来亚大学老年本集团最新的前景依据。
医学部门领导的管理团队。此个为特定用途而设的中心于2019年9月1日开始
营运，为失智症患者提供日间照护服务，并为参与失智症护理的护理人员、 COVID-19疫情爆发后演变成全球大流行病，对全球经济造成了不利影响，
家庭成员和专业人员提供培训服务。此中心的设计一次可容纳50位病人，并主因是许多国家采取旅行限制措施，加强对人流的管制，并暂停许多业务运
以慈善基础来营运，是云顶集团企业社会责任之一部分。营以遏制这种病毒的传播。配合马来西亚首相在2020年3月16日宣布落实
行动管制令(“MCO”)，本集团自2020年3月18日起暂停了在马来西亚的大部
配合云顶创办人日，云顶有限公司和马来亚大学在2019年2月28日早上联分业务。同样，根据有关当局的要求，本集团在全球的大部分业务也暂时关
合举办“迈向健康老龄化”名人演说系列讲座会。四位演讲嘉宾中有三位是应闭，直至另行通知为止，以遏制COVID-19的扩散。
云顶集团的邀请而出席，他们是云顶集团近年来投资的生命科学公司的创办
人。本集团正处在这个前所未有而又极具挑战性的时期。全球和本集团都在密
切关注COVID-19扩散的威胁及其对全球经济的影响。截至今日，马来西
亚仍在实行行动管制令，而新加坡政府也宣布实施COVID-19阻断措施，
永续经营报告以防止COVID-19疫情升级。这些阻断措施将于2020年4月7日生效。由于
COVID-19爆发，越来越多国家进入锁国状态，因此原棕油价格一直不稳
董事部致力于秉持已牢牢嵌入我们工作文化与商业行为的云顶核心价值观，
定，波动不定局面料将持续。此外，油价也呈现波动走势，并预料会持续
即勤奋、诚信、和谐、忠诚与关爱。这些核心价值观奠定了本集团可永续发
大幅波动。由于全球政府为应对COVID-19大流行而不断改变措施以遏制疫
展原则与负责任商业行为的根基。
情，料全球局势将持续不明朗。鉴于这是前所未有的不确定时期，本集团目
前不宜发表任何有关前景的声明。
五大可持续发展支柱，即保持资产的完整性；监管合规；企业文化、品牌和
信誉；领导力与传承计划，以及社区投资，再次被确认为我们2019年永续经
营报告的基础。
本年度报告披露了我们可持续发展之旅的执行摘要，而完整的报告则可在我
们的公司网站上阅览。
前景
2020年伊始，全球爆发的2019年冠状病毒疾病(COVID-19)对全球经济造成
巨大影响。此外，人们对长期的地缘政治紧张局势和政策不确定性的担忧依
然存在。随着新型冠状病毒疫情爆发引起了全球关注，许多国家采取旅行限
制措施，预计国际旅行需求会在短期内下降。本区域的休闲和酒店业也将受
到不利影响，博彩业亦无法幸免。我们对业务的近期前景持十分谨慎态度。

12
BOARD OF
DIRECTORS
DATUK MANHARLAL DATO’ DR. R. MR LIM KEONG HUI TAN SRI LIM KOK THAY
A/L RATILAL THILLAINATHAN Deputy Chief Executive and Chairman and Chief
Independent Independent Executive Director/Non- Executive/Non-
Non-Executive Director Non-Executive Director Independent Executive Independent Executive
Director Director
AUDIT COMMITTEE RISK MANAGEMENT COMMITTEE
DATO’ DR. R. THILLAINATHAN DATO’ DR. R. THILLAINATHAN

Chairman/Independent Non-Executive Director Chairman/Independent Non-Executive Director
MADAM KOID SWEE LIAN MADAM KOID SWEE LIAN

Member/Independent Non-Executive Director Member/Independent Non-Executive Director
DATUK MANHARLAL A/L RATILAL DATUK MANHARLAL A/L RATILAL

MR ERIC OOI LIP AUN MR ERIC OOI LIP AUN


BOARD OF DIRECTORS 13
TAN SRI MR TAN KONG HAN MADAM KOID SWEE LIAN MR ERIC
FOONG CHENG YUEN President and Chief Independent OOI LIP AUN
Deputy Chairman/ Operating Officer and Non-Executive Director Independent
Independent Executive Director/ Non-Executive Director
Non-Executive Director Non-Independent
Executive Director
NOMINATION COMMITTEE REMUNERATION COMMITTEE
DATO’ DR. R. THILLAINATHAN TAN SRI FOONG CHENG YUEN

Chairman/Independent Non-Executive Director Chairman/Independent Non-Executive Director
TAN SRI FOONG CHENG YUEN MADAM KOID SWEE LIAN

DATUK MANHARLAL A/L RATILAL MR ERIC OOI LIP AUN


14
DIRECTORS’
PROFILE
Tan Sri Lim Kok Thay (Malaysian, aged 68, male),

appointed on 17 August 1976, was redesignated as the
Chairman and Chief Executive on 1 July 2007. He is also
the Chairman and Chief Executive of Genting Malaysia, the
Chief Executive and a Director of Genting Plantations until
he relinquished his position of Chief Executive and assumed
the position of Deputy Chairman and Executive Director of
Genting Plantations on 1 January 2019; and the Executive
Chairman of Genting Singapore and Genting UK Plc. He
has served in various positions within the Group since 1976.
He is a Founding Member and a Permanent Trustee of The
Community Chest, Malaysia. In addition, he sits on the
Boards of other Malaysian and foreign companies as well as
the Boards of Trustees of several charitable organisations
in Malaysia.
Tan Sri Lim holds a Bachelor of Science in Civil Engineering

from the University of London. He attended the Programme
for Management Development of Harvard Business School,
Harvard University in 1979. He is an Honorary Professor of
Xiamen University, China.
Tan Sri Lim is the Chairman and Chief Executive Officer

of Genting Hong Kong Limited (“Genting Hong Kong”), a
company listed on the Main Board of The Stock Exchange
of Hong Kong Limited. He is also a Director of Travellers
International Hotel Group, Inc., which is an associate of
Genting Hong Kong and was listed on the Main Board of The
Philippine Stock Exchange, Inc. until its voluntary delisting
in October 2019. He has an interest in the securities of
Genting Hong Kong. Genting Hong Kong’s subsidiaries
are principally engaged in the business of cruise and
cruise-related operations, shipyard operations and leisure,
TAN SRI
entertainment and hospitality activities.
Tan Sri Lim is a beneficiary of a discretionary trust which

LIM KOK THAY ultimately owns Golden Hope Unit Trust (“GHUT”), of which
Golden Hope Limited (“GHL”) is the trustee. GHL as the
Chairman and Chief Executive/ trustee of GHUT, indirectly owns 51% of the common stock
Non-Independent Executive Director in Empire Resorts, Inc., (“Empire Resorts”), a company with
various subsidiaries engaged in the hospitality and gaming
industries. GHL as the trustee of GHUT also indirectly owns
100% of the Series F Convertible Preferred Stock and 51% of
the Series H Convertible Preferred Stock in Empire Resorts.
Genting Malaysia indirectly owns the remaining 49% of the
common stock in Empire Resorts. Genting Malaysia also
indirectly owns 100% of the Series G Convertible Preferred
Stock and the remaining 49% of the Series H Convertible
Preferred Stock in Empire Resorts.
In the context of the above businesses of Genting Hong

Kong group and Empire Resorts group, Tan Sri Lim is
therefore considered as having interests in business apart
from the Group’s business, which may compete indirectly
with the Group’s business.
For his leadership excellence and significant contributions

to the leisure and travel industry, he was named the “Travel
Entrepreneur of the Year 2009” by Travel Trade Gazette
(TTG) Asia, “The Most Influential Person in Asian Gaming
2009” by Inside Asian Gaming, “Asian Leader for Global
Leisure and Entertainment Tourism 2011” by Seagull
Philippines Inc., and “Lifetime Achievement Award for
Corporate Philanthropy 2013” by World Chinese Economic
GENTING BERHAD | ANNUAL REPORT 2019 Forum.
DIRECTORS’ PROFILE 15
Tan Sri Foong Cheng Yuen (Malaysian, aged 74, male),

appointed on 18 January 2016, is an Independent Non-
Executive Director of the Company. Tan Sri Foong retired
as an Independent Non-Executive Director of the Company
at the conclusion of the Company’s 49th Annual General
Meeting held on 1 June 2017 in accordance with Section
129 of the Companies Act 1965. On the same day, Tan Sri
Foong was appointed as an Independent Non-Executive
Director of the Company pursuant to a resolution of the
Board of Directors of the Company dated 1 June 2017. On 1
January 2019, Tan Sri Foong was appointed as the Deputy
Chairman/Independent Non-Executive Director of the
Company.
He graduated from the University of London with LL.B.

(Honours) in 1969 and was called to the English Bar by
the Honourable Society of the Inner Temple in 1970.
Subsequently, he was called to the Malaysian Bar as an
advocate and solicitor in 1971. He was engaged in private
legal practice in both criminal and civil law, majoring in
insurance law from 1971 to 1990. While in practice, he acted
as legal adviser to numerous guilds and associations in
Malaysia. He was a Commissioner of Oath and Public
Notary. He was conferred an honorary Doctorate of Laws
degree by the University of the West of England in 2011. He
was also made a Bencher of the Honorable Society of the
Inner Temple, London in 2009.
He was appointed as Judicial Commissioner in 1990 and

elevated to be High Court Bench in 1992. He also served as
TAN SRI FOONG a High Court Judge at Johor Bahru, Shah Alam, Ipoh, and
Kuala Lumpur. He was elevated to the Court of Appeal in
CHENG YUEN 2005 and in 2009 elevated to the Federal Court (Malaysia
Supreme Court). As a Federal Court Judge, he was made
Deputy Chairman/ a Managing Judge of the Civil Division of the High Court
Independent Non-Executive Director at Kuala Lumpur and of the High Court and Subordinate
Courts of the State of Penang. He retired from the Malaysian
Judiciary on 25 February 2012.
Tan Sri Foong is currently a director of Only World Group

Holdings Berhad and Ombudsman For Financial Services
(formerly known as Financial Mediation Bureau).

16 DIRECTORS’ PROFILE
Mr Lim Keong Hui (Malaysian, aged 34, male), was

appointed as a Non-Independent Non-Executive Director on
15 June 2012 and was redesignated as a Non-Independent
Executive Director, following his appointment as the
Senior Vice President (“SVP”) - Business Development
of the Company on 1 March 2013. Subsequently, he was
redesignated as the Executive Director – Chairman’s Office
on 1 June 2013 and assumed additional role as the Chief
Information Officer (“CIO”) of the Company on 1 January
2015. On 1 January 2019, Mr Lim has been redesignated as
the Deputy Chief Executive and Executive Director of the
Company.
Mr Lim holds a Bachelor of Science (Honours) Degree

in Computer Science from the Queen Mary University
of London, United Kingdom and a Master’s Degree in
International Marketing Management from Regent’s
Business School London, United Kingdom.
Mr Lim is a son of Tan Sri Lim Kok Thay, who is the Chairman
and Chief Executive of the Company. Both Tan Sri Lim Kok
Thay and Mr Lim Keong Hui are major shareholders of the
Company. On 1 January 2019, Mr Lim was redesignated
as the Deputy Chief Executive and Executive Director of
Genting Malaysia and Genting Plantations. He was a Non-
Independent Non-Executive Director of Genting Malaysia
and Genting Plantations until he was redesignated as a Non-
Independent Executive Director, following his appointment
as the CIO of Genting Malaysia and Genting Plantations on
1 January 2015. On 5 May 2017, Mr Lim was redesignated
as a Non-Independent Non-Executive Director of Genting
Plantations, following his resignation as the CIO of Genting
Plantations. He is also a director of Genting UK Plc and a
member of the Board of Trustees of Yayasan Lim Goh Tong.
Mr Lim is the Deputy Chief Executive Officer and Executive

Director of Genting Hong Kong. Prior to his appointment
as the SVP – Business Development of the Company, he
MR LIM KEONG HUI was the SVP – Business Development of Genting Hong
Kong until he was redesignated as the Executive Director
– Chairman’s Office of Genting Hong Kong following his
Deputy Chief Executive and Executive Director/
appointment as an Executive Director of Genting Hong
Non-Independent Executive Director Kong on 7 June 2013. He had taken up additional role of
CIO of Genting Hong Kong since 1 December 2014. On 28
March 2019, Mr Lim has been appointed as the Deputy
Chief Executive Officer of Genting Hong Kong and has
been redesignated to Deputy Chief Executive Officer
and Executive Director of Genting Hong Kong. Prior to
joining Genting Hong Kong in 2009, he had embarked
on an investment banking career with The Hongkong and
Shanghai Banking Corporation Limited. He has deemed
interest in the shares of Genting Hong Kong. Genting Hong
Kong’s subsidiaries are principally engaged in the business
of cruise and cruise-related operations, shipyard operations
and leisure, entertainment and hospitality activities.
Mr Lim is a beneficiary of a discretionary trust which

ultimately owns Golden Hope Unit Trust (“GHUT”), of which
Golden Hope Limited (“GHL”) is the trustee. GHL as the
trustee of GHUT, indirectly owns 51% of the common stock
in Empire Resorts, Inc., (“Empire Resorts”), a company with
various subsidiaries engaged in the hospitality and gaming
industries. GHL as the trustee of GHUT also indirectly owns
100% of the Series F Convertible Preferred Stock and 51% of
the Series H Convertible Preferred Stock in Empire Resorts.
Genting Malaysia indirectly owns the remaining 49% of the
common stock in Empire Resorts. Genting Malaysia also
indirectly owns 100% of the Series G Convertible Preferred
Stock and the remaining 49% of the Series H Convertible
Preferred Stock in Empire Resorts.
In the context of the above businesses of Genting Hong

Kong group and Empire Resorts group, Mr Lim is therefore
considered as having interests in business apart from the
Group’s business, which may compete indirectly with the
GENTING BERHAD | ANNUAL REPORT 2019 Group’s business.
Mr Tan Kong Han (Malaysian, aged 54, male), the

President and Chief Operating Officer of the Company
since 1 July 2007, was appointed as an Executive Director
of the Company on 1 January 2020 and redesignated as
the President and Chief Operating Officer and Executive
Director of the Company on the same day. Mr Tan was
appointed as the Deputy Chief Executive of Genting
Plantations on 1 December 2010 prior to his appointment
as Chief Executive and Executive Director of Genting
Plantations on 1 January 2019. He has more than 13 years
working experience in investment banking prior to joining
Tanjong Public Limited Company as the Group Chief
Operating Officer in 2003. He left Tanjong Public Limited
Company in 2007 to join the Company. He read economics
and law and has been conferred a Master of Arts by the
University of Cambridge. Mr Tan was called to the English
Bar (Lincoln’s Inn) in 1989 and the Malaysian Bar in 1990.
He serves as a director of a variety of subsidiary companies

within the Genting Berhad and Genting Plantations group.
He is also a member of the Board of Trustees of Yayasan
Genting and Yayasan Kebajikan Komuniti Malaysia, the
Administrator of The Community Chest, Malaysia, a
director of Asian Centre for Genomics Technology Berhad,
GB Services Berhad and Genting RMTN Berhad, all of which
are public companies as well as the Managing Director of
Pan Malaysian Pools Sdn Bhd.
MR TAN KONG HAN

President and Chief Operating Officer and
Executive Director/
Non-Independent Executive Director

Dato’ Dr. R. Thillainathan (Malaysian, aged 75, male),

appointed on 15 January 2003, was redesignated as an
Independent Non-Executive Director on 30 July 2009.
Dato’ Dr. R. Thillainathan retired as an Independent Non-
Executive Director of the Company at the conclusion of the
Company’s 49th Annual General Meeting held on 1 June
2017 in accordance with Section 129 of the Companies Act
1965. On the same day, he was appointed as an Independent
Non-Executive Director of the Company pursuant to a
resolution of the Board of Directors of the Company dated
1 June 2017.
He was the Chief Operating Officer of the Company from

27 November 2002 to 9 September 2006 and retired as an
Executive Director of the Company on 30 July 2007.
He holds a Class 1 Honours in Bachelor of Arts (Economics)

from the University of Malaya, obtained his Master’s Degree
and PhD in Economics from the London School of Economics
and is a Fellow of the Institute of Bankers Malaysia.
He has been with the Genting Group since 1989. He also

sits on the Boards of Allianz Malaysia Berhad, Allianz Life
Insurance Malaysia Berhad, Public Investment Bank Berhad
and IDEAS Policy Research Berhad. Dato’ Dr. R. Thillainathan
has extensive years of experience in finance and banking.
He is the past President of Malaysian Economic Association.
He is currently a director of UM Holdings Sdn Bhd and a
trustee of three companies limited by guarantee namely
Child, Information, Learning and Development Centre,
DATO’ DR. Yayasan MEA and Private Pension Administrator Malaysia.
R. THILLAINATHAN
Independent Non-Executive Director

Madam Koid Swee Lian, (Malaysian, aged 62, female),

appointed on 23 November 2017, is an Independent Non-
Executive Director.
Madam Koid was granted a scholarship by Bank Negara

Malaysia to read law at the Law Faculty of the University of
Malaya. She graduated with a Bachelor of Laws degree in
1981 and was called to the Malaysian Bar in 1983.
She was a career officer of Bank Negara Malaysia for

32.5 years until her retirement. She served Bank Negara
Malaysia in various capacities, including as Head of the
Financial Intelligence Unit, Director of the Consumer
and Market Conduct Department and a Board member
and Chief Executive Officer of Bank Negara Malaysia’s
wholly owned subsidiary, Credit Counselling and Debt
Management Agency (“Agensi Kaunseling dan Pengurusan
Kredit” or “AKPK”).
She was an advisor for the Consumer Education Initiatives

of the Financial Planning Association of Malaysia, and
a Public Interest Director appointed by the Securities
Commission Malaysia to the Board of the Federation of
Investment Managers Malaysia where she chairs one of the
Board Committees.
She is currently a director of Federation of Investment

Managers Malaysia, Deutsche Bank (Malaysia) Berhad and
HLA Holdings Sdn Bhd, a wholly owned subsidiary of Hong
Leong Financial Group Berhad.
MADAM
KOID SWEE LIAN

Datuk Manharlal A/L Ratilal, (Malaysian, aged 60,

male), appointed on 1 March 2019, is an Independent Non-
Executive Director.
Datuk Manharlal Ratilal holds a Masters in Business

Administration from the University of Aston in Birmingham,
United Kingdom in 1984 and a Bachelor of Arts (Honours)
degree in Accountancy from the City of Birmingham
Polytechnic (now known as Birmingham City University,
United Kingdom) in 1982.
He was the Executive Vice President & Group

Chief Financial Officer of Petroliam Nasional Berhad
(PETRONAS), a member of the Board and Executive
Leadership Team of PETRONAS and sat on the boards of
several subsidiaries of PETRONAS until his retirement in
2018. Prior to joining PETRONAS in 2003, he was attached
with a local merchant bank for 18 years, concentrating in
corporate finance where he was involved in advisory work in
mergers and acquisitions, and the capital markets. He is an
Independent Non-Executive Director of Cagamas Holdings
Berhad, a public company.
DATUK MANHARLAL
A/L RATILAL

Mr Eric Ooi Lip Aun, (Malaysian, aged 62, male), appointed

on 1 March 2019, is an Independent Non-Executive Director.
Mr Eric Ooi is a Member of Malaysian Association of

Accountants (MIA) and Malaysian Institute of Certified
Public Accountants (MICPA). He is also a Certified Public
Accountant.
He was a partner of PricewaterhouseCoopers (PwC),

Malaysia until his retirement in June 2015 after 38 years
of service. He joined the firm of Price Waterhouse (PW) in
1977, qualified as a Certified Public Accountant in 1981 and
was seconded to the Houston office of PW, United States of
America from 1984 through 1986.
He was admitted to the partnership of PW in Malaysia in

1991 and worked on audit engagements, public listings,
valuation engagements and was seconded to manage as
Chief Executive Officer of a significant timber plantation
and pulp and paper manufacturing company for a 2-year
period during its privatisation from a State Government
in East Malaysia. With effect from 1996, he was appointed
as PW Malaysia’s leader for Audit and Business Advisory
Services and continued in that role until 2008, and assumed
leadership positions for different parts of PW/PwC within
Malaysia, across Asia and globally.
With effect from 2002, Mr Eric Ooi assumed the role of

Assurance leader for PwC’s regional grouping in Asia, and
was a member of PwC’s Global Assurance leadership team
MR ERIC until 2008. In 2012, he assumed the responsibility to lead

the middle market practices of the Asia Pacific cluster of
OOI LIP AUN PwC firms, focusing on entrepreneurs, high net worth
individuals and family businesses and was a member of
Independent Non-Executive Director PwC’s Global Middle Market leadership team until his
retirement from the firm. He is an Independent Non-
Executive Director of British American Tobacco (Malaysia)
Berhad.
Notes:
The details of Directors’ attendances at Board Meetings are set out in the Corporate Governance Overview Statement on page 58 of this Annual Report.
The details of the Board Committees where certain Directors are also members are set out on pages 12 and 13 of this Annual Report.
Save as disclosed, the above Directors have no family relationship with any Director and/or major shareholders of Genting Berhad, have no conflict of interest
with Genting Berhad, have no conviction for offences within the past five years and have no public sanction or penalty imposed by the relevant regulatory
bodies during the financial year.

22
PRINCIPAL EXECUTIVE OFFICERS’
PROFILE
TAN SRI LIM KOK THAY

Chairman and Chief Executive
His profile is disclosed in the Directors’ Profile on page 14 of this Annual Report.
MR LIM KEONG HUI

Deputy Chief Executive and Executive Director
MR TAN KONG HAN

President and Chief Operating Officer and Executive Director
MS WONG YEE FUN

Chief Financial Officer
Ms Wong Yee Fun (Malaysian, aged 49, female), was appointed as the Deputy Chief Financial Officer of Genting Berhad on 2
January 2018 prior to her appointment as the Chief Financial Officer of Genting Berhad on 1 January 2019. Prior to joining
Genting Berhad, she was the Chief Financial Officer of Maybank Islamic Berhad since 1 May 2016 and was responsible for
formulating the finance strategies partnering with, and in support of Maybank Islamic Berhad’s business. She possesses
a good breadth and depth of financial expertise given her 20 years of experience with the Maybank Group. She has held
various senior roles covering finance, corporate finance, capital management, group corporate treasury, strategic planning,
investor relations, mergers and acquisitions, strategic alliances and initiatives, and finance related projects which span
across multiple lines of business within the Maybank Group. Additionally, she has had extensive hands-on experience in
management and leading strategic initiatives. She graduated with an Honours degree in Bachelor of Accounting from the
University of Malaya. She is a member of CPA Australia, a member of the Malaysian Institute of Accountants and a member
of The Malaysian Institute of Certified Public Accountants. She also obtained a Certificate in Islamic Banking and Finance
Law awarded by the International Islamic University Malaysia.
She is presently a director of several subsidiary companies of the Genting Berhad group, including GB Services Berhad,
Genting Capital Berhad and Genting RMTN Berhad, all of which are public companies.
Ms Wong Yee Fun does not have family relationship with any Director and/or major shareholders of Genting Berhad, has no
conflict of interest with Genting Berhad, has not been convicted of any offences within the past five years and has no public
sanction or penalty imposed by the relevant regulatory bodies during the financial year.

MANAGEMENT & CORPORATE 23
INFORMATION
SENIOR MANAGEMENT
TAN SRI LIM KOK THAY MS WONG YEE FUN

Chairman and Chief Executive Chief Financial Officer
MR LIM KEONG HUI MR ONG TIONG SOON

Deputy Chief Executive and Executive Director Chief Executive Officer – Genting Energy Division
MR TAN KONG HAN MS GOH LEE SIAN

President and Chief Operating Officer and Senior Vice President - Legal
Executive Director
CORPORATE INFORMATION
GENTING BERHAD SECRETARY

A public limited liability company Ms Loh Bee Hong
Incorporated and domiciled in Malaysia MAICSA 7001361
Registration No. 196801000315 (7916-A) SSM Practicing Certificate No. 202008000906
REGISTERED OFFICE AUDITORS

24th Floor, Wisma Genting PricewaterhouseCoopers PLT
Jalan Sultan Ismail (Chartered Accountants)
50250 Kuala Lumpur
Tel : (03) 2178 2288/2333 2288 STOCK EXCHANGE LISTING
Fax : (03) 2161 5304
Main Market of Bursa Malaysia Securities Berhad
E-mail : gbinfo@genting.com
(Listed on 28 December 1971)
REGISTRARS
Stock Name : GENTING
Genting Management and Consultancy Services Sdn Bhd Stock Code : 3182
24th Floor, Wisma Genting
Jalan Sultan Ismail INTERNET HOMEPAGE
50250 Kuala Lumpur
www.genting.com
Tel : (03) 2178 2266/2333 2266
Fax : (03) 2161 5304

24
GROUP CORPORATE
STRUCTURE
*
Registration No. 196801000315 (7916-A)
and its Principal Subsidiaries, Joint Ventures and Associate as at 16 March 2020
52.7% 49.5% 55.4% 100%

Genting Genting Genting Genting
Singapore Malaysia Plantations ENERGY
LIMITED** Berhad* Berhad* LIMITED
100% 100% 100% 100% 55%

Resorts World at First World Hotels & Genting Tanjung Resorts World PT Lestari Banten
Sentosa Pte Ltd Resorts Sdn Bhd Bahagia Sdn Bhd Las Vegas LLC Energi
100% 100% 100%
Genting Golf Genting SDC Genting Hotel
49%
Course Bhd SDIC Genting
Sdn Bhd & Resorts
Meizhou Wan
Management
100% 100% Electric Power
Sdn Bhd
Widuri Pelangi Genting Oil Mill Company Limited
Sdn Bhd Sdn Bhd
100% 100%
100% Awana Hotels
100% GP Wind (Jangi)
Papago Sdn Bhd & Resorts
Genting Plantations Private Limited
(WM) Sdn Bhd Management
100% Sdn Bhd
Genting New York 41.6%
LLC
72% Lanco Tanjore
Genting MusimMas 100% Power Company
100% Refinery Sdn Bhd Genting Limited
Resorts World Management
Omni LLC 100% and Consultancy 95%
AsianIndo Services Sdn Bhd Genting Oil Kasuri
78% Holdings Pte Ltd Pte Ltd
BB Entertainment 50%
Ltd 73.7% 95%
PalmIndo Holdings Resorts World Inc Genting CDX
Pte Ltd Pte Ltd Singapore Pte Ltd
49%
Genting Empire
Resorts LLC 63.2%
GlobalIndo
100% Holdings Pte Ltd
Genting Casinos UK
Limited 99.7%
ACGT Sdn Bhd
100%
Genting Solihull 100%
Limited Genting Property
Sdn Bhd
100%
Genting Malta 50% Leisure & Hospitality Property
Limited Genting Simon Plantations Energy
Sdn Bhd Investment Holding &
100% Biotechnology
Management Services
Oakwood Sdn Bhd 100% Notes:
Genting Highlands The above chart is a simplified version of the Genting
100% Group’s corporate structure setting out the shareholding
Premium Outlets percentages in the principal operating companies.
Resorts World Miami LLC
Sdn Bhd * Listed on Bursa Malaysia Securities Berhad
** Listed on Singapore Exchange Securities Trading
100% Limited
Genting Properties
(UK) Pte Ltd
CORPORATE 25
DIARY
2019
11 JANUARY 2019 2 APRIL 2019
Announcement of the application served by Wynn Announcement of the proposed adoption of a new
Resorts Holdings, LLC on Resorts World Las Vegas Constitution of the Company.
LLC for temporary restraining order and motion for
preliminary injunction dated 27 December 2018 3 APRIL 2019
(“Application”) and the opposition filed by Resorts Announcement of the offering by Resorts World Las
World Las Vegas LLC to the Application. Vegas LLC and RWLV Capital Inc. of USD1,000,000,000
aggregate principal amount of 4.625% Senior Notes
29 JANUARY 2019 due 2029 (“Notes”).
Announcement of the settlement reached between
Wynn Resorts Holdings, LLC and Resorts World 9 APRIL 2019
Las Vegas LLC in respect of the complaint dated 21 Notice to Shareholders of the Fifty-First Annual General
December 2018 and the Application filed by Wynn Meeting.
Resorts Holdings, LLC against Resorts World Las Vegas
LLC. 17 APRIL 2019
Announcement of the issuance of the Notes by Resorts
30 JANUARY 2019 World Las Vegas LLC and RWLV Capital Inc on 16 April
Announcement of the offering by LLPL Capital Pte 2019 (Eastern Standard Time) and listing of the Notes
Ltd of USD775,000,000 6.875% guaranteed secured on the Singapore Securities Exchange Trading Limited
senior notes due 2039 (“Notes”). on 17 April 2019.
7 FEBRUARY 2019 23 MAY 2019

Announcement of the issuance of the Notes on 4 Announcement of the Consolidated Unaudited Results
February 2019 and listing of the Notes on the Singapore of the Group for the first quarter ended 31 March 2019.
Exchange Securities Trading Limited on 7 February
2019. 7 JUNE 2019
Announcement of the approval from the Securities and
27 FEBRUARY 2019 Exchange Commission of the United States of America
Announcement of the following: on 4 June 2019 for the registration of an additional 8.0
million American Depository Receipts (“ADR”) under
(a) Consolidated Unaudited Results of the Group for the Sponsored Level 1 ADR Program.
the fourth quarter and the Audited Results for the
financial year ended 31 December 2018; and 20 JUNE 2019
Fifty-First Annual General Meeting.
(b) Entitlement date for the Special Single-Tier
Dividend in respect of the financial year ended 31 Announcement of the retirement of Tan Sri Dr Lin See
December 2018. Yan and Datuk Chin Kwai Yoong as Independent Non-
Executive Directors of the Company with effect from 20
1 MARCH 2019 June 2019.
Announcement of the appointment of Datuk Manharlal
A/L Ratilal and Mr Eric Ooi Lip Aun as Independent 29 AUGUST 2019
Non-Executive Directors of the Company with effect Announcement of the Consolidated Unaudited Results
from 1 March 2019. of the Group for the second quarter ended 30 June
2019.
1 APRIL 2019
Announcement of the following 17 SEPTEMBER 2019
Announcement of the establishment of a medium term
(a) Entitlement date for the proposed Final Single-Tier notes (“MTNs”) programme with an aggregate nominal
Dividend in respect of the financial year ended 31 value of RM10.0 billion by Genting RMTN Berhad
December 2018; (“GRMTN”), a wholly owned subsidiary of the Company
and guaranteed by the Company (“MTN Programme”).
(b) Proposed renewal of shareholders’ mandate for
recurrent related party transactions of a revenue
or trading nature; and
(c) Proposed renewal of authority for the Company to

purchase its own shares.

26 CORPORATE DIARY
2019
14 OCTOBER 2019 31 DECEMBER 2019
Announcement of the entitlement date for the Interim Announcement of the following:
Single-Tier Dividend in respect of the financial year
ending 31 December 2019. (a) Appointment of Mr Tan Kong Han as an Executive
Director of the Company with effect from 1 January
8 NOVEMBER 2019 2020 and redesignated as “President and Chief
Announcement of the issuance of RM1.0 billion in Operating Officer and Executive Director” on the
nominal value of MTNs via 2 tranches under the MTN same day; and
Programme by GRMTN.
(b) Separation of the Audit and Risk Management
28 NOVEMBER 2019 Committee of the Company into two separate
Announcement of the Consolidated Unaudited Results committees namely, Audit Committee and Risk
of the Group for the third quarter ended 30 September Management Committee with effect from 31
2019. December 2019.
2020
27 February 2020
Announcement of the following:
(a) Consolidated Unaudited Results of the Group for

the fourth quarter and the Audited Results for the
financial year ended 31 December 2019; and
(b) Entitlement date for the Special Single-Tier

Dividend in respect of the financial year ended 31
December 2019.
DIVIDENDS Announcement Entitlement Date Payment

2018 Special Single-Tier – 7.0 sen per ordinary 27 February 2019 14 March 2019 8 April 2019
share
2018 Final Single-Tier – 6.0 sen per ordinary share 27 February 2019 28 June 2019 25 July 2019
2019 Interim Single-Tier – 6.5 sen per ordinary 14 October 2019 30 October 2019 18 November 2019
share
2019 Special Single-Tier – 9.5 sen per ordinary share 27 February 2020 16 March 2020 9 April 2020
2019 Proposed Final Single-Tier – 6.0 sen per 27 February 2020 To be announced^ To be announced^*
ordinary share
^ To be announced when the date of the Fifty-Second Annual General Meeting (“52nd AGM”) is fixed after taking into
consideration the situation of the COVID-19 outbreak.
* Upon approval of shareholders at the 52nd AGM.

FINANCIAL 27
HIGHLIGHTS
2019
REVENUE MARKET CAPITALISATION
RM21.6 billion RM23.3 billion

2018: RM20.9 billion AS AT 31 DECEMBER 2019
EBITDA TOTAL EQUITY

2018: RM8.1 billion 2018: RM57.4 billion
NET PROFIT TOTAL ASSETS EMPLOYED

2018: RM2.4 billion 2018: RM96.1 billion
REVENUE EBITDA
RM million RM million
25,000 10,000
21,616.5
20,025.7 20,853.0 8,137.1
20,000 18,365.8 8,000 7,883.0
18,100.4 7,061.1
6,210.2 6,142.6
15,000 6,000
10,000 4,000
5,000 2,000
0 0
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Year Year
US & bahamas
US & bahamas RM257.6m
Others RM1,571.2m 3%
UK & EGYPT
RM1,878.1m 7% RM200.9m
9% Others
3%
UK & EGYPT RM250.5m
RM1,686.7m 3%
8% Malaysia
Singapore REVENUE BY EBITDA BY RM3,544.3m
RM7,541.1m LOCATION Singapore LOCATION 45%
35% RM3,629.7m
46%
malaysia
RM8,939.4m
41%

28
FIVE-YEAR
SUMMARY
FINANCIAL SUMMARY 2019 2018 20171 20162 20152
Amounts in RM million unless otherwise stated
Revenue 21,616.5 20,853.0 20,025.7 18,365.8 18,100.4
EBITDA 7,883.0 8,137.1 7,061.1 6,142.6 6,210.2

Profit before taxation 4,582.6 3,418.4 4,309.9 5,459.5 3,296.9
Taxation (901.5) (974.5) (1,068.4) (981.7) (844.3)
Profit for the financial year 3,681.1 2,443.9 3,241.5 4,477.8 2,452.6
Profit attributable to equity holders of the Company 1,995.8 1,365.6 1,444.7 2,120.6 1,272.9
Share capital 3,056.2 3,056.2 2,818.7 375.0 374.3

Treasury shares (221.2) (221.2) (221.2) (221.2) (219.6)
Retained earnings 34,130.2 33,057.3 31,606.4 24,672.5 22,387.8
Other reserves (1,633.0) (1,618.6) (416.0) 9,182.7 9,329.2
35,332.2 34,273.7 33,787.9 34,009.0 31,871.7
Perpetual capital securities of a subsidiary - - - 7,144.9 7,071.5
Non-controlling interests 23,941.8 23,114.5 23,313.0 23,550.4 22,884.2
Total equity 59,274.0 57,388.2 57,100.9 64,704.3 61,827.4
Long term borrowings 29,390.2 25,163.5 24,950.2 15,745.0 17,017.4
Short term borrowings 2,739.8 4,061.0 2,229.1 2,219.6 1,487.3
Lease liabilities 929.4 - - - -
Total capital 92,333.4 86,612.7 84,280.2 82,668.9 80,332.1
Property, plant and equipment 41,303.9 38,996.0 36,261.4 34,783.6 32,963.5

Land held for property development 367.6 370.7 378.8 378.9 359.7
Investment properties 1,690.2 1,995.2 1,965.3 2,099.6 2,070.7
Leasehold land use rights - 664.6 641.0 495.8 387.1
Intangible assets 5,739.6 5,677.1 5,903.8 6,527.4 6,666.6
Rights of use of oil and gas assets 3,376.4 3,544.2 3,608.1 4,069.7 3,881.2
Rights of use of lease assets 4,252.4 - - - -
Associates 1,322.5 710.8 720.2 1,023.3 1,200.8
Available-for-sale financial assets - - 1,957.4 2,117.0 2,303.0
Financial assets at fair value through other
comprehensive income 1,051.7 514.3 - - -
Financial assets at fair value through profit or loss 947.2 679.6 - - -
Other non-current assets 5,714.4 6,421.2 7,410.6 7,802.0 6,276.1
Total non-current assets 65,765.9 59,573.7 58,846.6 59,297.3 56,108.7
Current assets 36,250.5 36,567.7 34,766.0 32,245.7 32,416.0
Total assets 102,016.4 96,141.4 93,612.6 91,543.0 88,524.7
Basic earnings per share (sen) 51.83 35.58 38.27 57.00 34.24
Net dividend per share (sen) 22.0 21.50 21.50 12.50 3.50
Dividend cover (times) 2.4 1.6 1.8 4.6 9.8
Current ratio 3.84 3.61 4.18 4.05 4.65
Net assets per share (RM) 9.18 8.90 8.83 9.13 8.57
Return (after tax and non-controlling interests)
on average shareholders’ equity (%) 5.73 4.01 4.26 6.44 4.38
Market share price

- highest (RM) 7.53 9.79 9.98 9.76 9.25
- lowest (RM) 5.61 5.98 7.92 7.07 6.68
Notes: 1. Restated following the first time adoption of Malaysian Financial Reporting Standards (“MFRS”) framework.
2. The comparatives have not been restated for the first-time adoption of the MFRS framework and reclassifications made
in 2018.

MANAGEMENT’S DISCUSSION AND 29
ANALYSIS OF BUSINESS OPERATIONS

AND FINANCIAL PERFORMANCE
GROUP BUSINESSES AND STRATEGIES be added to Resorts World Genting’s extensive portfolio of
entertainment offerings. Resorts World Genting welcomed
The Genting Group, which had its origin in 1965 as a 28.7 million visitors in 2019 (2018: 25.9 million) with 24%
family holiday resort development in Genting Highlands, of visitors comprising hotel guests and the remaining 76%
Malaysia has grown steadily over the years to become a being day trippers.
diversified global corporation that it is today. The Group’s
activities are principally in leisure, hospitality, gaming and In the United Kingdom, Genting Malaysia owns and
entertainment, development and operation of integrated operates over 40 casinos, making it one of the largest
resort, oil palm plantations, power generation, oil and gas, leisure and entertainment businesses in the country.
property development, life sciences and biotechnology Genting Malaysia also operates an online gaming platform
activities and other investments. The businesses are spread comprising an online casino and sports book operation
across Malaysia, Singapore, the United States of America, which provides customers with a seamless multi-channel
Bahamas, the United Kingdom, Egypt, China, Indonesia gaming experience. Additionally, Genting Malaysia operates
and India. The Group comprises four public companies Resorts World Birmingham, the first integrated leisure
listed on the stock exchanges of Malaysia and Singapore complex of its kind in the United Kingdom, offering
– namely Genting Berhad, Genting Malaysia, Genting gaming and entertainment facilities, retail and dining
Plantations and Genting Singapore. Over 55,000 people outlets and a 182-room four-star hotel. In the Middle East,
are employed worldwide and the Group has 242,800 Crockfords Cairo, an exclusive casino nestled within the
hectares of plantation land. posh surroundings of The Nile Ritz-Carlton Hotel in Cairo,
is Genting Malaysia’s first venture into the region. In 2019,
Genting Singapore operates predominantly in Asia with Genting Malaysia acquired Authentic Gaming Limited, an
its main business in leisure and hospitality operations in online gaming specialist, to expand Genting Malaysia’s
Singapore where the development and operation of an online gaming offering through the utilisation of Authentic
integrated resort contributes most of its revenue. Genting Gaming Limited’s innovative streaming technologies to
Singapore will continue with the process of bidding for bring together the offline and online gaming experiences
the “Japan IR opportunity” whereby its shareholders have for customers.
approved an investment amount not exceeding USD10
billion for the development, operation and/or ownership In the United States of America, Genting Malaysia’s
of an Integrated Resort in Japan. Going forward, Genting Resorts World Casino New York City is the first and only
Singapore will continue to engage in the ongoing Request- video gaming machine facility in New York City which
for-Concept by Yokohama and focus the efforts and welcomed 8.0 million visitors in 2019 (2018: 7.7 million)
resources to deliver a compelling proposal which will and Resorts World Catskills is a premium destination resort
make Yokohohama a must-visit tourism destination with which is situated within the scenic Catskills Mountains.
particular prominence in MICE and leisure. Both properties collectively offer the ultimate gaming,
hospitality and entertainment experience, featuring live
Genting Malaysia is committed towards providing the most table games casino, over 400 rooms across 2 hotels, video
delightful and memorable experience to its customers to gaming machines, a diverse choice of bars and restaurants,
achieve its vision of becoming the leading integrated resort as well as a variety of shows and events. Additionally,
operator in the world. Its key focus and initiatives include its Genting Malaysia has embarked on an expansion project at
continued leveraging on existing quality assets to grow key Resorts World Casino New York City to expand its facilities
business segments and improve overall yield contributions, and attractions, including the development of a new 400-
strengthening Genting Malaysia’s position in the United room hotel.
Kingdom and capitalising on synergies between Resorts
World Casino New York City and Resorts World Catskills In Miami, Genting Malaysia owns the 527-room Hilton
to drive business volume and enhance overall margins of Miami Downtown which sits on 30 acres of prime freehold
Genting Malaysia’s United States of America’s operations waterfront land. In the Bahamas, Genting Malaysia operates
as well as to realise Resorts World Catskills’ full potential. Resorts World Bimini, which features a casino, The Hilton at
Resorts World Bimini, restaurants and bars, various resort
Resorts World Genting is a premier leisure and entertainment amenities as well as the largest yacht and marina complex
resort in Malaysia. It is equipped with about 10,500 on Bimini island.
rooms spread across 7 distinct hotels, theme parks and
entertainment attractions, dining and retail outlets as well Genting Plantations continues to explore opportunities
as international shows and business convention facilities. to expand through value-accretive investments for future
The transformation at Resorts World Genting has seen growth while progressively planting new areas in existing
Genting Malaysia introducing a plethora of new facilities landbank for its Plantation Division. At the same time, it is
and attractions which include First World Hotel Tower 3, intent on managing cost and yield improvement through
the Awana Skyway cable car system, Crockfords Hotel, new better agronomic practices, innovative technology and
attractions in the SkyAvenue entertainment complex and operational efficiency. For the Property Division, Genting
First World Plaza as well as the new Skytropolis Indoor Plantations continuously identifies and develops its
Theme Park. Genting Highlands Premium Outlets (a joint strategically-located landbank for property development.
venture between Genting Plantations and Simon Property Its Downstream Manufacturing Division produces
Group) at the mid-hill further complements the new and downstream products which are synergistic to the core
existing offerings at Resorts World Genting. Additionally, plantation business as part of Genting Plantations’ strategy
the highly anticipated new outdoor theme park will soon to further enhance its competitive strengths.

30 MANAGEMENT’S DISCUSSION AND ANALYSIS OF
BUSINESS OPERATIONS AND FINANCIAL PERFORMANCE
Our unlisted entity, Genting Energy, undertakes the Revenue from the Plantation Division increased by 20%
Group’s power generation and oil & gas businesses. In in 2019 mainly due to higher sales volume attained by the
Indonesia, Genting Energy has a 55% stake in the 660 Downstream Manufacturing segment. Fresh fruits bunches
megawatt supercritical coal-fired Banten power plant production grew in 2019, contributed by its Indonesia
(Phase I) which commenced operation in 2017. It continued operations on the back of increased harvesting area and
to achieve more than 90% availability factor and contributed better age profile.
positively throughout 2019. In China, Genting Energy has a
49% interest in two power plants in Meizhou Wan, Putian, Revenue from the Power Division declined in 2019 mainly
Fujian. Meizhou Wan Phase 1 comprises 2x393 megawatt due to lower net generation from the Banten power plant in
coal-fired power units (“MZW 1”) and Meizhou Wan Phase 2 Indonesia and lower coal prices.
comprises 2x1,000 megawatt ultra-supercritical coal-fired
power units (“MZW 2”). MZW 1 and MZW 2 underwent an Despite higher average oil prices achieved in 2019, revenue
internal merger exercise in 2019 and merged into a single from the Oil & Gas Division decreased mainly due to lower
project company, namely SDIC Genting Meizhou Wan production.
Electric Power Company Limited. This exercise is expected
to improve the operational efficiency of the power plants. Costs and expenses
In the Oil and Gas Division, Genting Energy has a 49% The costs and expenses before finance costs and share of
working interest in the Petroleum Contract for the results in joint ventures and associates of the Group in 2019
Petroleum Exploration, Development and Production in totalled RM17,304.8 million compared with RM17,709.2
Chengdaoxi Block in the shallow waters of Bohai Bay, million in 2018. The lower costs and expenses in 2019 were
China. There are plans to drill 3 new wells in 2020 to mainly due to the following:
maintain future oil production output. Development work
continues for the Kasuri Block in West Papua, Indonesia. a) Impairment losses of RM404.6 million in 2019
The production of natural gas from this block will be compared with RM2,008.5 million in 2018. The
supplied to a petrochemical plant in West Papua which is to impairment losses in 2018 related mainly to the
be built by a third party. The front end engineering design impairment loss of RM1,834.3 million on Genting
work continues for the Kasuri Block and is targeted to Malaysia’s investment in the promissory notes issued
complete in the first half of 2020. by the Mashpee Wampanoag Tribe.
b) Cost of sales increased from RM13,029.9 million in

FINANCIAL REVIEW
2018 to RM14,325.4 million in 2019, an increase of
RM1,295.5 million. The increase came mainly from
Revenue
higher casino duty for Resorts World Genting’s
operations in Malaysia. Higher cost of sales was also
The Group generated a total revenue of RM21,616.5 million
recorded from Genting Plantations’ Downstream
for the financial year 2019 compared with RM20,853.0
Manufacturing segment due to the higher sales volume
million for the financial year 2018, an increase of 4%.
achieved.
Total revenue in 2019 from the Leisure & Hospitality
c) Selling and distribution costs increased marginally
Division grew by 2% over the previous financial year.
from RM452.5 million in 2018 to RM475.5 million in
Revenue from Resorts World Sentosa was comparable to
2019, an increase of RM23.0 million.
the previous financial year 2018, with a marginal drop of 1%
in 2019. The increased revenue of 7% recorded by Resorts
d) Administration expenses increased from RM1,459.4
World Genting in 2019 was mainly due to an improved
million in 2018 to RM1,706.3 million in 2019, an
hold percentage in the mid to premium players segments.
increase of RM246.9 million. The increase was mainly
However, overall business volume from the gaming
due to Genting Malaysia as a result of higher payroll
segment declined due to a reduction in incentives offered
costs from the operations of Resorts World Casino New
to the players as part of cost rationalisation initiatives. The
York City.
higher revenue was also attributable to the non-gaming
segment which increased by 39% compared with 2018.
e) Other expenses of the Group decreased from RM546.0
Revenue from the leisure and hospitality businesses in the
million in 2018 to RM404.4 million in 2019, a decrease
United Kingdom and Egypt fell by 6% mainly due to lower
of RM141.6 million.
hold percentage from its premium gaming segment in the
United Kingdom and lower revenue from Cairo, Egypt. The
f) Other gains of RM11.4 million in 2019 compared with
leisure and hospitality businesses in the United States of
other losses of RM212.9 million in 2018. Other gains/
America and the Bahamas recorded an increase of 6% in
losses comprise net exchange gain/loss and net
revenue mainly due to the stronger US Dollar exchange
fair value gain/loss on financial assets at fair value
rate to the Malaysian Ringgit in 2019.
through profit or loss as well as derivative financial
instruments.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF 31
Other income Taxation
Other income of the Group increased from RM1,149.9 Tax expense of the Group decreased from RM974.5 million
million in 2018 to RM1,272.7 million in 2019. Other income in 2018 to RM901.5 million in 2019. The decrease arose
in 2019 included one-off gains totalling RM270.8 million mainly from Genting Singapore in line with its lower profit
arising from the disposals of a subsidiary and investment in 2019 as well as adjustments made by certain companies
properties in the United Kingdom by Genting Malaysia. in the Group in respect of over provision of tax and deferred
tax in prior financial years.
Adjusted EBITDA1
Profit attributable to equity holders of the Company
The Group’s adjusted EBITDA excludes the effects of non-
recurring items from the operating segments, such as The profit attributable to equity holders of the Company
net fair value gain or loss on financial assets, gain or loss increased by 46% from RM1,365.6 million in 2018 to
on disposal of assets, assets written off, gain or loss on RM1,995.8 million in 2019.
changes in shareholding in joint ventures and associates,
project costs written off, reversal of previously recognised Liquidity and capital resources
impairment losses, impairment losses, share-based
payment expenses and pre-opening and development The Group’s capital expenditure and working capital
expenses. requirements have been financed by cash generated from
operations as well as short-term and long-term debts
The Group’s adjusted EBITDA declined from RM8,137.1 provided by third party banks and debt investors.
million in 2018 to RM7,883.0 million in 2019. Except for the
leisure and hospitality businesses in the United Kingdom Cash and cash equivalents of the Group decreased
and Egypt and the Property Division, all other business marginally from RM30,987.9 million as at 31 December
segments reported lower EBITDA. The improved EBITDA 2018 to RM30,282.2 million as at 31 December 2019.
from the leisure and hospitality businesses in the United
Kingdom and Egypt arose mainly from the impact of the Net cash generated from operating activities was
adoption of MFRS 16 “Leases”. RM6,792.4 million in 2019 compared with RM6,830.3
million in 2018. Net cash used in investing activities of
Resorts World Sentosa’s EBITDA declined marginally RM6,845.1 million in 2019 was higher compared with
in 2019 as its business was challenged by geopolitical RM4,417.9 million in 2018. The increase arose mainly from
uncertainties and economic volatilities. Despite higher higher amounts incurred on property, plant and equipment,
revenue, EBITDA from Resorts World Genting declined in primarily from the construction of Resorts World Las Vegas
2019 mainly due to higher casino duty, as a result of duty on the Las Vegas Strip in the United States of America.
rate hike. EBITDA from the Plantation Division was lower in Genting Malaysia had also incurred amounts attributable
2019 mainly due to lower contribution from the Plantation to development works relating to Genting Integrated
segment. However, the decline was mostly cushioned Tourism Plan, expansion works at Resorts World Casino
by a notable improvement in the performance of the New York City and the acquisition of superyacht, Tranquility.
Downstream Manufacturing segment.
Net cash outflow from financing activities in 2019
The lower EBITDA from the Power Division in 2019 was amounted to RM630.8 million compared with RM1,262.4
due to the impact of lower revenue and impairment loss on million in 2018. Total proceeds in 2019 from bank
receivable from a power plant in India. borrowings and issuances of Medium Term Notes
amounted to RM11,566.4 million (2018: RM3,775.3 million)
Net foreign exchange gain on net foreign currency which included the issuances of USD1.0 billion Senior
denominated financial assets was recorded in 2019 Notes by Resorts World Las Vegas LLC and RWLV Capital
compared with net foreign exchange loss in 2018. Inc. and USD775.0 million Secured Senior Notes by LLPL
Capital Pte Ltd. Repayment of borrowings and payment of
Finance cost transaction costs in 2019 amounted to RM8,699.5 million
(2018: RM2,221.5 million).
The Group’s finance cost in 2019 increased from RM1,013.1
million to RM1,097.0 million mainly due to Genting Malaysia Total borrowings of the Group increased from RM29,224.5
from the finance costs incurred on certain projects under million as at 31 December 2018 to RM32,130.0 million as
the Genting Integrated Tourism Plan which were completed at 31 December 2019. The increase arose mainly from the
during 2019 and were no longer capitalised. These were issuances of the USD1.0 billion Senior Notes and USD400.0
partially mitigated by lower finance cost from Genting million term loan facility by Resorts World Las Vegas LLC
Singapore which arose from the voluntary full repayment and RWLV Capital Inc. in April 2019.
of its outstanding senior secured credit facilities in April
2019.
1
Adjusted earnings before interest, tax, depreciation and amortisation

32 MANAGEMENT’S DISCUSSION AND ANALYSIS OF
The Group’s capital expenditure in respect of property, plant With the COVID-19 outbreak that has created massive
and equipment incurred in 2019 amounted to RM7,330.1 disruption to the travel and tourism industries, Genting
million, mainly attributable to construction works relating Singapore is generally pessimistic about the outlook for
to Resorts World Las Vegas, development works relating the first half of 2020. Resorts World Singapore will embark
to Genting Integrated Tourism Plan undertaken by Resorts on a stronger productivity drive and utilise this period to
World Genting, expansion works at Resorts World Casino refresh and develop its offerings.
New York City and the acquisition of the superyacht,
Tranquility. In the United Kingdom, Genting Malaysia endeavours to
continue delivering sustainable performance by focusing
Gearing on strengthening its position in the mass market segment.
Additionally, Genting Malaysia will review its operations
The gearing ratio of the Group as at 31 December 2019 was on an ongoing basis to identify streamlining opportunities
36% compared with 34% as at 31 December 2018.This ratio to improve overall business efficiency. This includes
is calculated as total debt divided by total capital. Total debt, leveraging Genting Malaysia’s revamped online interactive
which is calculated as total borrowings plus lease liabilities, business to enhance offline and online gaming experiences
amounted to RM33,059.4 million as at 31 December 2019 for customers.
(2018: RM29,224.5 million). Total capital is calculated as
the sum of total equity and total debt, which amounted In the United States of America, Genting Malaysia is focused
to RM92,333.4 million in 2019 (2018: RM86,612.7 million). on strengthening its position in the New York State gaming
The increase in the gearing ratio in 2019 was mainly due to market amid an increasingly competitive landscape. The
the adoption of MFRS 16 “Leases” as total debt increased ongoing expansion project at Resorts World Casino New
following the recognition of lease liabilities on 1 January York City is progressing well and Genting Malaysia is
2019. currently working towards the completion of a new 400-
room hotel which is expected to open in the second half
Prospects of 2020. Meanwhile, Genting Malaysia Group is committed
to implement various strategies to improve Resorts World
The expansion of the global economy is expected to Catskills’s operating performance as well as to capitalise
modestly improve in 2020 as market sentiments gradually on synergies between Resorts World Casino New York City
recover following potentially lower global trade tensions. and Resorts World Catskills to drive business volume at the
However, downside risks are more pronounced due resort. In the Bahamas, Genting Malaysia remains focused
to heightened global concerns over the impact of the on improving the accessibility and infrastructure at Resorts
COVID-19 outbreak on the global economy. Additionally, World Bimini to increase visitation to the property.
the concerns over protracted geopolitical tensions and
policy uncertainties remain. In Malaysia, the expansion of Genting Plantations’ prospects for 2020 will track the
the domestic economy is expected to continue at a slower performance of its mainstay Plantation segment, which
pace. is in turn dependent principally on the movements in
palm product prices and Genting Plantations’ fresh fruit
Demand for international travel is expected to decline in bunches production.
the near-term following the imposition of travel restrictions
and widespread concerns surrounding the COVID-19 The January 2020 outbreak of the COVID-19 in China has
outbreak. The regional leisure and hospitality industry will raised concerns on its impact on the outlook for global
be adversely impacted, including the gaming industry. growth and demand for palm oil, fuelling a pullback in
crude palm oil prices from a rally which started in the
Consequently, Genting Malaysia is more cautious on the fourth quarter of 2019.
near-term prospects of the leisure and hospitality industry.
In Malaysia, Genting Malaysia remains focused on the Despite the headwinds from the COVID-19 outbreak,
timely completion of the outdoor theme park as ongoing palm product prices are currently trading well above their
development works approach its final stages. Pre-opening corresponding levels in 2019. In the near term, Genting
arrangements for the theme park are currently underway Plantations expects prices also to be influenced by a
as Genting Malaysia prepares to capitalise on the growth confluence of other factors including the extent of palm
in visitation once the domestic and regional tourism sector oil supply tightness, demand for palm oil from major
recovers. Meanwhile, Genting Malaysia will keep leveraging importing countries and the implementation of higher
on its quality assets to grow key business segments and biodiesel mandates by Indonesia and Malaysia.
improve overall yield contributions at Resorts World
Genting. Additionally, Genting Malaysia will continue to Genting Plantations anticipates an overall growth in fresh
drive operational and cost efficiencies as well as optimise fruits bunches production for 2020, driven mainly by its
yield management at the resort to better manage the additional mature areas and better age profile in Indonesia.
challenging operating environment. However, crop production is expected to be moderated
by the lagged effects of dry weather conditions across
Genting Singapore will continue with the process of Malaysia and Indonesia in 2019.
bidding for the “Japan IR opportunity”. At the Extraordinary
General Meeting of shareholders held on 4 February 2020, For the Property segment, Genting Plantations will
Genting Singapore’s shareholders approved the proposal continue to offer products that cater to the broader market.
to submit one or more bids, with an investment amount not Meanwhile, the Premium Outlets will experience lower
exceeding USD10 billion, for the development, operation patronage until the concerns on the COVID-19 outbreak
and/or ownership of an IR in Japan. Following Genting subside.
Singapore’s response to Yokohama’s Request-for-Concept,
Genting Singapore is now stepping up its efforts and
deploying more resources to prepare for the Request for
Proposal process.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF 33
The outlook for the Downstream Manufacturing segment The construction of Resorts World Las Vegas has
in 2020 will be challenging due to the unfavourable palm progressed well. As of 27 February 2020, Resorts World
oil-gas oil spread, the COVID-19 outbreak and import Las Vegas has nearly completed the installation of the
restrictions on refined palm oil in India which will likely lead exterior glass for both the West and East Towers and has
to softer demand for its products. dismantled three of the five tower cranes. Structural steel
construction has been completed for the low-rise casino
The operational availability and efficiency of the Banten
podium with framing and drywall continuing on all levels.
power plant in Indonesia are expected to be stable. The
earnings from the Jangi wind farm in Gujarat, India are Foundations for the Retail Promenade have been completed
expected to be stable despite seasonal factors when the with structural steel and concrete edifices being erected.
peak period falls between May to August. The North Garage has been substantially completed. Total
development and land costs incurred as at 31 December
The continuous concerns arising from the COVID-19 2019 were approximately USD1.9 billion.
outbreak had an indirect negative impact on the global oil
prices, where Brent crude prices had dropped drastically Resorts World Las Vegas will combine traditional and
from USD69/barrel in early January 2020 to USD52/ modern architecture weaving a new luxury hotel experience
barrel as at 27 February 2020 since the outbreak. Despite into the fabric of Las Vegas with Asian-inspired touches,
the negative outlook in global oil prices, Chengdaoxi block progressive technology and world-class guests service.
carries low-sulfur oil profile and its revenue is expected to Updated plans for the USD4.3 billion luxury resort-casino
improve marginally following the revision in International included new amenities such as a 5,000-capacity state-of-
Maritime Organisation’s global sulfur limit since 1 January the-art theatre scalable to host A-list celebrity residencies
2020, which is noticeable from the higher local selling and corporate events; a dynamic 75,000-square-foot
price compared to international Brent crude price since nightlife and daylife concept; a 50-foot diameter video
September 2019. globe which will display over 6,000 square feet of
captivating LED content; and additional luxury suites, villas
With the approval from the Ministry of Energy and Mineral and penthouses with individual lobby experiences, open
Resources of Indonesia on the Plan of Development for the balconies and a sky casino.
Kasuri block, Genting Oil Kasuri Pte Ltd had commenced
the front end engineering design work since the third Resorts World Las Vegas and Hilton have partnered to
quarter of 2019 and is expected to complete by the second bring three of Hilton’s premium brands together for the
half of 2020. Utilising 1.7 trillion cubic feet of discovered first time when the integrated resort opens in Summer
gas reserves, Genting Oil Kasuri Pte Ltd plans to supply 2021. The partnership marks Hilton’s largest multi-brand
about 170 million cubic feet per day of natural gas for 20 deal in its company history. The three Hilton premium
years to a petrochemical plant in West Papua, which is in brands to be included in Resorts World Las Vegas are Hilton
the plan and will be built by a third party. Hotels & Resorts, LXR Hotels & Resorts and Conrad Hotels
& Resorts, as well as the Hilton Honors loyalty programme.
Updates (7 April 2020)
The paragraphs below supersede in full all the paragraphs above under the header “Prospects”. Shareholders should not rely
on the preceding section under Prospects but should instead refer to the two paragraphs below for the Group’s prospects.
The COVID-19 outbreak has evolved into a global pandemic, adversely affecting economies worldwide due to the widespread
imposition of travel restrictions, constraints on the movement of people and the suspension of many business operations to
curb the spread of this virus. The Group has temporarily suspended most of its operations in Malaysia since 18 March 2020,
in compliance with the Movement Control Order (“MCO”) announced by the Prime Minister of Malaysia on 16 March 2020.
Similarly, as required by the respective authorities, most of the Group’s worldwide operations are temporarily closed until
further notice to curb the spread of COVID-19.
These are unprecedented and extremely challenging times for the Group. The spread of the COVID-19 threat and its impact
on economies worldwide are major concerns globally and to the Group. As at the date of this update, the MCO is still in force
in Malaysia and the Singapore Government has announced the implementation of COVID-19 circuit breaker measures to
pre-empt escalating COVID-19 infections. These circuit breaker measures will come into effect on 7 April 2020. Crude palm
oil prices have been volatile and are expected to remain volatile as more countries go into lockdown due to the COVID-19
outbreak. In addition, oil prices have been volatile and are expected to remain highly volatile. The situation globally will
remain fluid as world-wide governments’ responses to the COVID-19 pandemic continue to evolve rapidly to contain the
outbreak. Given these unprecedented times of uncertainty, it is not prudent at this time to issue any statement on the
Group’s prospects.

34
2019
HIGHLIGHTS
GENTING SINGAPORE
www.gentingsingapore.com
Genting Singapore owns and operates Resorts World Sentosa (www.rwsentosa.com) in Singapore, one of the largest
fully integrated resorts in Southeast Asia. Since its opening in 2010, Resorts World Sentosa has played a pivotal role in
transforming the tourism landscape in Singapore. Its world-class leisure and hospitality attractions welcomed around 20
million visitors in 2019.
1 1 RWS 2.0 – THE EXCITING JOURNEY

FORWARD
Resorts World Sentosa announced RWS 2.0, its
SGD4.5 billion mega expansion plan in April 2019.
Exciting lifestyle offerings will be unveiled in phases
from 2021 to 2025 such as ‘Once A Pirate’ - an
immersive dining adventure, Singapore Oceanarium,
two highly themed and immersive environments
at Universal Studios Singapore - Minion Park and
Super Nintendo World and a new Waterfront Lifestyle
Complex comprising two new destination hotels.

2019 HIGHLIGHTS 35
2 SUSTAINABILITY EFFORTS 3 BEST INTEGRATED RESORT

CONTINUE AWARD FOR THE NINTH
Following its move to go ‘strawless’ in 2018, Resorts CONSECUTIVE YEAR
World Sentosa continued its sustainability push Resorts World Sentosa won Best Integrated Resort
towards a further reduction in plastic waste by at the 30th Annual Travel Trade Gazette Travel
phasing out single-use plastic bottles across its five Awards 2019 for the 9th consecutive year and Best
themed attractions, dining establishments, MICE Integrated Resort (Asia Pacific) at the Travel Weekly
events and all of its hotels in 2019. This move would Asia 2019 Readers’ Choice Awards for the 5th
reduce marine plastic pollution, saving over 6.7 million consecutive year. These accolades represent a strong
plastic bottles a year. In recognition for its continuous validation by the travel trade community on Resorts
sustainability efforts, Resorts World Sentosa received World Sentosa’s ability to distinguish itself from the
the Top Achievement Award (MNC) at the SPA Awards regional competitors with its unrivalled offerings and
2019 by the Singapore Packaging Agreement for the exceptional service.
second consecutive year.
2 3
4 4 BEST MEETINGS/INCENTIVES
ORGANISER AWARD
Resorts World Sentosa won the Best Meetings/
Incentives Organiser Award at the Singapore Tourism
Awards 2019, for the first time. This is an affirmation
of Resorts World Sentosa’s leadership in delivering
outstanding MICE events that effectively blend
business and leisure in one lifestyle destination,
complemented with unparalleled hospitality and
service.

36 2019 HIGHLIGHTS
5 WINE PINNACLE AWARDS 2019 6 table65 RECEIVED ONE MICHELIN

Resorts World Sentosa celebrated top wines of the STAR
world with the inaugural Wine Pinnacle Awards 2019, Resorts World Sentosa’s table65, a fine-casual
presented by Genting Singapore. It was a three-day celebrity chef restaurant helmed by Chef Richard van
celebration of excellence and diversity in the world of Oostenbrugge, was awarded one Michelin star in the
wines at the first-ever nomination-based awards. The Michelin Guide Singapore 2019 within its first year of
GREAT Wine & Dine held in tandem also featured sake opening.
breweries from Japan.
5 6
7 SESAME STREET’S 50th ANNIVERSARY 7
CELEBRATION AT UNIVERSAL
STUDIOS SINGAPORE
A huge birthday bash commemorating the 50th
anniversary of the beloved children’s series, Sesame
Street, was held at Universal Studios Singapore from 8
March to 28 April 2019, with interactive shows, character
appearances and colourful displays at Universal Studios
Singapore.

2019 HIGHLIGHTS 37
GENTING MALAYSIA
www.gentingmalaysia.com
Genting Malaysia owns and operates properties such as Resorts World Genting in Malaysia, Resorts World Birmingham
and other casinos in the United Kingdom, Resorts World Casino New York City and Resorts World Catskills in the
United States and Resorts World Bimini in the Bahamas, Crockfords Cairo in Egypt as well as two seaside resorts in Malaysia –
Resorts World Kijal and Resorts World Langkawi.
1 RESORTS WORLD GENTING

www.rwgenting.com
Located at 6,000 feet above sea level and surrounded by scenic mountain views, Resorts World Genting is one of
Malaysia’s top tourist destinations offering non-stop leisure and entertainment. The resort recorded 28.7 million
visitors in 2019 (2018: 25.9 million) comprising 24% hotel guests and 76% day trippers. Its hotels namely Genting
Grand, Maxims, Crockfords Hotel, Resort Hotel, Theme Park Hotel and First World Hotel recorded an overall occupancy
rate of 95% in 2019 (2018: 97%).
Resorts World Genting achieved multiple key milestones and accolades in 2019. Through the Genting Integrated
Tourism Plan, Resorts World Genting’s vision has expanded the breadth and quality of its non-gaming propositions,
in addition to successfully transforming the hospitality and entertainment landscape in the country. Home to world-
class attractions, service excellence and top-notch facilities, Resorts World Genting is poised to set the benchmark for
next-level exclusivity and become the entertainment capital of Southeast Asia.

38 2019 HIGHLIGHTS
2 THE LAUGHING FISH 3 CNY IN THE SKY

BY HARRY RAMSDEN Resorts World Genting welcomed the 2019 Lunar New
In January 2019, The Laughing Fish by Harry Year in bright colours and lavish decorations as guests
Ramsden brought its world-famous Fish & Chips to were treated to unforgettable experiences that were
Resorts World Genting. An icon in the British dining both distinctive and delightful. The 15-day event at
scene, The Laughing Fish located at High Line Street the resort featured a plethora of fun-filled activities
invites patrons to authentic Western meals, be it dine- and spectacular shows including star-studded
in or quick ‘chippy’ takeaway. The signature Fish & concerts, award-winning lion dance performances,
Chips remains a crowd favourite thanks to its unique festive appearances by Pikachu and friends, as well
cooking methods and recipes. The outlet also features as various delectable treats for the whole family. The
a decor reminiscent of the quintessential British pub stunning celebrations were a resounding success,
scene, complemented by lively music bands that play with Resorts World Genting achieving a record-
regularly in the evening. Where good ol’ British charm breaking 150,000 visitor arrivals in one day for the
meets the authentic taste of the United Kingdom, festivities.
patrons can enjoy unique dining experiences befitting
Resorts World Genting’s ever-expanding customer
base.
3
4 CROCKFORDS HOTEL
– A STAR IS BORN 4
Crockfords Hotel was conferred the prestigious

Forbes Travel Guide Five-Star award in February 2019,
making it the first and only hotel in Malaysia to have
received the accolade. Accorded exclusively to hotels
demonstrating exemplary service in distinct, elegant
surroundings, this recognition by the Forbes Travel
Guide is testament of the Resorts World Genting’s
unwavering promise to deliver exceptional service
standards to meet the highest levels of demands in
the hospitality industry.

2019 HIGHLIGHTS 39
5 LAUNCH OF THE ALL-NEW RWG 6 THE DARK KNIGHT RISES AT

MOBILE APP RESORTS WORLD GENTING
Unveiled in March 2019, the all-new RWG Mobile Ardent fans of Batman celebrated the Caped
App was launched as part of Genting Malaysia’s Crusader’s 80th anniversary in style as Resorts
vision to transform the Resorts World Genting World Genting hosted Southeast Asia’s first and
customer experience in the digital space. Visitors can largest event in a 2-month bonanza from May
conveniently access all information they need about 2019 to commemorate this milestone. Guests were
the resort from their mobile devices, and plan a fuss- treated to an exciting array of exclusive interactive
free, memorable trip using Trip Planner, a dynamic activities including special theatrical engagements
smart feature which helps users plan, purchase and and one-of-a-kind exhibitions. Visitors also enjoyed
organise their stay in the resort from a single mobile an immersive narrative of the Dark Knight’s legacy at
platform. SkySymphony, which were displayed through kinetic
winch technology and breathtaking audio-visual.
5 6
7 FUHU BY ZOUK
FUHU at Resorts World Genting is a toast for all
senses. A vibe dining restaurant created by the
Zouk Group’s passionate leadership team, FUHU
introduces a funky modern twist to traditional Chinese
cuisine, complemented by a variety of creative
Southeast Asian-inspired cocktails while diners
enjoy themselves amidst an eclectic atmosphere
of visually stunning artwork and electrifying house
music. Located at the Zouk Atrium of SkyAvenue, the
opening of FUHU in July 2019 makes Zouk Genting a
8 STARLIGHT CARNIVAL
one-stop entertainment centre that promises guests Lighting up October weekends with vibrant
an unforgettable nightlife affair. entertainment under idyllic starlit skies, the inaugural
Starlight Carnival marked the first official public event
held at Resorts World Genting’s spanking new Central
Park. The attractions at the carnival were varied and
entertaining – from a lakeside open air cinema and
an outdoor funfair, to a wide-ranging food truck park
and the exclusive Oktoberfest Hall to celebrate the
Bavarian festival, guests were spoilt for choice at
the bevy of activities which offered all-night music,
revelry and merrymaking.

40 2019 HIGHLIGHTS
9 ALL ABOARD THE TRAIN TO BUSAN 10 SKY VR

Themed after the blockbuster South Korean movie Get ready to be teleported into different dimensions
on zombie apocalypse came the world’s first Train with Sky VR, Resorts World Genting’s newest state-
to Busan Horror House Experience at Resorts World of-the-art virtual reality (“VR”) attraction. Utilising
Genting. Launched in conjunction with Halloween, the latest cutting-edge technology, Sky VR features
the two-month attraction featured a unique blend five original thrill rides that guarantee an exhilarating
of horrific thrills and bloodcurdling fun as visitors experience which transcends the boundaries of time,
navigate through horror houses, zombie-ravaged distance and physical limitations – the XD Theater,
train stations and abandoned convenient stores, VirtuGlobe, RoboCoaster, VORTEX and SkyGlider
all whilst fending off the undead to complete their VR. Launched in December 2019, Sky VR is the
mission – to enter the safe haven of Busan. In the latest addition to Resorts World Genting’s expanding
spirit of celebrating all things Korean, K-Fans were portfolio of VR attractions, in line with its aim of being
also invited to indulge at Seoul Retail Street that the ultimate destination for VR experiences in Asia.
featured the best of Korean cuisine and K-pop culture.
9 10
11 11 A WINTER WONDERLAND AT
RESORTS WORLD GENTING
Decked in bright lights and warm glows, Resorts
World Genting brought year end festive cheer when it
transformed into a Winter Wonderland complete with
mock snow-capped cottages, ice skating, Christmas
treats and songs by Yuletide singers. Guests were
free to explore Central Park, which featured a brightly
decorated 30-feet Christmas tree and various
delights on offer at the European Christmas Market.
The festivities continued indoors at SkySymphony
with the premiere of Genting Studios’ original
production “Snowball Express” which took viewers on
an enchanted ride to the North Pole with Genting’s
Highland Heroes. It was a memorable festive
experience to be cherished under the stars of Resorts
World Genting.

2019 HIGHLIGHTS 41
12 GENTING UK
www.gentingcasinos.co.uk

Genting UK is one of the largest casino operators in the United Kingdom with over 40 operating casinos. It owns
and operates Resorts World Birmingham, the first integrated leisure complex of its kind in the United Kingdom,
offering gaming and entertainment facilities, retail and dining outlets and a 182-room four-star hotel. Genting UK
also operates Crockfords Cairo in Egypt, an exclusive casino nestled within the posh surroundings of The Nile Ritz-
Carlton Hotel in Cairo.
Genting UK is also involved in an interactive business which operates an online gaming platform comprising an online casino
and sports book operation. It made significant investments in online interactive business in 2019 and consolidated its digital
offerings to provide a more seamless multi-channel gaming experience. Rebranded as ‘GentingBet’, the revamped website
features new exclusive content with improved functionality, design and navigation, forming part of Genting Malaysia’s
strategy to establish the brand in regulated markets in and outside of the United Kingdom. Together with its reputable
land-based gaming estate in the United Kingdom, these investments create a significant opportunity for Genting Malaysia
to continue leading the way in the live gaming space whilst leveraging innovative streaming technologies to bring together
its offline and online gaming experiences.
Genting UK has completed a multi-million

pound refurbishment to its Genting Casino
Cromwell Mint property, which has been
rebranded as Forty Five Kensington.
Following the completion of its multi-million
pound makeover in November 2019, the new
Forty Five Kensington now offers an impressive
array of gaming options and new state-of-
the-art machines, set against a sophisticated
décor of black and gold to provide chic, alluring
and exclusive environment for discerning
customers to enjoy.

42 2019 HIGHLIGHTS
13 RESORTS WORLD CASINO NEW YORK CITY

www.rwnewyork.com
Genting Malaysia operates Resorts World Casino New York City,

the first and only video gaming machine facility in New York City.
As a premier entertainment hub, it welcomed 8 million visitors in
its 8th year of operations in 2019. It remains the market leader
in terms of gaming revenue in the Northeast US region, despite
increasing competition.
The expansion project at Resorts World Casino New York City

which started in 2017 had progressed well with the opening of
additional gaming space in September 2019. There are now 6,500
video gaming machines in its facility, more games than anywhere
else in the state of New York. Genting Malaysia is working towards
the timely completion of Resorts World Casino New York City
ongoing expansion, which will enhance the property’s product
offerings and position Resorts World Casino New York City well
for future growth.

2019 HIGHLIGHTS 43
14 RESORTS WORLD CATSKILLS

www.rwcatskills.com
Genting Malaysia together with Kien Huat Realty III Limited completed the privatisation of Empire Resorts, Inc. in
November 2019, which resulted in Genting Malaysia and Kien Huat Realty III Limited indirectly owning 49% and 51%
equity interest in Empire Resorts, Inc. respectively. Since then, Genting Malaysia has executed various strategies,
including capitalising on Resorts World Catskills’ unique competitive position, to strengthen and grow its presence in
the New York State gaming market.
Nestled within the scenic surrounds of Catskills Mountains, Resorts World Catskills is the latest commercial gaming-
licensed casino in the New York State that offers an unmatched experience in excitement, entertainment and luxury
featuring a live table games casino, over 400 rooms across 2 hotels, video gaming machines and a diverse choice of
bars and restaurants.
15
15 RESORTS WORLD BIMINI

www.rwbimini.com
Resorts World Bimini is located on the beautiful island of North Bimini in the Bahamas. Just 50 miles off the coast of
Florida, the islands of Bimini are known as The Gateway to the Bahamas. The 750-acre beachfront resort and casino
features a 305-room Hilton at Resorts World Bimini with amenities such as a rooftop pool, a state-of-the-art spa,
restaurants and lounges, as well as event and meeting facilities.
Genting Malaysia remains focused on improving the accessibility and infrastructure at Resorts World Bimini, in
addition to providing more exciting offerings for visitors. This includes leveraging partnerships with renowned brands
to increase footfall and foster higher spend at the resort.

44 2019 HIGHLIGHTS
RESORTS WORLD LAS VEGAS

www.rwlasvegas.com
Resorts World Las Vegas is being developed by Genting Berhad, which has been registered as a publicly traded corporation
by the Nevada Gaming Commission. Construction for Resorts World Las Vegas, one of the largest hotel construction sites
in the United States, had progressed well in 2019 with about 1,500 construction workers on-site each day at the 88-acre
parcel of land.
As at 27 February 2020, Resorts World Las Vegas had nearly completed the installation of the exterior glass for both the
West and East Towers and dismantled three of the five tower cranes. Structural steel construction has been completed
for the low-rise casino podium with framing and drywall continuing on all levels. Foundations for the Retail Promenade
have been completed with structural steel and concrete edifices being erected. The North Garage has been substantially
completed. Total development and land costs incurred as at 31 December 2019 were approximately USD1.9 billion.
Resorts World Las Vegas will combine traditional and modern architecture weaving a new luxury hotel experience into the
fabric of Las Vegas with Asian-inspired touches, progressive technology and world-class guests service.
On 21 November 2019, Resorts World Las Vegas announced its updated plans for the USD4.3 billion luxury resort-casino.
The updated plans for the USD4.3 billion luxury resort-casino included new amenities such as a 5,000-capacity state-of-
the-art theatre scalable to host A-list celebrity residencies and corporate events; a dynamic 75,000-square-foot nightlife
and daylife concept; a 50-foot diameter video globe which will display over 6,000 square feet of captivating LED content;
and additional luxury suites, villas and penthouses with individual lobby experiences, open balconies and a sky casino.

2019 HIGHLIGHTS 45
In addition to the new entertainment venues and guest Resorts World Las Vegas and Hilton have partnered to
room enhancements, the resort is expected to feature a bring three of Hilton’s premium brands together for the
myriad of premier facilities and amenities including: first time when the integrated resort opens in Summer
2021. The partnership marks Hilton’s largest multi-brand
• Next-generation casino covering 100,000 square deal in its company history. The three Hilton premium
feet, complete with 1,400 slots, more than 150 table brands to be included in Resorts World Las Vegas are Hilton
games, 12 private gaming salons, a dedicated poker Hotels & Resorts, LXR Hotels & Resorts and Conrad Hotels
room, and 14,000-square-foot Entertainment Zone & Resorts, as well as the Hilton Honors loyalty programme.
which includes a race and sports book, featured live
entertainment and high-limit gaming areas;
• Two resort towers housing 3,500 guest rooms;
• Meeting and banquet space, covering 250,000 square

feet;
• World-class spa covering 30,000 square feet;
• Pool complex with seven unique pool experiences

covering 250,000 square feet including an infinity
pool of 1,800 square feet in size, with spectacular views
of the Las Vegas Strip;
• West Tower LED screen covering 100,000 square feet

(one of the largest LED building displays in the United
States) and East Tower LED screen covering 19,000
square feet;
• Extensive food and beverage portfolio featuring a wide

range of cuisine from authentic street food to Michelin
star dining, including concepts new to the Las Vegas
Strip.

46 2019 HIGHLIGHTS
GENTING PLANTATIONS
www.gentingplantations.com
1 Genting Plantations has a landbank of about 242,800 hectares, comprising 64,600 hectares in Malaysia and 178,200
hectares (including the Plasma scheme) in Indonesia. It owns seven oil mills in Malaysia and four in Indonesia with
a total milling capacity of 580 metric tonnes of fresh fruit bunches (“FFB”) processed per hour. Since commencing
operations in 1980, Genting Plantations has ventured into the manufacturing of downstream palm-based products,
property development and biotechnology.
SUMMARY OF OPERATIONS & LAND AREA
AREA STATEMENT
2019 2018 2017 2016 2015

HECTARES
OIL PALM
Mature 112,771 112,822 110,285 92,691 90,212
Immature 30,558 31,005 33,619 38,468 36,253
143,329 143,827 143,904 131,159 126,465
Oil Palm (Plasma)
Mature 12,088 11,552 11,446 7,756 6,454

Immature 3,766 3,746 3,852 2,271 1,909
15,854 15,298 15,298 10,027 8,363
TOTAL PLANTED AREA 159,183 159,125 159,202 141,186 134,828
Unplanted Area 77,025 81,691 81,998 113,903 99,102
Buildings, Infrastructure, etc. 6,333 6,332 6,143 6,023 5,855
Property Development 245 310 312 309 298
TOTAL LAND AREA 242,786 247,458 247,655 261,421 240,083
OPERATIONS
2019 2018 2017 2016 2015
OIL PALM
FFB Production* (mt) 2,193,814 2,083,405 1,883,945 1,614,137 1,727,138
Yield Per Mature Hectare (mt) 18.5 18.2 18.4 17.5 19.0
Average Selling Prices
Crude Palm Oil (RM/mt) 2,048 2,117 2,715 2,631 2,122
Palm Kernel (RM/mt) 1,179 1,681 2,443 2,477 1,552
*excluding Plasma

2019 HIGHLIGHTS 47
PLANTATION
2 The operating landscape of the palm oil industry 3 Genting Plantations’ FFB production recorded a 5%
showed little improvement in 2019 as crude palm oil year-on-year increase in 2019 despite the impact
price continued to be weak for most parts of the year. of the dry weather experienced in the Central and
Despite a strong price upsurge in the last quarter of Southern regions of Peninsular Malaysia during the
2019, the recovery was insufficient to have a strong first half of 2019 as well as during the third quarter of
bearing on the average price for 2019. In tandem with 2019 in Indonesia. FFB yield improved to 18.5 metric
the overall weaker tone of prices, Genting Plantations’ tonnes per hectare in 2019 compared to 18.2 metric
achieved selling prices of palm products for the year tonnes per hectare attained in the previous year.
averaged 3% and 30% lower at RM2,048 per metric
tonne for crude palm oil and RM1,179 per metric tonne
for palm kernel, when compared to the previous year.
Cemerlang Oil Mill, Indonesia
4 Genting Plantations’ oil mills recorded a moderate increase in average oil extraction rate at 21.6% in 2019, resulting
from the initiatives implemented to improve the quality of FFB despatched to its oil mills and to minimise oil losses.
Genting Plantations remains resolute in its commitment towards sustainability with further progress made in its
sustainability certification journey. Genting Jambongan Oil Mill and its supply bases received the certification by the
Roundtable of Sustainable Palm Oil (“RSPO”) in 2019, bringing the total to 7 oil mills and 19 estates audited or certified
under the scheme. All oil mills and their supply bases in Malaysia remain certified by the International Sustainability
and Carbon Certification (“ISCC”) EU and ISCC PLUS standards.
In addition, all 7 oil mills and their supply bases in Malaysia were fully certified under the Malaysian Sustainable Palm
Oil (“MSPO”) certification in 2019.
Underscoring its steadfast commitment to Environmental, Social and Governance principles, Genting Plantations had
set aside 29,213 hectares of plantation land for conservation purposes.

48 2019 HIGHLIGHTS
5 GENTING PROPERTY
Genting Property Sdn Bhd (“Genting Property”) is the property arm of Genting Plantations. Despite the prevalent
overhang and oversupply issues faced by the property market in Malaysia, Genting Property recorded higher sales in
2019 as it took on a judicious approach of launching new properties to attract broader market of potential purchasers
and promote existing inventories to pare down its carrying stocks. Its flagship township development, Genting
lndahpura contributed the bulk of Genting Property’s overall revenue with sales of RM130 million, which were mainly
generated from residential properties. Sales at Genting Pura Kencana also improved by 34% year-on-year to RM23.8
million in 2019.
Genting Pura Kencana - Double Storey House
6 7
6 JOHOR PREMIUM OUTLETS 7 GENTING HIGHLANDS PREMIUM

Johor Premium Outlets, South East Asia’s first OUTLETS
Premium Outlets Center celebrated its Official Genting Highlands Premium Outlets, the first
Opening, following the completion of its final hilltop Premium Outlets Center in the world started
phase, Phase 3, on 21 March 2019. This event, which operations in June 2017. 2019 marked its second
commemorated the fully completed Johor Premium year of operations with new stores opening such as
Outlets, was graced by His Majesty, Sultan Ibrahim Burberry and Longchamp. This iconic retail landmark
Ibni Almarhum Sultan Iskandar, Sultan of Johor. in Resorts World Genting continued to gain traction
With the opening of Phase 3, another 45,000 square in terms of operational and financial performance in
feet was added, bringing the gross leasable area to 2019.
about 310,000 square feet, with new stores such as
Bottega Veneta, Godiva, Kenzo, Outlet by Club 21,
Prada, Stuart Weitzman and The North Face.

2019 HIGHLIGHTS 49
Genting MusimMas Refinery Genting Biodiesel Plant
8 DOWNSTREAM MANUFACTURING

The low crude palm oil price environment for most
parts of 2019 worked in favour of the Downstream
Manufacturing Division of Genting Plantations,
which turned in a noteworthy performance.

Genting Plantations’ Genting MusimMas Refinery
(“GMMR”) achieved its highest capacity utilisation
of 79% since it started operation in the January
2017. This feat was made possible as it continued
to expand its market reach by leveraging on the
marketing channel established through its joint SPC Biodiesel Plant
venture partner, the Musim Mas Group as well as its
own clientele.
The refinery also successfully obtained the MSPO certification in 2019 to add to the existing certifications from RSPO,
ISCC, Hazard Analysis and Critical Control Points (“HACCP”), Makanan Selamat Tanggungjawab Industri (“MeSTI”),
halal and Kosher.
The biodiesel business also saw better performance with its capacity utilisation almost doubling to 85% in 2019
compared to 2018. The improved performance was due to the higher demand for discretionary blending as well as
mandatory blending in EU countries, resulting in export volume tripling to around 123,000 metric tonnes in 2019. With
the implementation of the B10 biodiesel mandate for the transportation sector and the B7 mandate for the industrial
sector by the Malaysian Government, Genting Plantations registered a 20% increase year-on-year for local biodiesel
demand in 2019. The biodiesel operations also successfully obtained the RSPO Supply Chain Certification as well as
made further improvements in its logistic and production planning during the course of 2019.

50 2019 HIGHLIGHTS
Oil palms at field trial plots ACGT Laboratories
9 BIOTECHNOLOGY

In 2019, the Biotechnology Division of Genting Plantations continued to create value by intensifying research and
development efforts in advancing its marker-driven high yielding planting materials and microbial solutions for
improved plant health and productivity.
In line with Genting Plantations’ sustainability commitment for increased crop productivity and efficient land use,
great emphasis is placed on the development of intellectual property (“IP”) for the production of high yielding seeds.
The DNA markers, an integral component of the IP is currently being applied in oil palm breeding programmes to
enable the selection of parental palms for high yielding seeds production with significant reduction of breeding cycle.
2019 marked a significant commercialisation milestone as Genting AgTech Sdn Bhd (“GAT”), the seed production
unit of the Division, successfully obtained a seed production licence from Malaysian Palm Oil Board. The deployment
of genomic-based technology by GAT will pave the way to differentiate its seeds with certainty of high yields as
compared to other seed producers. To date, about 500 hectares of Genting Plantations’ estates have been planted
with the high yielding planting materials produced by GAT. Encouraging yield increment has been observed compared
to conventional DxP seeds.
GAT continues to undertake research collaborations with the Department of Agriculture Sabah (“DoA Sabah”) and
IJM Plantations Berhad for field validation of its marker-assisted screening technology. Leveraging on the wider
germplasm materials available, the Division is able to initiate big data analytics to address the long breeding cycle in
oil palm with better prospect and precision.
The focus on plant health improvement through nutrient-use efficiency and disease control was prioritised through
the Biotechnology Division’s Yield BoosterTM, a flagship biofertiliser product developed by ACGT Sdn Bhd. The
determination to elevate its quality is demonstrated by the implementation of a quality control programme to ensure
that its quality is not compromised.
The efficacy of Yield Booster has been observed with positive field results displaying the increase in yield despite a
25% reduction in the application of inorganic fertiliser. With this encouraging result, additional replanting and mature
fields have been applied with Yield Booster, bringing it to a total of 900 hectares to date.

2019 HIGHLIGHTS 51
GENTING ENERGY
www.gentingenergy.com
Genting Energy comprises the power and oil & gas business activities of the Group.
1 Genting Power Holdings Limited (“Genting Power”) spearheads the power businesses of the Group. Its total gross
installed capacity is 5,137MW with net attributable operating capacity of 2,097MW from its interests in coal-fired, gas-
fired and wind power plants in Indonesia, China and India. Genting Oil & Gas Limited (“Genting Oil & Gas”) spearheads
the oil and gas businesses of the Group.
Power related assets
Oil & Gas related assets
Chengdaoxi Block, China
Lanco Kondapalli power plant, India Meizhou Wan power plant, China
Jangi wind farm, India
Kasuri Production Sharing Contract, Indonesia

Lanco Tanjore power plant, India
Banten power plant, Indonesia
2 3
2 In China, Genting Power has 49% interest in two 3 In India, Genting Power has interests in three power
power plants in Meizhou Wan, Putian, Fujian. Meizhou plants, namely:
Wan phase 1 comprising 2x393MW coal-fired power • 100% owned 91.8MW Jangi wind farm in Gujarat;
units (“MZW 1”) and Meizhou Wan phase 2 comprising • 41.6% owned 113MW Lanco Tanjore power plant
2x1,000MW ultra-supercritical coal-fired power in Tamil Nadu;
units (“MZW 2”). Genting Power co-developed MZW • 15.3% owned Lanco Kondapalli power plant in
2 power plant with SDIC Power Holdings Co. Ltd., a Andhra Pradesh (comprising 368MW phase 1,
China state owned enterprise. 366MW phase 2 and 742MW phase 3).
During the year, MZW 1 and MZW 2 underwent an

internal merger exercise and merged into a single
project company, namely, SDIC Genting Meizhou
Wan Electric Power Company Limited. This exercise is
expected to improve the operational efficiency of the
power plants.

52 2019 HIGHLIGHTS
4 In Indonesia, Genting Power has 55% interest in 660MW supercritical coal-fired power plant in Banten Province, West
Java, Indonesia (“Banten power plant”). Banten power plant achieved more than 90% availability in 2019. Banten
power plant, a Build-Own-Operate-Transfer IPP, is part of the Indonesian Government’s 35,000MW power plant
programme. Banten power plant provides reliable base load generation capacity into PT PLN (Persero)’s Java-Bali
power grid.
5 6
5 Genting Oil & Gas’ wholly owned subsidiary, Genting

CDX Singapore Pte Ltd has 49% working interest in
the Petroleum Contract for the Petroleum Exploration,
Development and Production in Chengdaoxi Block in
the shallow waters of Bohai Bay, China.
Chengdaoxi Block has an area of 29 square kilometres

6 Genting Oil & Gas’ wholly owned subsidiary, Genting
Oil Kasuri Pte Ltd has 100% participating interest in
and has consistently produced close to 8,000 barrels
an onshore oil and gas development activities in the
of oil per day. It delivered approximately 2.8 million
Kasuri Production Sharing Contract in West Papua,
barrels of oil in 2019 and Genting Oil & Gas’ share
Indonesia.
was approximately 1.27 million barrels. China’s China
Petroleum & Chemical Corporation (Sinopec) is the
With the approval from the Ministry of Energy
partner of this joint venture.
and Mineral Resources of Indonesia on the Plan of
Development for the Kasuri block, Genting Oil Kasuri
Pte Ltd had commenced the front end engineering
design work since the third quarter of 2019 and is
expected to complete by the second half of 2020.
Utilising 1.7 trillion cubic feet of discovered gas
reserves in the Roabiba formation in the Asap-Merah-
Kido structures, Genting Oil Kasuri Pte Ltd plans to
supply about 170 million cubic feet per day of natural
gas for 20 years to a petrochemical plant in West
Papua, which is in the plan and will be built by a third
party.
AWARDS & 53
ACCOLADES
GENTING BERHAD
Top 3 Most Valuable Malaysian Brands in 2019

(Brand Finance)
GENTING SINGAPORE
Resorts World Sentosa Universal Studios Singapore

Best Integrated Resort – 9th consecutive year Best Theme Park – 4th consecutive year
(TTG Travel Awards 2019) (Travel Weekly Asia 2019 Readers’ Choice Awards)
Best Integrated Resort - Asia Pacific Award – No. 1 Amusement Park in Asia –
5th consecutive year 6th consecutive year
(Travel Weekly Asia 2019 Readers’ Choice Awards) (TripAdvisor Travellers’ Choice 2019)
Asia’s Leading Theme Park Resort Best Theme Attraction (Singapore)

(World Travel Awards 2019) (TripZilla Excellence Awards 2019)
Best Meetings/Incentives Organiser Award Best Event by an In-house Team –

(Singapore Tourism Awards 2019) Gold for Universal Studios Singapore’s Halloween
Horror Nights 8
Best Corporate MICE Venue (Gold Winner) (The Marketing Events Awards 2019)
(HRM Asia Readers’ Choice Awards 2019)
Battlestar Galactica Road Wheels Condition
Best Venue: Conventions/Exhibitions/Festivals – Monitoring System
Gold for Amway India Incentive Movement 2018 (Workplace Safety and Health Innovation
Best Venue: Conferences/Meetings/Seminars – Awards 2019)
Bronze for IBM Cloud Fast Start Conference,
Samsung Forum 2019, Skift Forum Asia 2019 Adventure Cove Waterpark
(The Marketing Events Awards 2019) Top 10 Water Parks in Asia – 5th consecutive year
(TripAdvisor Travellers’ Choice 2019)
Top Achievement Award (MNC)
(SPA Awards 2019 by Singapore Packaging table65
Agreement) One Michelin Star
(Michelin Guide Singapore 2019)
Corporate: Platinum Award
(HCS Lifelong Learning Award 2019) Forest 森
Hall of Fame
Community Partnership Excellence Award (Singapore Tatler Best Restaurants Guide
(People’s Association Community Spirit 2019/20)
Awards 2019)
ESPA
Tourist Attraction – Best Website Best Luxury Hammam Experience –
(11th TravelMole Asia Pacific Awards 2019) South East Asia
Best Luxury Resort Spa – Singapore
NS Advocate Award for Large Companies (World Luxury Spa Awards 2019)
(Total Defence Awards 2019)
Multi-purpose Cage Trolley for Venue Set-up

(Workplace Safety and Health Innovation
Awards 2019)

54 AWARDS &
ACCOLADES
GENTING MALAYSIA
Genting Malaysia Berhad

Finalist
(PwC Malaysia’s Building Trust Award 2019 by PricewaterhouseCoopers Malaysia)
Crockfords Hotel
Five-Star Award
(2019 Forbes Travel Guide Star Ratings by Forbes Travel Guide)
Genting UK
Head of AML/MLRO or AML Team of the Year Award
(Global Regulatory Awards by Gambling Compliance Global Regulatory Awards)
GamCare’s Safer Gambling Standard (Advanced Level 3)

(Safer Gambling Standard Great Britain)
Resorts World Bimini

Silver Awards “Hospitality – Overall Casino/Resort”
(2019 Magellan Awards by Travels Weekly Magazine)
GENTING ENERGY
Banten Power Plant

Environmentally Friendly Company (Graded as Good) – 3rd consecutive year
(Serang Regency Municipal)
Refinancing Deal of the Year 2019

(Project Finance International)
Best New Bond (Indonesia) - Country Award 2019

(The Asset)
Meizhou Wan Power Plant Phase II

2018-2019 China National Quality Engineering Award – Gold Prize
(China Association of Construction Enterprise Management (CACEM))

SUSTAINABILITY 55
STATEMENT
At Genting Berhad, we recognise that reporting on a conglomerate basis for the investment holding company can be
challenging, especially to ensure coherency across the diverse businesses of the Group and to report on sustainability
topics that matter most to our stakeholders. Genting Berhad’s principal subsidiaries, namely Genting Singapore, Genting
Malaysia, Genting Plantations, Genting Energy and Resorts World Las Vegas each have distinct sustainability themes
applicable to their respective operations. The 2019 Sustainability Report is structured to cover Genting Berhad and its
unlisted subsidiaries under Part 1 and its listed subsidiaries under Part 2.
Our Sustainability Policy recognises the importance of managing the Group’s global business investments in a sustainable
and responsible manner. As a responsible corporation with diverse business investments, Genting Berhad strives to
ensure high standards of governance across its entire operations, promote responsible business practices, manage the
environmental impact including climate-related risks or opportunities on its businesses, provide a safe and caring workplace
and meet the social needs of the community and nation.
The Genting Core Values, namely Hard Work, Honesty, Harmony, Loyalty and Compassion have always been embedded in
our work culture and business practices. These values form the underlying work principles for our employees to practise
professionalism and strong work ethics at all times. These core values reflect our continuous pursuit to enhance the
corporate values of the Genting Group.
KEY SUSTAINABILITY HIGHLIGHTS IN 2019
Total Revenue Total Assets Consistent dividend Genting Berhad -

Employed payouts to shareholders Market Capitalisation
RM21.6
billion RM102.0 22.0 sen RM23.3
billion per ordinary share
billion
as at 31 December 2019
Employing over Resorts World properties Investments with Benefitted over

attracted more than operations in
55,000 128,000
people globally 61 million 9 countries people in community
visitors worldwide across 4 continents philanthropy
Protecting
94% 1.2 million Jangi wind farm
56 endangered of virgin rainforest in MT of biomass recycled

produced over
freshwater and marine Resorts World Genting from Oil Palm based 230 GWh*
species in Resorts remains intact operations (equivalent to of clean energy
World Sentosa ~55% fresh fruit bunches
produced)
* Equivalent to the energy

consumption of over
195,000 residents in
India for a year

56 SUSTAINABILITY STATEMENT
We have expanded the sustainability reporting scope on Resorts World Las Vegas in 2019, on a gradual basis in line with
the progressive development of its resort. We strive to meet the ongoing changes in guidelines and standards of local and
international sustainability disclosures including their Greenhouse Gas Emission reduction targets. We continue to work
closely with our partners, associates and other stakeholders to achieve the best for the Genting Group and contribute
towards the betterment of our community.
As an equal opportunity employer that embraces diversity in the workplace, we have an inclusive work culture that supports
diverse talent to contribute positively to the growth and productivity, in line with the Genting Group’s vision and mission.
The Genting Group in 2019 provided full time employment to over 55,000 people1 of diverse nationalities across the world
with 35% Malaysians2 and the remaining 65% from other countries including but not limited to Singapore, Indonesia, India,
China, United States of America, Bahamas, United Kingdom and Egypt. The male to female employee ratio was 68:32 with
age below 30 years (40%), between 30 to 55 years (53%) and above 55 years (7%).
A materiality assessment has been carried out every year since the start of stand-alone sustainability reporting in 2016.
This assessment was extended to cover Resorts World Las Vegas, a wholly owned subsidiary of Genting Berhad in 2019. The
materiality assessment was conducted in the second half of 2019 using a survey approach and communicated through short
interviews and meeting discussions.
The 5 Sustainability Pillars, reaffirmed by the materiality assessment in 2019, supported the overall sustainability direction
of Genting Berhad and its unlisted subsidiaries, Genting Energy and Resorts World Las Vegas, with common core values
and sustainability principles that transcended across the Genting Group. These Pillars are Maintaining the Integrity of Our
Assets; Regulatory Compliance; Corporate Culture, Branding and Reputation; Leadership and Succession Planning; and
Community Investments.
5 Sustainability Pillars3
MAINTAINING THE REGULATORY CORPORATE CULTURE, LEADERSHIP COMMUNITY

INTEGRITY OF COMPLIANCE BRANDING AND AND SUCCESSION INVESTMENTS
OUR ASSETS REPUTATION PLANNING
Economic Performance Our Workforce
System Efficiency Maintaining Approvals Brand and Talent Attraction and

and Licenses to Operate Reputation Management
Sustainability of Genting Adequate and Reliable Ethical Business Occupational

Berhad’s Key Companies Financial Disclosures Conduct Safety and Health Corporate Social
Responsibility
Investment Portfolio Environmental Responsible Employee Development

Management Procurement Practices
Intellectual Property Succession Planning
The management approach of our sustainability initiatives are detailed in the stand-alone 2019 Sustainability Report.
As part of our digitisation efforts, the 2019 Sustainability Report is available online and can be downloaded from our
corporate website at www.genting.com.
Our Board of Directors as represented by the Audit Committee is responsible to oversee the sustainability governance and
reporting of the Company and consolidated information of its principal subsidiaries. This Sustainability Statement is made
in accordance with a resolution of the Board of Directors dated 27 February 2020.
1 Full-time employees from Genting Berhad, Genting Malaysia, Genting Singapore, Genting Plantations and Genting Energy as at 31 December 2019.
2 Malaysians comprised Malays (44%), Chinese (38%), Indians (9%) and Others (9%) as at 31 December 2019.
3
Based on Genting Berhad and its unlisted subsidiaries Genting Energy and Resorts World Las Vegas.

CORPORATE GOVERNANCE 57
OVERVIEW STATEMENT
It is the policy of the Company to manage the affairs of the Group, in particular the Company and its directly owned unlisted
subsidiaries in accordance with the appropriate standards for good corporate governance.
The new Malaysian Code on Corporate Governance (“MCCG”) issued in April 2017 supersedes the Malaysian Code on Corporate
Governance 2012.
The MCCG covers three broad principles namely Board Leadership and Effectiveness, Effective Audit & Risk Management and
Integrity in Corporate Reporting and Meaningful Relationship with Stakeholders.
Pursuant to the Main Market Listing Requirements (”MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”), the
Company has completed the prescribed Corporate Governance Report for financial year 2019 which is made available at the
Company’s website at www.genting.com.
This statement gave a general overview of the application of the Corporate Governance and shareholders are advised to
read the Corporate Governance Report for the full details.
Overall, the Company has applied 25 and adopted 2 out of the 36 Practices/Practice Step Up with 7 departures and 2
non-adoption under the MCCG. This reflects the Board’s strong support of the overall corporate governance objectives as
encapsulated in the MCCG for :-
• improving the Company’s corporate governance practices by creating a healthy and dynamic corporate culture that is
driven by the Board together with management;
• increasing the effectiveness of the board oversight function through the establishment of objective audit functions and
committees charged with the oversight of internal controls, risk and reporting; and
• enhancing the Company’s communication with shareholders and other stakeholders through transparent and timely
communication.
Notwithstanding the Company’s departures from Practices such as the separation of the position of the Chairman and Chief
Executive (Practice 1.3), seeking annual approval of the shareholders to retain an independent director beyond 9 and 12
years (Practice 4.2) and policy for the Board to have at least 30% women directors (Practice 4.5), the Board will continue
to evaluate and assess the Practices and at the appropriate time, take the appropriate steps to narrow the gap, especially
for women directors where initial steps had been taken to appoint a female Director to its Board. On Practice 4.6 where
the Board is recommended to utilise independent sources to identify suitable qualified candidates, the Board is open to
use such facilities where necessary. On Practice 7.2 for the disclosure on named basis of the top five senior management’s
remuneration, the alternate information provided should meet the intended objective.
Apart from the above, the key areas of focus and priorities in the future include preparing the Company for the adoption
of integrated reporting based on globally recognised framework (Practice 11.2) as well as facilitating voting in absentia and
remote shareholders’ participation at general meetings (Practice 12.3).
The stewardship of the Company under the leadership of the present Board ensures that the decisions are made objectively in
the best interest of the Company, taking into account diverse perspectives and insights.
Set out below is a summary of the extent to which the Company has applied/adopted the practices encapsulated in the
Principles of the MCCG, save for certain departure/non-adoption of the Principles of the MCCG.
Principle A – Board Leadership and Effectiveness
I. Board Responsibilities
The Board has the overall responsibility for the proper conduct of the Company’s business in achieving the objectives and
long term goals of the Company. The Company’s values and standards and the Board’s responsibilities are set out in the
Board Charter.
Corporate strategies as well as the annual plan are presented to the Board as part of the ongoing plans in achieving
the objectives and long term goals of the Company, taking into consideration its core values and standards through
the vision and mission of the Company, as set out in the Board Charter disclosed in Practice 2.1 of the Corporate
Governance Report.

58 CORPORATE GOVERNANCE
OVERVIEW STATEMENT (cont’d)
Principle A – Board Leadership and Effectiveness (cont’d)
I. Board Responsibilities (cont’d)
The details of Directors’ attendances during the financial year 2019 are set out below:
Number of
Name of Directors Meetings Attended
Tan Sri Lim Kok Thay 5 out of 5
Tan Sri Foong Cheng Yuen 5 out of 5
Mr Lim Keong Hui 5 out of 5
Dato’ Dr. R. Thillainathan 5 out of 5
Madam Koid Swee Lian 5 out of 5
Datuk Manharlal A/L Ratilal (Appointed on 1 March 2019) 4 out of 4
Mr Eric Ooi Lip Aun (Appointed on 1 March 2019) 4 out of 4
Tan Sri Dr. Lin See Yan (Retired on 20 June 2019) 2 out of 2
Datuk Chin Kwai Yoong (Retired on 20 June 2019) 2 out of 2
The Chairman of the Board is Tan Sri Lim Kok Thay who is responsible for instilling good corporate governance practices,
leadership and effectiveness of the Board.
The key responsibilities of the Chairman are provided in the Corporate Governance Report.
The Board is mindful of the dual role of Chairman and Chief Executive held by Tan Sri Lim Kok Thay and is of the view
that there are sufficient experienced and independent–minded Directors on the Board to provide sufficient checks and
balances. Given that there are five experienced Independent Directors representing more than 50% of the Board, the Board
collectively would be able to function independently of management. This allows for effective oversight of the management
as well as to support objective and independent deliberation, review and decision making.
Having joined the Board in 1976, Tan Sri Lim Kok Thay has considerable experience in the Group’s businesses and provides
leadership for the Board in considering and setting the overall strategies and objectives of the Company.
The Board is of the view that it is in the interest of the Company to maintain the above arrangement so that the Board
could have the benefit of a chairman who is knowledgeable about the businesses of the Group, the territories globally
in which the Group operates in, sets the overall strategies, conceptualises plans and leads the execution of all major
development projects and investments, capable of guiding discussions at Board meetings and who is able to brief the
Board in a timely manner on key issues and developments that may directly or indirectly affect any of the businesses of
the Group. In addition to his role and duties as the Chairman and Chief Executive of the Company, he is also the Chairman
and Chief Executive of Genting Malaysia Berhad, Executive Chairman of Genting Singapore Limited and the Deputy
Chairman and Executive Director of Genting Plantations Berhad (“GENP”), after he relinquished the position of
Chief Executive of GENP on 1 January 2019.
The Chairman commenced employment with the Company in August 1975 at the age of 24. He has held various positions
during his tenure of over 40 years in the Company. He was appointed as the President and Chief Executive of the Company
on 27 November 2002, before he assumed the position of Chairman of the Company and thereafter redesignated as
Chairman, President and Chief Executive of the Company on 1 January 2004 upon the retirement of his late father, the
founder, Tan Sri Lim Goh Tong. Subsequently, he was redesignated as the Chairman and Chief Executive of the Company
on 1 July 2007. The Chairman is a beneficiary of discretionary trusts and is deemed interested in the ordinary shares
representing approximately 42.7% voting interest in the Company, details as disclosed under the Register of Substantial
Shareholders in the Annual Report 2019.
In the annual board assessment conducted, the role of the Chairman was also assessed in terms of his ability to lead
the board effectively, encourage contribution and participation from all members, effectiveness in chairing the general
meeting and able to answer queries satisfactorily.

I. Board Responsibilities (cont’d)
The strong score rating awarded by the Directors in connection with the annual assessment of the Chairman’s role provided
the necessary measure and justification that Tan Sri Lim Kok Thay understands the two separate roles and is able to
distinctly carry out such roles and responsibilities required of him in achieving the intended outcome of ensuring that the
Company is headed by a Board, which assumes responsibility for the Company’s leadership and is collectively responsible
for meeting the objectives and goals of the Company.
The Independent Non-Executive Directors, who form the majority of Board members, provide checks and balances and
play a role to ensure a clear separation between the policy-making process and day-to-day management of the Group’s
businesses.
From time to time, the Board takes measures to evaluate the appropriateness of the dual roles of the Chairman and Chief
Executive being performed by the same individual and ensures that this arrangement continues to be in the interests of the
Company and its shareholders as a whole.
The Company Secretary, who is an Associate member of The Malaysian Institute of Chartered Secretaries and
Administrators, satisfies the qualification as prescribed under Section 235(2) of the Companies Act 2016 and has the
requisite experience and competency in company secretarial services.
Notice of meetings setting out the agenda and accompanied by the relevant Board papers are given to the Directors
with sufficient time for the Directors to review, seek additional information and/or clarification on the matters to be
deliberated at Board meetings.
The minutes of meetings are prepared and circulated to all the Directors for their review and approval.
The Board Charter adopted by the Board clearly sets out the respective roles and responsibilities of the Board and the
management to ensure accountability. The Board Charter is made available on the Company’s website at www.genting.com.
The Company has a Code of Conduct and Ethics which applies to all employees and Directors of the Group and its
unlisted subsidiaries. The Code, together with other related policies, procedures and guidelines which are disseminated
to employees at the Company’s intranet portal, sets out the principles to guide standards of behaviour and business
conduct when employees and Directors deal with third party and these are integrated into company-wide management
practices.
The Directors observe the Company Directors’ Code of Ethics established by the Companies Commission of Malaysia.
Both of the aforesaid Codes can be viewed from the Company’s website at www.genting.com.
The Company recognises that any genuine commitment to detecting and preventing actual or suspected unethical,
unlawful, illegal, wrongful or other improper conduct must include a mechanism whereby employees and other
stakeholders can report their concerns freely without fear of reprisal or intimidation. To this end, the Company has
adopted a Whistleblower Policy which is disseminated to employees and made available on the Company’s website at
www.genting.com.
II. Board Composition
As at 31 December 2019, the Board has seven members, comprising two Executive Directors and five Independent
Non-Executive Directors which fulfils the requirement of the Board to comprise a majority of independent directors.
With the appointment of Mr Tan Kong Han as an Executive Director of the Company on 1 January 2020 and redesignated
as President and Chief Operating Officer and Executive Director on the same day, the Board has eight members,
comprising three Executive Directors and five Independent Non-Executive Directors.
The Board noted that the tenure of an independent director should not exceed a cumulative term of nine years. The Board
is of the view that the ability of long serving independent directors to remain independent and to discharge their duties
with integrity and competency should not be measured solely by tenure of service. Their long service should not affect
their independence as they are independent-minded and they continue to provide the necessary checks and balances in
the best interest of the Company. The Independent Directors have each provided an undertaking to Bursa Securities since
their appointment confirming and declaring that they are “independent directors” as defined under paragraph 1.01 of the
MMLR of Bursa Securities. The Board agreed that ultimately the Independent Directors themselves are the best persons to
determine whether they can continue to bring independent and objective judgement to Board deliberations.

II. Board Composition (cont’d)
In relation to the criteria to assess independence of directors, the Board had adopted the same criteria used in the
definition of “independent directors” prescribed by the MMLR.
Accordingly, Dato’ Dr. R. Thillainathan who has been an Independent Non-Executive Directors of the Company since 30
July 2009, will continue to be an Independent Director of the Company, notwithstanding having served as an Independent
Director on the Board for more than nine years. Dato’ Dr. R. Thillainathan is a distinguished and well known figure in his field
of expertise and is conversant with the Group’s businesses. He brings valuable insights and contributions to the Board.
For the financial year ended 31 December 2019, each of the Independent Non-Executive Directors had provided their
annual confirmations of independence to the Board based on the Company’s criteria of assessing independence in line
with the definition of “independent directors” prescribed by the MMLR. The Board had assessed and concluded that the five
Independent Non-Executive Directors of the Company, namely Tan Sri Foong Cheng Yuen, Dato’ Dr. R. Thillainathan, Madam
Koid Swee Lian, Datuk Manharlal A/L Ratilal and Mr Eric Ooi Lip Aun continue to demonstrate conduct and behaviour that
are essential indicators of independence, and that each of them is independent of the Company’s management and free
from any business or other relationship which could interfere with the exercise of independent judgement or the ability to
act in the best interest of the Company.
Each Independent Director has undertaken to notify the Board of any changes in their circumstances or of any new
interest or relationship that would affect their independence as an independent director of the Company. The Board will
promptly consider that new information in reassessing the Director’s independence in the interests of the Company and its
shareholders as a whole.
In addition to the annual confirmation mentioned above from the Independent Non-Executive Directors, all the Directors
are required to confirm on an annual basis if they have any family relationship with any other Director and/or major
shareholders of the Company, if there are any conflict of interests with the Company and if they have been convicted of any
offence within the past five years other than traffic offences, and any public sanction or penalty imposed by the relevant
regulatory bodies during the financial year. These information, together with the annual evaluation and assessment of each
Director during the financial year, form the basis and justification for recommending whether the retiring Director should
be nominated for re-election at the Annual General Meeting.
The Independent Non-Executive Director serving more than nine years is a person with high caliber and his vast knowledge
and experience contribute positively to the growth of the Group.
If the Board, including the Independent Non-Executive Director serving more than nine years, is able to continuously give
their best efforts by using their expertise and skills to contribute positively towards the stewardship of the Company to
attain greater heights, he should remain as Independent Non-Executive Director of the Company as the intended outcome
is achieved as they are able to make objective decision, in the best interest of the Group, taking into account diverse
perspectives and insights.
The Group practises non-discrimination in any form, whether based on age, gender, ethnicity or religion, throughout the
organisation. This includes the selection of Board members and senior management.
The Board is mindful of the target of at least 30% women directors and has taken the initial step of appointing Madam Koid
Swee Lian as a female Director on the Board on 23 November 2017.
The Board currently comprises 7 male Directors and 1 female Director. The racial composition of the Board is 75% Chinese
and 25% Indian. 25% of the Directors are between the ages of 30 and 55 and the remaining 75% are above 55 years old.
Amongst others, the measure taken by the Board when sourcing suitable candidates for any vacant Board position in
the future, would take into consideration suitably qualified women candidates, in line with the recommendation of the
MCCG.
The Board did not utilise independent sources to identify suitably qualified candidates as the management understands
the specialised industry it operates in. Through its own network and bearing in mind the highly regulated industry in
which the Company operates in, the management would be in the best position to look for potential candidates with
background which fits the criteria requirements.
The Board is open to utilising independent sources to identify suitably qualified candidates, where necessary.

II. Board Composition (cont’d)
The Chairman of the Nomination Committee, Dato’ Dr. R. Thillainathan (r.thillainathan@genting.com) has been designated
as the Senior Independent Non-Executive Director, as identified by the Board pursuant to Practice 4.7 of the MCCG.
The Nomination Committee carries out its duties in accordance with its Terms of Reference which can be obtained from the
Company’s website at www.genting.com. The Nomination Committee met three times during the financial year ended 31
December 2019 with all members in attendance.
The main activities carried out by the Nomination Committee during the financial year ended 31 December 2019 are set out
below:
(a) considered and reviewed the Board’s succession plans, the present size, structure and composition of the Board and
Board Committees as well as the required mix of skills, experience and competency required;
(b) considered and reviewed the Senior Management’s succession plans;
(c) considered and reviewed the trainings attended by the Directors, discussed the training programmes required to aid
the Directors in the discharge of their duties as Directors and to keep abreast with industry developments and trends;
(d) reviewed and recommended to the Board, the term of office and performance of the Audit Committee and each of its
members to determine whether the Audit Committee and its members have carried out their duties in accordance
with their terms of reference;
(e) assessed and recommended to the Board, the effectiveness of the Board, Board Committees and individual Directors,
including the Chief Executive;
(f) considered and recommended to the Board, the appointment of Datuk Manharlal A/L Ratilal and Mr Eric Ooi Lip Aun as
Independent Non-Executive Directors of the Company based on a set of prescribed criteria, including but not limited
to skills, knowledge, expertise and experience, professionalism and integrity. In addition, the evaluation of their ability
to discharge responsibilities/functions as independent non-executive directors;
(g) considered and recommended to the Board, the appointment of Mr Tan Kong Han, the President and Chief Operating
Officer of the Company, as an Executive Director of the Company and be redesignated as the President and Chief
Operating Officer and Executive Director of the Company; and
(h) reviewed and recommended to the Board, the revision to the composition of the Board Committees of Audit and
Risk Management Committee, Remuneration Committee and Nomination Committee of the Company.
The process of assessing the Directors is an on-going responsibility of the Nomination Committee and the entire Board.
The Board has put in place a formal evaluation process to annually assess the effectiveness of the Board as a whole and
the Board Committees, as well as the contribution and performance of each individual Director (including the Independent
Non-Executive Directors) and the Chief Executive.
In respect of the assessment for the financial year ended 31 December 2019 which was internally facilitated, the
Nomination Committee and the Board were satisfied that the Board and Board Committees have discharged their duties
and responsibilities effectively and the contribution and performance of each individual Director, including the Chief
Executive are satisfactory. The Board was also satisfied that the Board composition in terms of size, the balance between
Executive, Non-Executive and Independent Directors and mix of skills was adequate. The Board is mindful of the gender
diversity relating to women directors and has taken the initial step as disclosed in Practice 4.5 of the Corporate Governance
Report.
The Board is cognisant of Practice 5.1 and at the appropriate time, engages independent experts to facilitate the annual
assessment.
III. Remuneration
The Company has established a formal remuneration policy for the Executive Directors and senior management to align
with the business strategy and long term objectives of the Company and its unlisted subsidiaries.
The Board, as a whole, determines the level of fees of Non-Executive Directors and Executive Directors.
The policies and procedures are made available on the Company’s website at www.genting.com.

III. Remuneration (cont’d)
The Remuneration Committee is responsible for implementing the policies and procedures on the remuneration of
Executive Directors and making recommendations to the Board on the remuneration packages of Executive Directors and
members of the Board Committees whilst the Board is responsible for approving the policies and procedures which govern
the remuneration of the employees including Executive Directors and senior management of the Company.
The Remuneration Committee carries out its duties in accordance with its Terms of Reference which can be obtained from
the Company’s website at www.genting.com.
The details of the Directors’ remuneration received in 2019 on a named basis are set out in Appendix A of this Corporate
Governance Overview Statement.
In relation to the remuneration package paid to Tan Sri Lim Kok Thay, the Chairman and Chief Executive of the Company,
it is more appropriate to look at the remuneration of Chairman and Chief Executive at the Company level rather than at
the Group level which aggregated the consolidated remuneration paid by the listed subsidiaries. His remuneration for his
executive positions held in other companies of the Group are determined by the respective Remuneration Committees
and Boards of the companies where he is concurrently employed.
The Chairman and Chief Executive succeeded his late father, the founder of the Group, and was accorded the level of
pay similar to his father’s when he took over the role. Thereafter, the Chairman and Chief Executive was awarded
annual increments/bonuses as an executive staff member.
As the Chief Executive, Tan Sri Lim Kok Thay is responsible for providing the vision and strategic direction of the Group
and to formulate appropriate corporate strategies and develop the business. Further details of his role and
responsibilities are set out in the section on Practice 1.3 of the Corporate Governance Report. Tan Sri Lim Kok Thay had
voluntarily reduced his salary by 20% as announced at the Annual General Meeting of the Company on 20 June 2019.
The top five senior management (excluding executive directors) of the Company (including its directly held unlisted
subsidiary responsible for the Group’s businesses in the power, oil and gas and energy sector) are Mr Tan Kong Han, Ms
Wong Yee Fun, Mr Ong Tiong Soon and Ms Goh Lee Sian, their designations are disclosed in the Annual Report 2019 and Mr
Derrik Khoo Sin Huat, Chief Curation and Millennials Officer (retired on 11 September 2019). The aggregate remuneration
of these executives received in 2019 was RM17 million representing 0.4% of the total employees’ remuneration of the
Group.
The remuneration of the aforesaid top five senior management was a combination of annual salary, bonus, benefits in-kind
and other emoluments which are determined in a similar manner as other management employees of the Company. This
is based on their individual performance, the overall performance of the Company, inflation and benchmarked against
other companies operating in Malaysia. The basis of determination has been applied consistently from previous years.
Principle B – Effective Audit and Risk Management
I. Audit Committee
The Chairman of the Audit Committee is Dato’ Dr. R. Thillainathan, an Independent Non-Executive Director of the Company.
The Terms of Reference of the Audit Committee has included a cooling-off period of at least two years before a former
key audit partner could be appointed as a member of the Audit and Risk Management Committee to safeguard the
independence of the audit of the financial statements.
The Audit Committee ensures that the independence and objectivity of the external auditors are not compromised in
accordance with the assessment criteria set out in the “Group Policy on External Auditors’ Independence”.
The external auditors are also required to provide confirmation to the Audit Committee that they are and have been
independent throughout the conduct of the audit engagement in accordance with the terms of all relevant professional
and regulatory requirements.
The Audit Committee was satisfied with the suitability and independence of the external auditors based on the quality and
competency of services delivered, sufficiency of the firm and professional staff assigned to the annual audit as well as the
non-audit services performed for the financial year ended 31 December 2019 and has recommended their re-appointment
for the financial year ending 31 December 2020.

Principle B – Effective Audit and Risk Management (cont’d)
I. Audit Committee (cont’d)
The Audit Committee of the Company consists of four members, who are all Independent Non-Executive Directors.
The members of the Audit Committee of the Company comprised at least one member with the requisite accounting
qualification based on the requirements of the MMLR of Bursa Securities. Members of the Audit Committee are
financially literate as they continuously keep themselves abreast with the latest developments in the new accounting
and auditing standards and the impact it may have on the Group through briefings by the management and the external
auditors. During the financial year ended 31 December 2019, the Directors received regular briefings and updates on
the Group’s businesses, operations, risk management, internal controls, corporate governance, finance, sustainability
reporting and any new or changes to the relevant legislation, rules and regulations.
The Company maintains a policy for Directors to receive training at the Company’s expense, in areas relevant to them in
the discharge of their duties as Directors or Board Committee members, including Mandatory Accreditation Programme
for new Directors.
The courses and training programmes attended by the Directors in 2019 are disclosed in Appendix B of this Corporate
Governance Overview Statement.
The Directors are also required by the Companies Act 2016 to prepare financial statements for each financial year which
have been made out in accordance with the Malaysian Financial Reporting Standards, International Financial Reporting
Standards and the provisions of the Companies Act 2016 in Malaysia which give a true and fair view of the financial position
of the Group and of the Company at the end of the financial year and financial performance of the Group and of the
Company for the financial year.
A statement by the Board of its responsibilities for preparing the financial statements is set out in the Audited Financial
Statements for the financial year ended 31 December 2019 of the Company.
II. Risk Management and Internal Control Framework
The Board is responsible for the Group’s risk management framework and system of internal control and for reviewing their
adequacy and integrity.
The Board affirms its overall responsibility for establishing an effective risk management and internal control framework
which is in place and has been enhanced over the years.
The risk management and internal control framework of the Company is designed to manage rather than eliminate
risks, and to provide reasonable but not absolute assurance against any material misstatement or loss.
Features of the risk management and internal control framework of the Company are set out in the Statement on Risk
Management and Internal Control.
The Audit Committee and Risk Management Committee of the Company assists the Board in carrying out, amongst others,
the responsibility of overseeing the Company and its unlisted subsidiaries’ risk management framework and policies.
On 31 December 2019, the Board approved the separation of the Audit and Risk Management Committee into two separate
committees namely, Audit Committee and Risk Management Committee with the same composition of members.
The Risk Management Committee now serves as a committee of the Board to assist the Board in carrying out the
responsibility of overseeing the Company and its unlisted subsidiaries’ risk management framework and policies. The
Terms of Reference of the Risk Management Committee can be obtained from the Company’s website at www.genting.com.
To assist the Board in maintaining a sound system of internal control for the purposes of safeguarding shareholders’
investment and the Group’s assets, the Group has in place, an adequately resourced internal audit department.
The Internal Audit has an Audit Charter approved by the Chairman and Chief Executive of the Company and the Chairman
of Audit Committee, which defines the mission & objectives, roles & responsibilities, independence, authority, audit
standards & code of ethics, audit scope & methodology and audit reporting.

Principle B – Effective Audit and Risk Management (cont’d)
II. Risk Management and Internal Control Framework (cont’d)
The Internal Audit function is headed by Mr Teoh Boon Keong (“Head of Internal Audit” or “Mr Teoh”). He reports
functionally to the Audit Committee and administratively to the senior management of the Company. The competency
and working experience of Mr Teoh and the internal audit team are disclosed in Practice 10.2 of the Corporate
Governance Report.
The details of the scope of work, performance evaluation and budget of the internal audit function are set out in the
Corporate Governance Report.
The Head of Internal Audit and other internal audit personnel are independent from the operational activities of the
Company and they do not hold management authority and responsibility over the operations that internal audit covers
in its scope of works.
For year 2019, the average number of internal audit personnel was 30 comprising degree holders and professionals from
related disciplines with an average of 9.1 years of working experience per personnel.
Mr Teoh is a member of the Malaysian Institute of Certified Public Accountants and a Chartered Accountant of the
Malaysian Institute of Accountants and his working experience is disclosed in the Corporate Governance Report.
The internal audit team carries out its work according to the standards set by professional bodies, primarily consistent
with the International Professional Practices Framework issued by the Institute of Internal Auditors and where applicable,
reference is made to the standards and statements issued by the international accounting and auditing organisations.
Principle C – Integrity in Corporate Reporting and meaningful relationship with stakeholders
I. Communication with Stakeholders
The Group acknowledges the importance of timely and equal dissemination of material information to the shareholders,
investors and public at large. The Company holds quarterly briefings for investment analysts after each quarter’s
financial results announcement and separate briefings for fund managers and institutional investors upon request.
The Group maintains a corporate website at www.genting.com which provides the relevant information to its stakeholders.
The Group also participates in investor forums held locally and abroad and periodically organizes briefings and
meetings with analysts and fund managers to give them a better understanding of the businesses of the Group.
The Company would review the need to adopt the integrated reporting based on a globally recognised framework at the
appropriate time.
II. Conduct of General Meetings
The Company serves the Notice of Annual General Meeting to the shareholders of the Company at least 28 days prior to
the meeting for the financial year 2019.
The date of the Annual General Meeting of the Company is scheduled at the beginning of the calendar year to ensure
that all the Directors are present to provide meaningful responses to questions addressed to them. All the Directors
attended the Annual General Meeting held on 20 June 2019 except for Tan Sri Dr. Lin See Yan who retired on 20 June
2019.
Practice 12.3 which recommends leveraging on technology is a new concept introduced and the Company would need
time to study the availability of such software and hardware as well as its cost effectiveness to facilitate such mode of
voting.
This Corporate Governance Overview Statement is made in accordance with a resolution of the Board of Directors dated
27 February 2020.

APPENDIX A
DISCLOSURE ON DIRECTORS’ REMUNERATION RECEIVED IN 2019
Amounts in RM million
Executive
Directors Non-Executive Directors
Tan Sri Madam Datuk# Mr# Datuk*
Tan Sri Mr Lim Foong Koid Manharlal Eric Tan Sri* Chin
Lim Kok Keong Cheng Dato’ Dr. R. Swee A/L Ooi Lip Dr. Lin Kwai
Group Thay Hui Yuen Thillainathan Lian Ratilal Aun See Yan Yoong
Fees 0.59 0.35 0.132 0.132 0.132 - - 0.132 0.132
Meeting Allowance for
Board Committees’
Attendance - - 0.011 0.039 0.017 0.014 0.017 0.028 0.016
Salaries and bonuses 110.73 16.24 - - - - - - -
Defined contribution plan 15.56 1.98 - - - - - - -
Other short term
employee benefits 0.42 - - - - - - - -
Share-based payments 22.05 0.76 - - - - - - -
Retirement Gratuity - - - - - - - 0.519@ 0.473@
Estimated monetary
value of benefits-in-
kind 1.74 0.01 - 0.003 - - - 0.007 0.002
Amounts in RM million
Executive
Directors Non-Executive Directors
Tan Sri Madam Datuk# Mr# Datuk*
Tan Sri Mr Lim Foong Koid Manharlal Eric Tan Sri* Chin
Lim Kok Keong Cheng Dato’ Dr. R. Swee A/L Ooi Lip Dr. Lin Kwai
Company Thay Hui Yuen Thillainathan Lian Ratilal Aun See Yan Yoong
Fees 0.2 0.13 0.132 0.132 0.132 - - 0.132 0.132
Meeting Allowance for
Board Committees’
Attendance - - 0.011 0.039 0.017 0.014 0.017 0.028 0.016
Salaries and bonuses 42.43 7.32 - - - - - - -
Defined contribution plan 8.06 0.88 - - - - - - -
Retirement Gratuity - - - - - - - 0.519 @
0.473@
Estimated monetary
value of benefits-in-
kind 0.01 - - 0.003 - - - 0.007 0.002
#
Appointed on 1 March 2019
* Retired on 20 June 2019
@
As permitted by Section 227(5)(d) of the Companies Act 2016

APPENDIX B
The following are the courses and training programmes attended by the Directors in 2019:
NAMES OF DIRECTORS
Tan Sri Madam Datuk
Tan Sri Foong Mr Lim Koid Manharlal Mr Eric
Lim Kok Cheng Keong Dato’ Dr. R. Swee A/L Ooi Lip
COURSES Thay Yuen Hui Thillainathan Lian Ratilal Aun
Talk on Inequality, Imbalances & Instability: The New Normal
by speaker Professor Pushan Dutt of INSEAD, organised by √
Public Bank Group Knowledge Centre.
Culture: Identifying with the culture & values of the company
Accountability: Understanding responsibilities, goals, √
metrics & shared goal, organised by Zouk Singapore.
Cyber Security Talk (Cyber Liability Insurance) by CIMB
√
Howden Cyber Experts, organised by the Genting Group.
Future Directions of the Insurance Industry by speakers Mr
George Sartorel and Mr Solmaz Altin, Allianz Asia-Pacific √
Regional CEOs, organised by Allianz Malaysia Berhad.
Inaugural Eminent Speakers Conference Series “Navigating
Towards Healthy Ageing”, co-organised by the Genting
√ √ √
Group and University of Malaya, Faculty of Medicine in
conjunction with Genting Founder’s Day.
Governance Symposium 2019 - Building a Governance Eco-
√
System, organised by Malaysian Institute of Accountants.
The “Belt & Road” EMBA Program for Southeast Asia,
organised by PBC School of Finance (PBCSF), Tsinghua
University on the following modules:
- Business for Business Marketing and Asset Management
- Fix Income
- Fin-Tech and The New Landscape of China’s Exchange √
Reform
- Behavioral Finance, Ambicultural Strategy and Leadership
- Understanding the Policy Environment for Successful BRI-
Connected International Growth, National Culture and
Business Management
Securities Commission Malaysia’s Annual Report Briefing,
√
organised by Securities Commission.
Insight-sharing by Ernst & Young on the Inland Revenue
Board’s Special Voluntary Disclosure Programme, organised √ √
by the Genting Group.
Conference on Constructing and Financing Affordable
Housing across Asia with the theme “Solutions for Safe,
√
Adequate and Affordable Housing for All”, co-hosted and
organised by Cagamas Berhad and the World Bank Group.
BNM-FIDE FORUM Dialogue with the Deputy Governor on the
draft Risk Management in Technology Policy, organised by √
Financial Institutions Directors’ Education (FIDE) Forum.
Mandatory Accreditation Programme for Directors of Public
Listed Companies, organised by The Iclif Leadership and √ √
Governance Centre.
Audit Committee Conference 2019 – Meeting the New
Expectations, organised by Malaysian Institute of √
Accountants and The Institute of Internal Auditors Malaysia.
ISO 37001:2016 & Section 17A of the Malaysian Anti-
Corruption Commission (“MACC”) Act 2009 Foundation √
Course, organised by Deutsche Bank (Malaysia) Berhad.
Briefing on MFRS 16: Leases by speaker Ms Siew Kar Wai,
Partner, PricewaterhouseCoopers Risk Services Sdn Bhd, √ √
organised by the Genting Group.
Session on Post GE14 & Patriotic Insights by speakers Brig.
Gen (Rtd) Datuk Mohammed Arshad Raji, President of the
√
National Patriots Association and Mr Eddin Khoo, a writer/
poet, organised by Allianz Malaysia Berhad.

APPENDIX B
The following are the courses and training programmes attended by the Directors in 2019: (cont’d)
NAMES OF DIRECTORS
Tan Sri Madam Datuk
Director E-Training on the Environmental, Social and
Governance (ESG) and Reporting, organised by √
The Stock Exchange of Hong Kong Limited.
Labour Law Conference 2019, organised by Legal Plus
√
Sdn Bhd.
Malaysian Economic Association Convention 2019 “Malaysia in
Reform: Building Capacity, Digitalisation and Governance”
hosted by the Malaysian Economic Association.
Theme 1: Governance and Reform
- Reform in Regulatory System
- Good Governance √
- Government’s Role in Business
Theme 2: The New Business Environment
- Business Innovation and Disruption
- Talent Development
- Business Digital Transformation
Power Talk on The Board of Directors of the 21st Century:
When Distruption Meets Tradition by speaker Mr Erik
√
P.M. Vermeulen, organised by The Institute of Corporate
Directors Malaysia.
Kuala Lumpur Roundtable (KLR) on Long-Term Vision and
Short-Term Priorities for the Malaysian Economy,
√
organised by The Institute for Democracy and Economic
Affairs (IDEAS) Policy Research Berhad.
Ordinary Life Insurance Business in Malaysia & Risk-Based
Capital, Perspective of the Actuary, organised by √
Allianz Malaysia Berhad.
Briefing on MFRS 17: Insurance Contracts, organised and
√
delivered by Ernst & Young.
Transfer pricing requirement training for Directors, organised
√
by Allianz Malaysia Berhad.
Regulatory Briefing on Code of Ethics and Professional
Conduct, organised by the Federation of Investment √
Managers Malaysia.
Workshop on Digital Disruption and Innovation, organised by
speakers Mr Jan Metzger, Managing Director, Head, Asia
Pacific, Banking, Capital Markets and Advisory, Citigroup
Global Markets Asia Ltd, Mr Willard Mclane, Managing
Director, Vice Chairman of Global Financial Institutions
Group, Citi and Mr Aayush Jhunjhunwala Director,
Asia-Pacific Technology, Media and Telecom Investment
Banking, Citigroup Investment Banking; organised by
the Genting Group.
A. Themes of Technology Disruption

- An overview of disruption that technology is causing
globally
- Impact of technology disruption to various sectors
√ √ √ √
B. Attack from Technology and Incumbent’s response
- Disruption to financial services and how incumbents are
responding
- Specific examples of Citi’s strategic initiatives
- Threats and Opportunities in other sectors
C. Rise of Digital Ecosystems

- Rise of ecosystems around the world
- Rise of technology in SEA
- Case Study: GOJEK: Largest transactional platform in SEA
with diversified business model
D. Bold Predictions (They do come true)

APPENDIX B
NAMES OF DIRECTORS
Tan Sri Madam Datuk
Malaysia Anti-Corruption Forum, organised by the
√
International Strategy Institute.
BNM-FIDE FORUM Dialogue: Key Aspects of Fintech and
Regulation – Exclusive Dialogue Session with speaker
Encik Suhaimi Ali, Director, Financial Development
√
and Innovative Department, Bank Negara Malaysia,
organised by Financial Institutions Directors
Education (“FIDE”) Forum.
Bursa Malaysia Thought Leadership Series: Sustainability-
Inspired Innovations: Enablers of the 21st Century, √
organised by Bursa Malaysia Berhad.
ICDM PowerTalk Series: How Boards can Build Reputation
Resilience by speaker Mr Mark Worthington, Co-Founder
and Managing Director, Klareco Communications, Singapore √
organised by The Institute of Corporate Directors Malaysia
(ICDM).
Islamic Capital Market Finance: Financial Inclusion and
Socially Responsible Investment by speaker Dr. Azman √
Hasan, organised by Public Investment Bank Berhad.
The Cooler Earth: Sustainability Summit, organised by
√
CIMB Bank Berhad.
Bursa Malaysia Diversity Xperience - The Board “Agender”,
√
organised by Bursa Malaysia Berhad.
4th Distinguished Board Leadership Series: Digital to the Core
by speaker Ms Tan Bin Ru, CEO of OneConnect Financial
Technology (an associate company of Pin An Insurance √
(Group) Company of China, Ltd), organised by Financial
Institutions Directors’ Education (FIDE) Forum.
LAWASIA Constitutional & Rule of Law Conference
2019 - Constitutional Government: The Importance of
Constitutional Structures and Institutions, organised by √
The Law Association for Asia and the Pacific (LAWASIA)
and Bar Council Malaysia.
Federation of Investment Managers Malaysia’s Annual
√
Conference.
International Directors Summit 2019, organised by the
√
Institute of Corporate Directors Malaysia.
2019 Kuala Lumpur Summit on Commercial Dispute
Resolution in China, co-organised by Beijing Arbitration
√
Commission/Beijing International Arbitration Centre (BAC/
BIAC) and Asian International Arbitration Centre.
MIA International Accountants Conference 2019 themed
“Trust and Sustainability in a Digital Economy”, organised √
by Malaysian Institute of Accountants.
Allianz Mandatory Data Privacy and Protection Training,
√
organised by Allianz Malaysia Berhad.
Session on Corporate Governance and Anti-Corruption,
organised by Bursa Malaysia & Securities Commission √
Malaysia.
Audit Oversight Board Conversation with Audit Committees
by speaker Mr. Alex Ooi Thiam Poh, Executive Officer, Audit √ √ √
Oversight Board, Securities Commission Malaysia.
The New Trademarks Act and Madrid Protocol, organised by
√
the Genting Group.
Awareness Session on Anti-Corruption (The MACC Act,
Section 17A) at Cagamas Berhad and facilitated by Datin
√
Radhika Nandrajog and Mr Teh Chau Chin - Independent
Risk Management Consultants.

APPENDIX B
NAMES OF DIRECTORS
Tan Sri Madam Datuk
Emerging Risk and Future Board, organised by Securities
√
Industry Development Corporation.
Briefing on Anti-Money Laundering and Counter Financing
of Terrorism Financing, organised by Deutsche Bank √
(Malaysia) Berhad.
Basic Concepts of Islamic Banking and Finance, organised by
√
Deutsche Bank (Malaysia) Berhad.
Tax Seminar - The 2020 Budget by Deloitte Tax Services Sdn
√ √
Bhd, organised by the Genting Group.

70 AUDIT COMMITTEE REPORT
AUDIT COMMITTEE * The total number of meetings include the special

meetings held between members of the Committee
The Audit Committee was established on 26 July 1994 who are non-executive Directors of the Company
to serve as a Committee of the Board. In line with the and representatives of the external auditors,
recommendation of the Malaysian Code on Corporate PricewaterhouseCoopers PLT without the presence of
Governance, the Audit Committee of the Company which has any Executive Director or management.
been assisting the Board in carrying out, among others, the
responsibility of overseeing the Company and its unlisted SUMMARY OF WORK DURING THE FINANCIAL YEAR
subsidiaries’ risk management framework and policies 2019
was renamed as Audit and Risk Management Committee
(“ARMC”) on 29 December 2017. On 31 December 2019, the The Committee carried out its duties in accordance with its
Board approved the separation of the ARMC into two separate Terms of Reference.
committees namely, Audit Committee (“Committee”) and
Risk Management Committee. During the financial year ended 31 December 2019, this
entailed, inter-alia, the following:
MEMBERSHIP
i) reviewed and deliberated the internal audit plan for the
The present members of the Committee comprise: Company and the Group with the Head of Internal Audit
and authorised deployment of the necessary resources
Dato’ Dr. R. Thillainathan Chairman/Independent to address risk areas identified;
(Redesignated as Chairman on Non-Executive
20 June 2019) Director ii) reviewed and deliberated the internal audit reports of
the Company and of the Group which were prepared on
Madam Koid Swee Lian# Member/Independent
completion of each internal audit assignment;
Non-Executive
Director
iii) engaged with the external auditors on the external audit
Datuk Manharlal A/L Ratilal# Member/Independent plan for the Company and the Group;
Non-Executive
Director iv) reviewed and deliberated the external audit reports of
Mr Eric Ooi Lip Aun# Member/Independent the Company and of the Group prepared by the external
Non-Executive auditors, including all the key audit matters raised;
Director
v) reviewed with management and the external auditors
#
Appointed as a member on 20 June 2019 following the and deliberated the quarterly results and reports of the
retirement of Tan Sri Dr. Lin See Yan and Datuk Chin Kwai Company and of the Group and recommended for their
Yoong as a Director of the Company on the same date. approval by the Board;
TERMS OF REFERENCE vi) reviewed and deliberated related party and recurrent
related party transactions of the Company and of the
The Terms of Reference of the Committee were revised in Group;
December 2019 and are made available on the Company’s
website at www.genting.com. vii) analysed and reviewed the proposed audit fees for the
external auditors in respect of their audit of the financial
ATTENDANCE AT MEETINGS DURING THE FINANCIAL statements of the Company and of the Group;
YEAR 2019
viii) assessed the suitability, objectivity and independence
The Committee held a total of six (6) meetings. Details of of the external auditors and recommended their re-
attendance of the Committee members are as follows: appointment;
Number of ix) reviewed with management and the external auditors

Name of Member Meetings Attended* the annual financial statements of the Company and
of the Group for the year ended 31 December 2018 and
Dato’ Dr. R. Thillainathan 6 out of 6 recommended for their approval by the Board;
Madam Koid Swee Lian 3 out of 3
(Appointed on 20.6.2019) x) reviewed and deliberated the quarterly reports
Datuk Manharlal A/L Ratilal 3 out of 3 submitted by the Risk and Business Continuity
(Appointed on 20.6.2019) Management Committee of the Company;
Mr Eric Ooi Lip Aun 3 out of 3
xi) deliberated on initiatives for the implementation of
(Appointed on 20.6.2019)
policy for anti-bribery and corruption; and
Tan Sri Dr. Lin See Yan 3 out of 3
(Retired on 20.6.2019) xii) reviewed the 2018 Annual Report of the Company,
Datuk Chin Kwai Yoong 3 out of 3 including the ARMC Report, Sustainability Report and
(Retired on 20.6.2019) Statement of Risk Management and Internal Control.

AUDIT COMMITTEE REPORT (cont’d) 71
HOW THE COMMITTEE DISCHARGED AND MET ITS The Committee also reviewed and discussed with the
RESPONSIBILITIES DURING THE FINANCIAL YEAR external auditors’ annual audit plan setting out the proposed
2019 scope of work before their commencement of the audit of
the financial statements of the Group and of the Company.
1. Financial Reporting
The proposed audit fees for the external auditors in respect
The Committee reviewed with management and the external of their audit of the financial statements of the Company and
auditors and deliberated on the quarterly consolidated its unlisted subsidiaries were analysed and reviewed by the
financial statements and the annual financial statements of Committee for recommendation to the Board for approval.
the Company and of the Group prior to the approval by the Non-audit fees and non-audit related costs payable to the
Board, focusing primarily on: external auditors in respect of non-audit services rendered
by the external auditors during the financial year were also
(a) changes in or implementation of major accounting reviewed and considered in ascertaining the suitability and
policies; independence of the external auditors.
(b) significant matters highlighted by management or
The Committee conducted its annual assessment based on
the external auditors, including financial reporting
the Group’s Policy on external auditors’ independence for
issues, significant judgements made by management,
recommending the reappointment of the external auditors
significant and unusual events or transactions, and how
to the shareholders for approval.
these matters were addressed; and
(c) compliance with accounting standards and other legal Two Committee meetings were held on 26 February 2019
or regulatory requirements and 28 August 2019 without the presence of any Executive
Director or management of the Company to ensure that the
to ensure that the financial statements give a true and fair external auditors can freely discuss and express their opinions
view of the financial position, financial performance and cash on any matter to the Committee, and the Committee can be
flows of the Group and of the Company and are in compliance sufficiently assured that management has fully provided all
with the Malaysian Financial Reporting Standards (“MFRS”) relevant information and responded to all queries from the
and International Financial Reporting Standards and the external auditors.
requirements of the Companies Act 2016 in Malaysia as well
as the Listing Requirements of Bursa Malaysia Securities The external auditors shared their observations on significant
Berhad. New financial reporting standards and amendments operational matters and key audit findings including internal
that are effective for the financial year were discussed. The control.
impact of the transition to MFRS on the Group’s reported
financial position, financial performance and cash flows are 3. Internal Audit
disclosed in the quarterly consolidated financial statements.
The Group has an adequately resourced internal audit
The Committee also reviewed and where applicable, function to assist the respective Boards in maintaining
commented on the representation letters by the management a sound system of internal control. The internal audit
to the external auditors in relation to the financial statements department of the Company reports to the Committee and
every quarter. the primary role of the department is to undertake regular
and systematic review of the risk management and internal
2. External Audit control processes to provide sufficient assurance that the
Company and the Group have sound systems of internal
In the course of each review of the quarterly financial control and that established policies and procedures are
statements and each audit of the annual financial statements, adhered to and continue to be effective in addressing the
the external auditors identified discrepancies or matters risks identified.
involving estimates or the exercise of judgment which could
have material impact on the financial statements. These Internal audit functions independently of the activities it
matters were discussed with management and resolved, audits and carries out its work objectively according to the
wherever possible, or held for further monitoring and standards set by professional bodies, primarily consistent with
resolution in future. the International Professional Practices Framework issued
by the Institute of Internal Auditors and where applicable,
Significant matters requiring follow up were highlighted in reference is made to the standards and statements issued
the reports by the external auditors to the Committee. In by the international accounting and auditing organisations.
accordance with International Standards on Auditing, key For each audit, a systematic methodology is adopted, which
audit matters which in the opinion of the external auditors primarily includes performing risk assessment, developing
were of most significance in their audit of the annual audit planning memorandum, conducting audit, convening
financial statements were brought to the attention of the exit meeting and finalising audit report. The audit reports
Committee and highlighted and addressed by the external detail out the objectives, scope of audit work, findings,
auditors in their audit report. The Committee had deliberated management responses and conclusion in an objective
and considered management’s basis for conclusions and manner and are distributed to the responsible parties.
the external auditors’ findings in relation to these key audit
matters. During the year, the Committee reviewed and approved the
2019 Internal Audit Plan and the 2020 Internal Audit Plan for
the Company and the Group and authorised the deployment
of necessary resources to address risk areas identified.
72 AUDIT COMMITTEE REPORT (cont’d)
HOW THE COMMITTEE DISCHARGED AND MET ITS The Committee reviewed the recurrent related party
RESPONSIBILITIES DURING THE FINANCIAL YEAR transactions of a revenue or trading nature which were
2019 (cont’d) necessary for the day-to-day operations of the Company
or its unlisted subsidiaries that arose within the Group to
3. Internal Audit (cont’d) ensure that the transactions were in the ordinary course of
business and on terms not more favourable to the related
The following were considered in the Committee’s review: parties than those generally available to the public.
• The Internal Audit plan was prepared based on a risk 5. Risk Management
based approach with the consideration of 4 factors,
namely materiality of transactions and balances, During the year, the ARMC reviewed the risk management
management concerns (including company risk profiles), processes and deliberated on the reports submitted by the
regulatory requirements and audit evaluation. Risk and Business Continuity Management Committee of the
Company and the annual Statement on Risk Management
• The internal audit scope extends to cover major and Internal Control to ensure that all necessary risk
operating areas of the Company and its subsidiaries mitigation measures to address the critical risk areas have
which include financial, accounting, information systems, been or were being put in place.
operational and support services and administrative
activities. The ARMC also reviewed the adequacy and effectiveness
of the internal control system to ensure amongst others,
• The internal audit resources comprise degree holders that assets of the Company are safeguarded, reliability of
and professionals from related disciplines. Senior financial reporting and compliance with applicable laws and
personnel possess vast experience in the audit regulations.
profession as well as in the industries that the Company
is involved in. RISK MANAGEMENT PROCESS
The Committee also reviewed and deliberated the internal As proper risk management is a significant component
audit reports issued in respect of the Group’s entities of a sound system of internal control, the Group has
or operations each quarter. The audits covered various also put in place a risk management process to help the
operations, systems, processes and functions across the Board in identifying, evaluating and managing risks. The
Company and the Group. Some weaknesses in internal implementation and maintenance of the risk management
control were identified for the year under review but these process is carried out by the respective Risk and Business
were not deemed significant and had not materially impacted Continuity Management Committees of the Group.
the business or operations of the Group. Nevertheless,
measures have been or are being taken to address these The review of the risk management processes and reports
weaknesses. The internal audit reports also included follow- is delegated by the Board to the ARMC (going forward, the
up on corrective measures to ensure that management has Risk Management Committee). In this regard, quarterly
dealt with the weaknesses identified satisfactorily. risk management reports and the annual Statement on
Risk Management and Internal Control were reviewed
The audit reports of the listed subsidiaries which were and deliberated by the ARMC (going forward, the Risk
prepared by the relevant internal audit teams and presented Management Committee) prior to recommending for
to the respective audit and risk management committees endorsement by the Board.
of the listed subsidiaries were also noted by the Committee
in respect of the matters reported and that they did not The Risk Management Committee of the Company reviewed
materially impact the business or operations of the Group. the Statement on Risk Management and Internal Control
which provides an overview of the state of internal controls
The total costs incurred for the internal audit function of within the Group as set out on pages 73 to 75 of this
the Company and of the Group for the financial year ended Annual Report.
31 December 2019 amounted to RM0.6 million and RM19.2
million respectively. This Audit Committee Report is made in accordance with a
resolution of the Board of Directors dated 27 February 2020.
4. Related Party Transactions
Related party transactions of the Company and its unlisted

subsidiaries which exceeded pre-determined thresholds
were reviewed by the Committee to ensure the transactions
were fair, reasonable, on normal commercial terms, not
detrimental to the interests of the minority shareholders and
in the best interest of the Company before recommending to
the Board or shareholders for approval.

STATEMENT ON RISK MANAGEMENT 73
AND INTERNAL CONTROL
for the Financial Year ended 31 December 2019
Board Responsibility The RBCMC of Genting Berhad comprises senior

management of the Company and is chaired by the President
The Board affirms its overall responsibility for establishing an and Chief Operating Officer and Executive Director of
effective risk management and internal control framework Genting Berhad. Where representation and input from
for Genting Berhad (“the Company”) and its subsidiaries subsidiary companies are required, management members
(collectively referred to as “the Group”) and for reviewing of the subsidiary companies will be invited to attend these
its adequacy and effectiveness. The Board recognises that meetings. The RBCMCs of the principal subsidiaries are
business decisions involve the taking of appropriate risks represented by their relevant senior management and
and hence, necessary actions need to be taken to understand chaired by the respective Chief Financial Officers.
the principal risks and monitor that risks are being managed
within risk tolerance levels. The RBCMC of the Company met on a quarterly basis in
2019 to ensure the continual effectiveness, adequacy and
Through the years, the Company’s risk management integrity of the risk management system and key matters
framework has been reviewed and enhanced to ensure were escalated to the ARMC and Board for deliberation and
that the ongoing risk management processes effectively approval.
identify, analyse, evaluate, and manage significant risks that
may impede the achievement of business and corporate Key Internal Control Processes
objectives. The Company’s risk management framework is
reviewed by the Board annually. Amongst others, the risk Key elements of Genting Berhad’s internal control
management framework sets out the risk tolerance and risk environment are as follows:
appetite levels, and provides guidance for the identification
and management of key risks. • The Board and the ARMC (going forward, the Audit
Committee and Risk Management Committee) meet
A key component of the Company’s risk management every quarter to discuss business and operational
framework is the internal control system, which is designed matters raised by Management, Internal Audit and the
to manage, rather than eliminate risks, and provides external auditors including potential risks and control
reasonable but not absolute assurance against any material issues.
misstatement or loss.
• The external auditors independently test certain internal
During the year, the review of the risk management and controls as part of their audit of the financial statements,
internal control reports and processes was delegated by and provide recommendations on significant findings
the Board to the Audit and Risk Management Committee detected. Management takes appropriate action on
(“ARMC”). With effect from 31 December 2019, the ARMC has these internal control recommendations.
been separated into two separate committees, namely Audit • The Board has delegated the responsibilities to various
Committee and Risk Management Committee. committees established by the Board and Management
of the Company to implement and monitor the Board’s
The management of risks at the Company’s principal policies on controls.
subsidiaries, i.e. Genting Malaysia Berhad, Genting
Plantations Berhad and Genting Singapore Limited, are • Delegation of authority including authorisation limits at
overseen by the respective Board of Directors, and the various levels of Management and those requiring the
relevant Board Committee entrusted with the risk oversight Board’s approval are documented and are designed to
responsibility. ensure accountability and responsibility.
• Internal procedures and policies are documented in
Management’s Responsibilities manuals, which are reviewed and revised periodically to
meet changing business and operational requirements
Management is accountable to the Board for the risk as well as statutory reporting needs.
management and internal control system and for the
implementation of processes to identify, evaluate, monitor • Performance and cash flow reports are provided to
and report risks and controls. In this regard, Risk and Management, the Executive Committee and the Group
Business Continuity Management Committees (“RBCMC”) Executive Committee to facilitate review and monitoring
have been established by the Company and its principal of financial performance and cash flow position.
subsidiaries to:-
• Business/operating units present their annual budgets,
which include financial and operating targets, capital
• Institutionalise the risk management practices in the
expenditure proposals and performance indicators for
respective business units.
review by the Executive Committee and the Board.
• Ensure the effectiveness of the risk management
• Quarterly results are compared with the budget to
policies and processes.
identify and where appropriate, to address, significant
• Ensure that relevant risks that may impede the variances from the budget.
achievement of objectives are identified and appropriate
• A whistleblower policy is in place and anyone who has
mitigating actions have been implemented.
a genuine concern on detrimental actions or improper
• Review significant changes in the risk profiles and conduct may raise it using the confidential channels laid
emerging risks, taking into consideration the changing out in the policy.
business and regulatory environment; ensuring that
appropriate actions are taken; and communicating them
to the ARMCs (going forward, the Risk Management
Committees) and Boards of Directors. ANNUAL REPORT 2019 | GENTING BERHAD
74 STATEMENT ON RISK MANAGEMENT
AND INTERNAL CONTROL (cont’d)
Internal Audit Function • The risk profiles were re-examined on a six monthly basis
and Business/Operation Heads provided a confirmation
The Internal Audit Division is responsible for undertaking that the review was carried out and that action plans
regular and systematic reviews of the risk management were being monitored.
and internal control processes to provide the ARMC (going
forward, the Audit Committee) and the Board with sufficient • The Risk Management Department facilitated
assurance that the system of internal control is effective in discussions with Business/Operation Heads to assess
addressing the risks identified. the reasonableness of the risks identified and the
appropriateness of the proposed mitigating actions.
Internal Audit functions independently of the operational • On a quarterly basis, the RBCMCs of the principal
activities it audits and carries out its duties according to the subsidiaries met to review the status of risk reviews,
standards and best practices set out by professional bodies, the significant risks identified and the progress of
primarily consistent with the International Professional implementation of action plans. Consequently, a risk
Practices Framework issued by the Institute of Internal management report summarising the significant risks
Auditors and where applicable, reference is made to the and/or status of action plans would be presented to the
standards and statements issued by international accounting respective ARMCs (going forward, Risk Management
bodies. Committees) for their review, deliberation and
recommendation for endorsement by the respective
On a quarterly basis during the year under review, Internal Boards of Directors.
Audit submitted audit reports and audit plan status
for review and approval by the ARMC. Included in the Key Risks For 2019
reports were recommended corrective measures on risks
identified, for implementation by Management. Internal a. Financial Risk
Audit also conducted subsequent follow-up work to check The Group was exposed to foreign currency exchange,
that Management had dealt with the recommendations interest rate, credit, price and liquidity risks. With the
satisfactorily. objective of optimising value creation for shareholders,
the strategies adopted to manage these risks were
The internal audit reviews during the financial year had mostly to minimise potential adverse impact to the
identified some weaknesses in internal control. These financial performance of the Group. These included
weaknesses did not materially impact the business or entering into forward foreign currency exchange
operations and were not deemed significant. Management contracts, entering into floating-to-fixed interest
had either taken the necessary measures to address these rate swaps, a comprehensive insurance program and
weaknesses or is in the process of addressing them. adherence to financial risk management policies.
Risk Management Function b. Security Risk
The Group was exposed to external threats to its assets,
The Risk Management Department facilitates the employees and resources, which may interrupt business
implementation of the risk management framework and operations, threaten the safety of employees, impair
processes with the respective business or operating units the Group’s reputation and/or result in financial loss. In
and ensures adequate processes are in place to identify, light of this, vigilant security screening and monitoring
evaluate, manage and control risks that may impede the was employed by the Group at all its key properties and
achievement of objectives. The Risk Management Framework assets.
approved by the Board, which is based on ISO31000:2018,
Risk Management – Guidelines, articulates the risk policy, c. Business Continuity Risk
risk tolerance levels, standardised classifications and The daily business activities of the Group may be
categories of risks and the risk review process. disrupted by failure of IT systems, cyber-attacks, a
major health pandemic or even inaccessibility to the
On a quarterly basis during the year under review, the Risk workplace. Appropriate systems with adequate capacity,
Management Department presented reports detailing the security arrangements, facilities and resources to
significant risks, the status of risk reviews and the status of mitigate risks that may cause interruption to critical
implementation of action plans for review by the RBCMC, business functions have been put in place. Respective
before they are presented to the ARMC and subsequently departments have established their Disaster Recovery
endorsed by the Board. and Business Continuity Management Plans. These
plans were reviewed and updated and tests were also
Key aspects of the risk management process during the year conducted, including on the core information technology
under review were: systems to ascertain the preparedness in response to
prolonged business disruption situations. Findings and
• Risks were identified by each key business function feedbacks were gathered post-exercise and analysed for
or activity along with assessments of the probability continual improvement.
and impact of their occurrence. The level of residual
risk was determined after identifying and evaluating
the effectiveness of existing controls and mitigating
measures.

STATEMENT ON RISK MANAGEMENT 75
AND INTERNAL CONTROL (cont’d)
Key Risks for 2019 (cont’d)
d. Cybersecurity Risk
The Group was exposed to the risk of malware, ransomware, unauthorised access, corruption and/or loss of its information
assets. To manage these risks, processes have been put in place to manage and protect the confidentiality, integrity,
and availability of data and critical infrastructure. Amongst others, network gateway protection systems limit, manage
and monitor network traffic and accessibility to the Group’s systems; anti-malware software installed in all systems and
endpoints; and encryption used to protect critical and confidential data. Any notifications and alerts received for suspicious
network traffic were investigated. Regular maintenance of the Group’s systems were carried out and action taken to close
any identified gaps.
Conclusion
The process as outlined in this statement for identifying, evaluating and managing risks has been in place for the year under
review and up to date of approval of this statement. The risk management process and internal control system of the Group
have been reviewed and found to be operating adequately and effectively in all material respects and the Board has accordingly
received a statement of assurance from the relevant key executive officers including the Chairman and Chief Executive,
President and Chief Operating Officer and Executive Director, and Chief Financial Officer of the Company.
The representations made by the Company’s principal subsidiaries in respect of their risk management and internal control
systems have been taken into consideration by the Board in issuing this statement.
The disclosures in this statement do not include the risk management and internal control practices of the Company’s joint
ventures and associates. The Company’s interests in these entities are safeguarded through the appointment of members of
the Company’s senior management to the boards of directors of the investee companies and, in certain cases, the management
committees of these entities. Additionally, where necessary, key financial and other appropriate information on the performance
of these entities were obtained and reviewed periodically.
Review Of Statement By External Auditors
As required by Paragraph 15.23 of the Bursa Malaysia Securities Berhad Main Market Listing Requirements, the external auditors
have reviewed this Statement on Risk Management and Internal Control. Their limited assurance review was performed in
accordance with Audit and Assurance Practice Guide (“AAPG”) 3 issued by the Malaysian Institute of Accountants.
AAPG 3 does not require the external auditors to form an opinion on the adequacy and effectiveness of the risk management
and internal control systems of the Company.
This Statement on Risk Management and Internal Control is made in accordance with the resolution of the Board dated
27 February 2020.

76 DIRECTORS’ REPORT
The Directors of GENTING BERHAD have pleasure in submitting their report together with the audited financial
statements of the Group and of the Company for the financial year ended 31 December 2019.
PRINCIPAL ACTIVITIES
The Company is principally an investment holding and management company.
The principal activities of the Group include leisure and hospitality, gaming and entertainment businesses, development
and operation of integrated resorts, plantation, generation and supply of electric power, property development and
management, tours and travel related services, investments, life sciences and biotechnology activities and oil and gas
exploration, development and production activities.
Details of the principal activities of the subsidiaries, joint ventures and associates are set out in Note 49 to the financial
statements.
There have been no other significant changes in the nature of the activities of the Group and of the Company during the
financial year.
FINANCIAL RESULTS
Group Company
RM million RM million
Profit before taxation 4,582.6 1,156.0

Taxation (901.5) (150.4)
Profit for the financial year 3,681.1 1,005.6
CONSOLIDATION OF SUBSIDIARY WITH DIFFERENT FINANCIAL YEAR END
The Companies Commission of Malaysia (“CCM”) had on 6 February 2020 granted an order pursuant to Section 247
of the Companies Act 2016 approving the application by the Company to allow Resorts World Travel Services Private
Limited (incorporated in India), a wholly owned subsidiary of Resorts World Tours Sdn Bhd, which in turn is a wholly owned
subsidiary of Genting Malaysia Berhad (“Genting Malaysia”), a company which is 49.5% owned by the Company as at
31 December 2019 to adopt a financial year end which does not coincide with that of the Company in relation to the
financial year ending 31 March 2020, subject to the following conditions:
(i) The Company is required to report this approval in its Directors’ Report; and
(ii) The Company is to ensure compliance with Sections 252 and 253 of the Companies Act 2016 and Approved
Accounting Standards pertaining to the preparation of Consolidated Accounts.
TREASURY SHARES
The shareholders of the Company had granted a mandate to the Company to purchase its own shares at the Annual
General Meeting of the Company held on 20 June 2019.
As at 31 December 2019, the total number of shares purchased was 26,320,000 and held as treasury shares in accordance
with the provisions of Section 127(4) of the Companies Act 2016.
DIVIDENDS
Dividends paid by the Company since the end of the previous financial year were:
(i) A special single-tier dividend of 7.0 sen per ordinary share amounting to RM269.5 million in respect of the financial year
ended 31 December 2018 was paid by the Company on 8 April 2019;
(ii) A final single-tier dividend of 6.0 sen per ordinary share amounting to RM231.0 million in respect of the financial year
ended 31 December 2018 was paid by the Company on 25 July 2019; and
(iii) An interim single-tier dividend of 6.5 sen per ordinary share amounting to RM250.3 million in respect of the financial year
ended 31 December 2019 was paid by the Company on 18 November 2019.

DIRECTORS’ REPORT (cont’d) 77
DIVIDENDS (cont’d)
A special single-tier dividend of 9.5 sen per ordinary share in respect of the financial year ended 31 December 2019 has been
declared for payment on 9 April 2020 to shareholders registered in the Register of Members on 16 March 2020. Based on
the total number of issued shares (excluding treasury shares) of the Company as at 31 December 2019, the special dividend
would amount to RM365.8 million.
The Directors recommend payment of a final single-tier dividend of 6.0 sen per ordinary share in respect of the financial
year ended 31 December 2019 to be paid to shareholders registered in the Register of Members on a date to be determined
later by the Directors. Based on the total number of issued shares (excluding treasury shares) of the Company as at
31 December 2019, the final dividend would amount to RM231.0 million.
RESERVES AND PROVISIONS
There were no other material transfers to or from reserves or provisions during the financial year other than as disclosed in
Notes 28, 32, 37 and 39 to the financial statements.
ISSUE OF SHARES AND DEBENTURES
There were no issue of shares and debentures during the financial year.
SHARE OPTIONS
No options have been granted by the Company to any parties during the financial year to take up unissued shares of the
Company.
No shares have been issued during the financial year by virtue of the exercise of any option to take up unissued shares of
the Company. As at the end of the financial year, there were no unissued shares of the Company under options.
DIRECTORATE
The Directors in office during the financial year and during the period from the end of the financial year to the date of this
report are:
Tan Sri Lim Kok Thay

Tan Sri Foong Cheng Yuen
Mr Lim Keong Hui
Mr Tan Kong Han (Appointed on 1 January 2020)
Dato’ Dr. R. Thillainathan
Madam Koid Swee Lian
Datuk Manharlal A/L Ratilal (Appointed on 1 March 2019)
Mr Eric Ooi Lip Aun (Appointed on 1 March 2019)
Tan Sri Dr. Lin See Yan (Retired on 20 June 2019)
Datuk Chin Kwai Yoong (Retired on 20 June 2019)
According to the Register of Directors’ Shareholdings, the following persons who were Directors of the Company at the
end of the financial year have interests in shares and/or performance shares and/or warrants of the Company, Genting
Malaysia, Genting Plantations Berhad (“Genting Plantations”) and Genting Singapore Limited (“Genting Singapore”), both
of which are subsidiaries of the Company, as set out below:
Interest in the Company
Shareholdings in which the Directors

have direct interests 1.1.2019 Acquired Disposed 31.12.2019
(Number of ordinary shares)
Tan Sri Lim Kok Thay 68,119,980 - - 68,119,980
Dato’ Dr. R. Thillainathan 25,000 - - 25,000
Tan Sri Foong Cheng Yuen 10,000 - - 10,000
have deemed interests
Tan Sri Lim Kok Thay 1,630,711,110(a) 165,347,650(aa) 152,651,250(a) 1,643,407,510(aa)
Mr Lim Keong Hui 1,630,711,110(a) 165,347,650(aa) 152,651,250(a) 1,643,407,510(aa)

78 DIRECTORS’ REPORT (cont’d)
DIRECTORATE (cont’d)
Interest in the Company (cont’d)
1.1.2019 Acquired Disposed 31.12.2019

Interest of Spouse/Child of the Director
Interest in Genting Malaysia

Tan Sri Lim Kok Thay 14,140,100 5,863,548 - 20,003,648
Mr Lim Keong Hui 422,300 226,638 - 648,938

Tan Sri Lim Kok Thay 2,796,992,189(b) - - 2,796,992,189(b)
Mr Lim Keong Hui 2,796,992,189(b) - - 2,796,992,189(b)

Tan Sri Lim Kok Thay 2,900 2,886 - 5,786
Long Term Incentive Plan shares in the

names of Directors 1.1.2019 Granted Vested Lapsed 31.12.2019
Restricted Share Plan
Tan Sri Lim Kok Thay 3,921,725(e) 2,309,869(e) 1,866,500 - 4,365,094(e)
Mr Lim Keong Hui 172,200(e) 574,700(e) 61,100 - 685,800(e)
Performance Share Plan
Tan Sri Lim Kok Thay 8,499,894(e) 7,341,258(e) 3,997,048 837,036 11,007,068(e)
Mr Lim Keong Hui 347,543(e) 1,826,550(e) 165,538 27,391 1,981,164(e)
Restricted Share Plan
Tan Sri Lim Kok Thay 2,200(e) - 1,100 - 1,100(e)
Performance Share Plan
Tan Sri Lim Kok Thay 2,336(e) - 1,786 - 550(e)
Interest in Genting Plantations

Acquired/
Shareholding in which the Director Exercise of
has direct interest 1.1.2019 Warrants# Disposed 31.12.2019
Tan Sri Lim Kok Thay 369,000 73,800# - 442,800

Tan Sri Lim Kok Thay 407,005,000(c) 81,401,000(c)# - 488,406,000(c)
Mr Lim Keong Hui 407,005,000(c) 81,401,000(c)# - 488,406,000(c)
Warrantholding in which the Director Exercised@/
has direct interest 1.1.2019 Acquired Expired* 31.12.2019
(Number of warrants 2013/2019)
Tan Sri Lim Kok Thay 73,800 - 73,800@ -

Interest in Genting Plantations (cont’d)
Warrantholdings in which the Exercised@/

Directors have deemed interests 1.1.2019 Acquired Expired* 31.12.2019
(Number of warrants 2013/2019)
Tan Sri Lim Kok Thay 81,401,000(c) - 81,401,000@ -
Mr Lim Keong Hui 81,401,000(c) - 81,401,000@ -
Interest in Genting Singapore

Tan Sri Lim Kok Thay 13,445,063 750,000 - 14,195,063
Dato’ Dr. R. Thillainathan 1,582,438 - - 1,582,438

Tan Sri Lim Kok Thay 6,353,828,069(d) - - 6,353,828,069(d)
Mr Lim Keong Hui 6,353,828,069(d) - - 6,353,828,069(d)
Performance Shares in the
name of a Director 1.1.2019 Awarded Vested 31.12.2019
(Number of performance shares)
Tan Sri Lim Kok Thay 750,000(f) 750,000(f) 750,000 750,000(f)
Legend:
*
The warrants 2013/2019 of Genting Plantations had expired on 17 June 2019.
(a)
Deemed interests by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being:
i) beneficiaries of a discretionary trust of which Parkview Management Sdn Bhd (“PMSB”) is the trustee. PMSB as
trustee of the discretionary trust owns 100% of the voting shares of Kien Huat International Limited (“KHI”) which
in turn owns 100% of the voting shares in Kien Huat Realty Sdn Berhad (“KHR”). As such, PMSB as trustee of the
discretionary trust is deemed interested in the ordinary shares of the Company held by KHR and Inverway Sdn Bhd
(“Inverway”), a wholly owned subsidiary of KHR by virtue of its controlling interest in KHR and Inverway; and
ii) beneficiaries of a discretionary trust of which Summerhill Trust Company (Isle of Man) Limited [formerly known
as First Names Trust Company (Isle of Man) Limited] (“STC”) is the trustee. Golden Hope Limited (“GHL”) acts as
trustee of the Golden Hope Unit Trust (“GHUT”), a private unit trust whose voting units are ultimately owned by STC
as trustee of the discretionary trust. GHL as trustee of the GHUT owns ordinary shares in the Company.
Arising from the above, Tan Sri Lim Kok Thay and Mr Lim Keong Hui have deemed interests in the shares of certain
subsidiaries of the Company.
(aa)
Deemed interests by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being beneficiaries of a discretionary trust of
which PMSB is the trustee. PMSB as trustee of the discretionary trust owns 100% of the voting shares of KHI which in turn
owns 100% of the voting shares in KHR. As such, PMSB as trustee of the discretionary trust is deemed interested in the
ordinary shares of the Company held by KHR and Inverway by virtue of its controlling interest in KHR and Inverway.
Arising from the above, Tan Sri Lim Kok Thay and Mr Lim Keong Hui have deemed interests in the shares of certain
subsidiaries of the Company.

Legend (cont’d):
(b) Deemed interests by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being:
i) beneficiaries of a discretionary trust of which PMSB is the trustee. PMSB as trustee of the discretionary trust owns
100% of the voting shares of KHI which in turn owns 100% of the voting shares of KHR. KHR owns more than 20% of
the voting shares of the Company which in turn owns these ordinary shares in Genting Malaysia. As such, PMSB as
trustee of the discretionary trust is deemed interested in the ordinary shares of Genting Malaysia held by the Company
as it is entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares in
the Company. PMSB as trustee of the discretionary trust is also deemed interested in the ordinary shares of Genting
Malaysia held by KHR by virtue of its controlling interest in KHR; and
ii) beneficiaries of a discretionary trust of which STC is the trustee. GHL acts as trustee of the GHUT, a private unit trust
whose voting units are ultimately owned by STC as trustee of the discretionary trust. GHL as trustee of the GHUT owns
ordinary shares in Genting Malaysia.
(c) Deemed interests by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being beneficiaries of a discretionary trust of
which PMSB is the trustee. PMSB as trustee of the discretionary trust owns 100% of the voting shares of KHI which in
turn owns 100% of the voting shares in KHR. KHR owns more than 20% of the voting shares of the Company which owns
these ordinary shares and warrants in Genting Plantations. As such, PMSB as trustee of the discretionary trust is deemed
interested in the ordinary shares and warrants of Genting Plantations held by the Company as it is entitled to exercise or
control the exercise of not less than 20% of the votes attached to the voting shares in the Company.
(d) Deemed interests by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being beneficiaries of a discretionary trust of
which PMSB is the trustee.
PMSB as trustee of the discretionary trust is deemed interested in the shares of Genting Singapore held by KHR and
Genting Overseas Holdings Limited, a wholly owned subsidiary of the Company. KHR controls more than 20% of the voting
share capital of the Company.
(e) Represents the right of the participant to receive ordinary shares subject to the performance conditions as determined by
the Remuneration Committee of Genting Malaysia.
(f) Represents the right of the participant to receive fully-paid shares of Genting Singapore free of charge, upon the participant
satisfying the criteria set out in the Genting Singapore Performance Share Scheme and upon satisfying such criteria as
may be imposed.
Apart from the above disclosures:
(a) the Directors of the Company did not have any other interests in shares in the Company and in shares in other related
corporations of the Company either at the beginning or end of the financial year; and
(b) neither during nor at the end of the financial year, was the Company a party to any arrangement whose object was to
enable the Directors to acquire benefits by means of the acquisition of shares in or debentures of the Company or any
other body corporate.
Since the end of the previous financial year, no Director of the Company has received or become entitled to receive a benefit
(other than a benefit included in the aggregate amount of remuneration received or due and receivable by the Directors and
the provision for Directors’ retirement gratuities shown in the financial statements or the fixed salary of a full time employee
of the Company and/or its related corporations) by reason of a contract made by the Company or a related corporation with
the Director or with a firm of which he/she is a member or with a company in which he/she has a substantial financial
interest except for any benefit which may be deemed to have arisen by virtue of the following transactions:
(i) A corporation in which Tan Sri Lim Kok Thay is a Director and has substantial financial interest, has:
(a) leased an office premise on the 10th Floor, Genting Centre, Singapore from Resorts World Properties Pte. Ltd., a
wholly owned subsidiary of Genting Singapore, which in turn is an indirect 52.7% owned subsidiary of the Company;

(i) A corporation in which Tan Sri Lim Kok Thay is a Director and has substantial financial interest, has: (cont’d)

(b) been appointed by Resorts World at Sentosa Pte. Ltd., an indirect wholly owned subsidiary of Genting Singapore, as the
consultant for theme park and resort development and operations of the Resorts World Sentosa; and
(c) been appointed by Genting Malaysia, as the consultant for theme park and resort development and operations of the
Resorts World Genting at Genting Highlands.
(ii) Transactions made by the Company or its related corporations with certain corporations referred to in Note 48 to the
financial statements in which the nature of relationships of Tan Sri Lim Kok Thay and Mr Lim Keong Hui are disclosed
therein.
Tan Sri Foong Cheng Yuen and Dato’ Dr. R. Thillainathan are due to retire by rotation at the forthcoming Annual General
Meeting (“AGM”) of the Company in accordance with Paragraph 107 of the Company’s Constitution and they, being eligible, have
offered themselves for re-election.
In accordance with Paragraph 112 of the Company’s Constitution, Mr Tan Kong Han is due to retire at the forthcoming AGM and
he, being eligible, has offered himself for re-election.
Details of the remuneration of the Directors of the Company are set out in Note 12 to the financial statements.
The names of directors of subsidiaries where the shares are held by the Company are listed below (excluding directors who are
also Directors of the Company):
Tan Sri Dato’ Seri Alwi Jantan Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj Zainuddin (R)
Tan Sri Datuk Clifford Francis Herbert Lt. Gen. Dato’ Abdul Ghani bin Abdullah (R)
Mr Quah Chek Tin Mr Ching Yew Chye
Mr Teo Eng Siong Mr Yong Chee Kong
Dato’ Koh Hong Sun Tan Sri Dato’ Sri Zaleha binti Zahari
Madam Chong Kwai Ying Mr Lee Ser Wor
Dato’ Sri Lee Choong Yan# Mr Hiu Woon Yau
Mr Ong Tiong Soon Ms Chen Tyng Tyng
Mr Chong Kin Leong* Professor Claude Michel Wischik
Ms Wong Yee Fun Mr Wong Kin Meng
Mr Derrik Khoo Sin Huat* Dr Loh Yin Sze
Ms Goh Lee Sian (alternate director to Mr Wong Kin Meng)
Encik Azmi bin Abdullah Ms Christine Chan Meng Yook*
Ms Chiew Sow Lin Mr Declan Thomas Kenny
Ms Woon Yoke Sun Mr John Craig Brown
Mr Chew Weng Hong* Mr Christopher James Tushingham
Dato’ Justin Leong Ming Loong* (alternate director to Mr John Craig Brown)
Ms Koh Poy Yong
* Resigned during the financial year
# Appointed on 1 January 2020
Total directors’ remuneration paid by these subsidiaries during the financial year was RM1.7 million.
INDEMNITY AND INSURANCE COSTS
The Directors and officers of the Group and the Company are covered by Directors and Officers Liability Insurance (“D&O”) for
any liability incurred in the discharge of their duties provided that they have not acted fraudulently or dishonestly or derived
any personal profit or advantage. The sum insured was determined by the Company after taking into account the diversified
nature of the Group’s businesses across multiple territories globally. The premium borne by the Company and the Group for the
D&O coverage during the financial year was approximately RM0.2 million and RM0.8 million respectively.

OTHER STATUTORY INFORMATION
Before the financial statements of the Group and of the Company were prepared, the Directors took reasonable steps:
(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for
doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been
made for doubtful debts; and
(ii) to ensure that any current assets, which were unlikely to be realised in the ordinary course of business including the values
of current assets as shown in the accounting records of the Group and of the Company had been written down to an amount
which the current assets might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances:
(i) which would render the amounts written off for bad debts or the amount of the provision for doubtful debts inadequate to any
substantial extent;
(ii) which would render the values attributed to current assets in the financial statements of the Group and of the Company
misleading;
(iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the
Company misleading or inappropriate; and
(iv) not otherwise dealt with in this report or in the financial statements of the Group and of the Company, that would render any
amount stated in the financial statements misleading.
At the date of this report, there does not exist:
(i) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year which secures the
liabilities of any other person; or
(ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
No contingent or other liability of any company in the Group has become enforceable or is likely to become enforceable within the
period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may affect the ability of the
Group and of the Company to meet their obligations when they fall due.
In the opinion of the Directors:
(i) the results of the operations of the Group and of the Company during the financial year have not been substantially affected
by any item, transaction or event of a material and unusual nature except for those disclosed in the financial statements; and
(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial
year and the date of this report which is likely to affect substantially the results of the operations of the Group and of the
Company for the financial year in which this report is made.
SUBSIDIARIES
Details of the subsidiaries of the Company are set out in Note 49 to the financial statements.
AUDITORS
Details of auditors’ remuneration are set out in Note 10 to the financial statements.
The auditors, PricewaterhouseCoopers PLT (LLP0014401-LCA & AF1146), have expressed their willingness to accept
re-appointment as auditors.
Signed on behalf of the Board in accordance with a resolution of the Directors.
TAN SRI FOONG CHENG YUEN MR TAN KONG HAN

Deputy Chairman/ President and Chief Operating Officer and
Independent Non-Executive Director Executive Director
27 February 2020

STATEMENT BY DIRECTORS PURSUANT TO 83
SECTION 251(2) OF THE COMPANIES ACT 2016
In the opinion of the Directors, the financial statements set out on pages 84 to 198 are drawn up in accordance with the
Malaysian Financial Reporting Standards, International Financial Reporting Standards and comply with the provisions of the
Companies Act 2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company
as at 31 December 2019 and financial performance of the Group and of the Company for the financial year then ended on
that date.
Signed on behalf of the Board in accordance with a resolution of the Directors.
TAN SRI FOONG CHENG YUEN MR TAN KONG HAN

Deputy Chairman/ President and Chief Operating Officer and
Independent Non-Executive Director Executive Director
27 February 2020

84 INCOME STATEMENTS
for the Financial Year Ended 31 December 2019

Group Company
Note(s) 2019 2018 2019 2018
Revenue 5&6 21,616.5 20,853.0 1,806.0 1,852.4
Cost of sales 7 (14,325.4) (13,029.9) (103.3) (111.4)

Gross profit 7,291.1 7,823.1 1,702.7 1,741.0
Other income 1,272.7 1,149.9 62.1 94.9
Selling and distribution costs (475.5) (452.5) - -
Administration expenses (1,706.3) (1,459.4) (15.7) (16.2)
Reversal of previously recognised impairment losses 8 5.9 3.4 - 8.9
Impairment losses 8 (404.6) (2,008.5) (423.1) (841.5)
Other expenses (404.4) (546.0) (3.8) (18.7)
Other gains/(losses) 9 11.4 (212.9) 7.6 (56.5)
Finance cost 10 (1,097.0) (1,013.1) (173.8) (180.0)
Share of results in joint ventures 24 121.3 141.3 - -
Share of results in associates 25 (32.0) (6.9) - -
Profit before taxation 5 & 10 4,582.6 3,418.4 1,156.0 731.9

Taxation 13 (901.5) (974.5) (150.4) (165.4)
Profit for the financial year 3,681.1 2,443.9 1,005.6 566.5
Profit attributable to:

Equity holders of the Company 1,995.8 1,365.6 1,005.6 566.5
Non-controlling interests 1,685.3 1,078.3 - -
3,681.1 2,443.9 1,005.6 566.5
Earnings per share for profit attributable to the equity

holders of the Company:
Basic (sen) 14 51.83 35.58
Diluted (sen) 14 51.71 35.56

STATEMENTS OF COMPREHENSIVE INCOME 85

Group Company
Note 2019 2018 2019 2018
Profit for the financial year 3,681.1 2,443.9 1,005.6 566.5
Other comprehensive income/(loss)
Items that will not be reclassified

subsequently to profit or loss:
Actuarial gain/(loss) on retirement benefit liability 8.8 (5.1) - -
Change in the fair value of equity investments at fair
value through other comprehensive income 112.2 (654.1) - -
121.0 (659.2) - -
Items that will be reclassified

subsequently to profit or loss:
Cash flow hedges
- Fair value (loss)/gain (100.2) 101.6 - -
- Reclassifications 74.8 3.7 - -
(25.4) 105.3 - -
Share of other comprehensive income of
joint ventures 24 9.7 0.9 - -
Share of other comprehensive (loss)/income
of associates 25 (7.6) 13.3 - -
Net foreign currency exchange differences (79.6) 305.4 - -
(102.9) 424.9 - -
Other comprehensive income/
(loss) for the financial year, net of tax 18.1 (234.3) - -
Total comprehensive income for the
financial year 3,699.2 2,209.6 1,005.6 566.5
Total comprehensive income attributable to:

Equity holders of the Company 1,969.1 1,120.4 1,005.6 566.5
3,699.2 2,209.6 1,005.6 566.5

86 STATEMENTS OF FINANCIAL POSITION

Group Company
Note 2019 2018 2019 2018
ASSETS
Non-Current Assets
Property, plant and equipment 16 41,303.9 38,996.0 1.9 2.6
Land held for property development 17 367.6 370.7 - -
Investment properties 18 1,690.2 1,995.2 - -
Leasehold land use rights 19 - 664.6 - -
Intangible assets 20 5,739.6 5,677.1 - -
Rights of use of oil and gas assets 21 3,376.4 3,544.2 - -
Rights of use of lease assets 22 4,252.4 - - -
Subsidiaries 23 - - 14,975.0 14,001.0
Amounts due from subsidiaries 23 - - 713.9 355.9
Joint ventures 24 1,334.9 1,667.8 - -
Associates 25 1,322.5 710.8 - -
comprehensive income 26 1,051.7 514.3 - -
Financial assets at fair value through profit or loss 27 947.2 679.6 - -
Derivative financial instruments 42 3.1 25.9 - -
Other non-current assets 28 4,000.7 4,332.6 - -
Deferred tax assets 29 375.7 394.9 30.8 30.3
65,765.9 59,573.7 15,721.6 14,389.8
Current Assets
Property development costs 17 45.7 44.8 - -
Inventories 30 668.7 685.3 - -
Produce growing on bearer plants 31 6.9 3.8 - -
Trade and other receivables 32 2,313.8 2,205.1 10.8 11.0
Current tax assets 224.9 228.8 - -
Amounts due from subsidiaries 23 - - 79.2 33.5
Amounts due from joint ventures 24 68.7 149.9 - -
Amounts due from associates 25 7.8 4.4 - -
comprehensive income 26 487.2 383.2 - -
Financial assets at fair value through profit or loss 27 1,476.7 757.8 100.0 -
Derivative financial instruments 42 1.1 23.0 - 170.9
Restricted cash 33 662.6 1,059.3 0.5 0.5
Cash and cash equivalents 33 30,282.2 30,987.9 881.5 2,503.3
36,246.3 36,533.3 1,072.0 2,719.2
Assets classified as held for sale 34 4.2 34.4 - -
36,250.5 36,567.7 1,072.0 2,719.2
Total Assets 102,016.4 96,141.4 16,793.6 17,109.0
EQUITY AND LIABILITIES
Equity Attributable to Equity
Holders of the Company
Share capital 35 3,056.2 3,056.2 3,056.2 3,056.2
Treasury shares 36 (221.2) (221.2) (221.2) (221.2)
Reserves 37 32,497.2 31,438.7 10,666.1 10,411.3
35,332.2 34,273.7 13,501.1 13,246.3
Total Equity 59,274.0 57,388.2 13,501.1 13,246.3
Non-Current Liabilities
Long term borrowings 38 29,390.2 25,163.5 - -
Lease liabilities 22 818.0 - - -
Amounts due to subsidiaries 23 - - 2,995.4 1,997.0
Deferred tax liabilities 29 2,170.3 2,363.6 - -
Provisions 39 554.4 551.9 111.8 109.6
Other non-current liabilities 40 372.5 441.5 - -
33,312.9 28,634.8 3,107.2 2,106.6
Current Liabilities
Trade and other payables 41 5,747.3 5,251.4 39.4 44.3
Amounts due to subsidiaries 23 - - 117.6 1,666.8
Amounts due to joint ventures 24 20.9 53.5 - -
Amounts due to associates 25 20.0 - - -
Short term borrowings 38 2,739.8 4,061.0 - -
Lease liabilities 22 111.4 - - -
Taxation 747.4 709.6 28.3 45.0
9,429.5 10,104.8 185.3 1,756.1
Liabilities classified as held for sale 34 - 13.6 - -
9,429.5 10,118.4 185.3 1,756.1
Total Liabilities 42,742.4 38,753.2 3,292.5 3,862.7
Total Equity and Liabilities 102,016.4 96,141.4 16,793.6 17,109.0

Attributable to equity holders of the Company

Foreign
Fair Cash Flow Exchange Non-
Share Value Hedge and Other Retained Treasury controlling Total
Note Capital Reserve Reserve Reserves Earnings Shares Total Interests Equity
Group
At 1 January 2019, as previously reported 3,056.2 (328.9) 25.1 (1,314.8) 33,057.3 (221.2) 34,273.7 23,114.5 57,388.2
Effects of adoption of MFRS 16 44 - - - (0.1) (1.6) - (1.7) (1.6) (3.3)
At 1 January 2019, as restated 3,056.2 (328.9) 25.1 (1,314.9) 33,055.7 (221.2) 34,272.0 23,112.9 57,384.9
Profit for the financial year - - - - 1,995.8 - 1,995.8 1,685.3 3,681.1
Other comprehensive income/(loss) - 112.2 (31.3) (95.2) (12.4) - (26.7) 44.8 18.1
Total comprehensive income/(loss) for the financial year - 112.2 (31.3) (95.2) 1,983.4 - 1,969.1 1,730.1 3,699.2
Transactions with owners:
Effects arising from changes in composition of the Group - - - - (167.5) - (167.5) 362.6 195.1
Performance-based Employee Share Scheme by subsidiaries - - - - 9.4 - 9.4 (9.4) -
Buy-back of shares by a subsidiary - - - - - - - (40.1) (40.1)
Effects of share-based payment - - - - - - - 76.0 76.0
Total changes in ownership interests in subsidiaries that do not

result in loss of control - - - - (158.1) - (158.1) 389.1 231.0
Dividend paid to non-controlling interests - - - - - - - (1,290.3) (1,290.3)
Appropriation:
Special single-tier dividend for the financial year ended
31 December 2018 15 - - - - (269.5) - (269.5) - (269.5)
Final single-tier dividend for the financial year ended
31 December 2018 15 - - - - (231.0) - (231.0) - (231.0)
Interim single-tier dividend for the financial year ended
31 December 2019 15 - - - - (250.3) - (250.3) - (250.3)
Total contributions by and distributions to owners - - - - (750.8) - (750.8) (1,290.3) (2,041.1)
Total transactions with owners - - - - (908.9) - (908.9) (901.2) (1,810.1)
Balance as at 31 December 2019 3,056.2 (216.7) (6.2) (1,410.1) 34,130.2 (221.2) 35,332.2 23,941.8 59,274.0

STATEMENTS OF CHANGES IN EQUITY
87
88
Attributable to equity holders of the Company

Foreign
Fair Cash Flow Exchange Non-
Share Warrants Value Hedge and Other Retained Treasury controlling Total
Note(s) Capital Reserve Reserve Reserve Reserves Earnings Shares Total Interests Equity
Group
At 1 January 2018 2,818.7 946.3 281.5 (52.1) (1,587.1) 31,596.7 (221.2) 33,782.8 23,308.5 57,091.3
Profit for the financial year - - - - - 1,365.6 - 1,365.6 1,078.3 2,443.9
Other comprehensive (loss)/income - - (592.8) 77.2 272.3 (1.9) - (245.2) 10.9 (234.3)
Total comprehensive (loss)/income for the financial year - - (592.8) 77.2 272.3 1,363.7 - 1,120.4 1,089.2 2,209.6
Transfer of gain on disposal of equity investments at fair value
through other comprehensive income to retained earnings - - (17.6) - - 17.6 - - - -

Effects arising from changes in composition of the Group - - - - - (11.6) - (11.6) 8.0 (3.6)
Transfer upon expiry of share option scheme of a subsidiary - - - - - 7.6 - 7.6 (7.6) -
Buy-back of shares by a subsidiary - - - - - - - - (111.4) (111.4)
Effects of share-based payment - - - - - - - - 81.0 81.0
Total changes in ownership interests in subsidiaries that do not
result in loss of control - - - - - (4.0) - (4.0) (30.0) (34.0)
Issue of shares upon exercise of warrants 35 & 37 237.5 (37.6) - - - - - 199.9 - 199.9
Transfer of warrants reserve upon expiry of warrants to
retained earnings 37 - (908.7) - - - 908.7 - - - -
Dividend paid to non-controlling interests - - - - - - - - (1,253.2) (1,253.2)

Appropriation:
Special single-tier dividend for the financial year ended
31 December 2017 15 - - - - - (268.2) - (268.2) - (268.2)
Final single-tier dividend for the financial year ended
31 December 2017 15 - - - - - (229.9) - (229.9) - (229.9)
Interim single-tier dividend for the financial year ended
31 December 2018 15 - - - - - (327.3) - (327.3) - (327.3)
Total contributions by and distributions to owners 237.5 (946.3) - - - 83.3 - (625.5) (1,253.2) (1,878.7)
STATEMENTS OF CHANGES IN EQUITY (cont’d)
Total transactions with owners 237.5 (946.3) - - - 79.3 - (629.5) (1,283.2) (1,912.7)
Balance as at 31 December 2018 3,056.2 - (328.9) 25.1 (1,314.8) 33,057.3 (221.2) 34,273.7 23,114.5 57,388.2
STATEMENTS OF CHANGES IN EQUITY (cont’d) 89
Share Warrants Retained Treasury

Note(s) Capital Reserve Earnings Shares Total
Company
At 1 January 2019 3,056.2 - 10,411.3 (221.2) 13,246.3

Profit for the financial year - - 1,005.6 - 1,005.6
Appropriation:
Special single-tier dividend
for the financial year ended
31 December 2018 15 - - (269.5) - (269.5)
Final single-tier dividend for
the financial year ended
31 December 2018 15 - - (231.0) - (231.0)
Interim single-tier dividend for
31 December 2019 15 - - (250.3) - (250.3)
Total transactions with owners - - (750.8) - (750.8)
Balance as at 31 December 2019 3,056.2 - 10,666.1 (221.2) 13,501.1
At 1 January 2018 2,818.7 946.3 9,761.5 (221.2) 13,305.3

Profit for the financial year - - 566.5 - 566.5
Issue of shares upon exercise of warrants 35 & 37 237.5 (37.6) - - 199.9
Transfer of warrants reserve upon expiry of
warrants to retained earnings 37 - (908.7) 908.7 - -
Appropriation:
Special single-tier dividend for the
financial year ended
31 December 2017 15 - - (268.2) - (268.2)
Final single-tier dividend for
31 December 2017 15 - - (229.9) - (229.9)
Interim single-tier dividend for
31 December 2018 15 - - (327.3) - (327.3)
Total transactions with owners 237.5 (946.3) 83.3 - (625.5)
Balance as at 31 December 2018 3,056.2 - 10,411.3 (221.2) 13,246.3

90 STATEMENTS OF CASH FLOWS

Group Company
Note 2019 2018 2019 2018
CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 4,582.6 3,418.4 1,156.0 731.9
Adjustments for:
Depreciation and amortisation 2,631.9 2,223.7 0.7 0.7
Finance cost 1,097.0 1,013.1 173.8 180.0
Impairment losses 404.6 2,008.5 423.1 841.5
Impairment losses and write off of receivables 312.6 168.8 - -
Provision for share-based payments 76.0 81.0 - -
Loss on discontinued cash flow hedge 74.0 - - -
Property, plant and equipment (“PPE”) written off 35.4 35.4 - -
Provision for retirement gratuities 34.3 36.1 6.8 15.5
Share of results in associates 32.0 6.9 - -
Provision for termination related costs 27.6 - - -
Inventories written off 2.7 8.5 - -
Interest income (720.5) (838.1) (61.0) (94.6)
Gain on disposal of a subsidiary (138.7) - - -
Net gain on disposal of investment properties (132.1) - - -
Share of results in joint ventures (121.3) (141.3) - -
Net fair value (gain)/loss on financial assets at
fair value through profit or loss (“FVTPL”) (53.5) 196.3 - -
Net unrealised exchange (gain)/loss (48.0) (47.9) 0.5 (1.2)
Net (gain)/loss on derecognition and changes in
shareholding of joint ventures and associates (37.4) 1.8 - -
Investment income (36.9) (23.9) (0.8) -
Dividend income (14.4) (10.6) (1,107.9) (1,131.5)
Net surplus arising from compensation in
respect of land acquired by the Government (6.3) (17.5) - -
Reversal of previously recognised impairment losses (5.9) (3.4) - (8.9)
Net gain on disposal of PPE (4.0) (9.9) - -
Net fair value (gain)/loss on derivative financial instruments (0.2) 0.6 (8.1) 57.0
Fair value adjustment of long term receivables - 40.9 - -
Intangible assets written off - 4.0 - -
Gain on disposal of assets and liabilities classified as held
for sale - (0.3) - -
Other non-cash items (1.1) 16.8 - -
3,407.8 4,749.5 (572.9) (141.5)
Operating profit before changes in working capital 7,990.4 8,167.9 583.1 590.4
Working capital changes:
Property development costs (6.5) (30.2) - -
Inventories 17.0 (111.5) - -
Receivables (334.7) (234.6) 0.4 (0.4)
Payables 201.7 175.7 2.4 (12.9)
Amounts due from/to associates 20.0 - - -
Amounts due from/to joint ventures (33.7) (56.8) - -
Amounts due from/to subsidiaries - - 16.8 (12.8)
Other non-current assets 7.7 (28.0) - -
Restricted cash 85.9 (27.0) - -
(42.6) (312.4) 19.6 (26.1)

Cash generated from operations 7,947.8 7,855.5 602.7 564.3
Tax paid (1,159.4) (1,129.2) (167.5) (162.1)
Payment of retirement gratuities (27.0) (3.1) (12.0) (0.1)
Tax refunded 35.6 116.3 - -
Other operating activities (4.6) (9.2) - -
(1,155.4) (1,025.2) (179.5) (162.2)
NET CASH FLOW FROM OPERATING ACTIVITIES 6,792.4 6,830.3 423.2 402.1

STATEMENTS OF CASH FLOWS (cont’d) 91
Group Company
Note 2019 2018 2019 2018
CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of PPE (6,551.2) (4,502.1) (0.3) (0.5)
Purchase of investments (1,212.0) (923.3) (1,299.9) (547.2)
Investment in associate (663.1) - - -
Purchase of intangible assets (242.5) (23.9) - -
Purchase of rights of use of lease assets (79.9) (37.5) - -
Net cash outflow on acquisition of subsidiaries (a) (55.1) - - -
Purchase of rights of use of oil and gas assets (24.9) (84.1) - -
Restricted cash (23.6) (4.1) - -
Loan to an associate (3.1) (2.9) - -
Purchase of investment properties (2.9) (0.1) - -
Costs incurred on land held for property development (2.1) (5.7) - -
Interest received 732.1 604.8 61.0 94.5
Proceeds from disposal in investment properties 425.0 - - -
Proceeds from disposal of a subsidiary (b) 177.8 - - -
Net cash inflow on deemed acquisition of subsidiaries (c) 167.5 - - -
Repayment of amount due from joint venture 149.1 - - -
Proceeds from disposal of PPE 126.3 132.5 0.3 -
Proceeds from government grant 90.5 28.3 - -
Dividends received from joint ventures 52.4 11.2 - -
Investment income received 37.5 18.6 0.5 -
Dividends received 32.9 10.3 1,107.9 1,131.5
Proceeds from redemption of unquoted preference shares 25.0 - - -
Dividends received from associates 1.8 3.9 - -
Investment in joint venture - (35.8) - -
Proceeds from disposal of investments - 298.9 - -
Proceeds from disposal of assets and liabilities
classified as held for sale - 35.3 - -
Finance lease rental received - 33.9 - -
Advances to subsidiaries - - (589.4) (427.1)
Repayment of advances from subsidiaries - - 203.5 194.2
Other investing activities (2.6) 23.9 - -
NET CASH FLOW (USED IN)/FROM
INVESTING ACTIVITIES (6,845.1) (4,417.9) (516.4) 445.4
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings and payment of transaction costs (8,699.5) (2,221.5) - -
Finance cost paid (1,409.4) (1,197.6) (179.1) (180.1)
Dividends paid to non-controlling interests (1,290.3) (1,253.2) - -
Dividends paid (750.8) (825.4) (750.8) (825.4)
Settlement of derivative financial instruments (146.1) - - -
Repayment of lease liabilities (143.6) - - -
(Repayment of)/Proceeds from shareholder loan (116.1) 40.4 - -
Buy-back of shares by a subsidiary (40.1) (111.4) - -
Proceeds from bank borrowings 3,260.4 1,175.3 - -
Proceeds from issuance of Senior Notes from a subsidiary 4,097.5 - - -
Proceeds from issuance of Secured Senior Notes
from a subsidiary 3,208.5 - - -
Proceeds from issuance of Medium Term Notes by subsidiaries 1,000.0 2,600.0 - -
Net movement in restricted cash 328.6 313.1 - -
Proceeds from issue of shares to non-controlling interests 70.2 18.1 - -
Proceeds from issue of shares upon exercise of warrants - 199.9 - 199.9
Repayment of borrowings to a subsidiary and
payment of transaction costs - - (1,598.2) -
Borrowing from a subsidiary - - 1,000.0 -
Other financing activities (0.1) (0.1) - -
NET CASH FLOW USED IN FINANCING ACTIVITIES (630.8) (1,262.4) (1,528.1) (805.6)
NET (DECREASE)/INCREASE IN
CASH AND CASH EQUIVALENTS (683.5) 1,150.0 (1,621.3) 41.9
CASH AND CASH EQUIVALENTS AT BEGINNING OF
FINANCIAL YEAR 30,987.9 29,491.9 2,503.3 2,460.2
EFFECTS OF CURRENCY TRANSLATION (22.2) 346.0 (0.5) 1.2
CASH AND CASH EQUIVALENTS AT END OF
FINANCIAL YEAR 30,282.2 30,987.9 881.5 2,503.3
ANALYSIS OF CASH AND CASH EQUIVALENTS
Bank balances and deposits 33 26,089.7 24,710.9 362.4 1,097.7
Money market instruments 33 4,192.5 6,277.0 519.1 1,405.6
30,282.2 30,987.9 881.5 2,503.3

92 STATEMENTS OF CASH FLOWS (cont’d)
NOTES TO CONSOLIDATED STATEMENTS OF CASH FLOWS
(a) Acquisition of subsidiaries
On 30 October 2019, Genting Malta Limited, an indirect wholly owned subsidiary of Genting Malaysia Berhad (“Genting
Malaysia”), which is 49.5% owned by the Company, acquired the entire share capital of Authentic Gaming Limited
(“AGL”) and Authentic Gaming Malta Limited (“AGML”) for a total consideration of GBP13.0 million (equivalent to
approximately RM69.7 million), of which GBP10.5 million (equivalent to approximately RM56.3 million) was paid in
cash and GBP2.5 million (equivalent to approximately RM13.4 million) is payable within 12 months. The remaining
payment of GBP2.5 million is contingent on the satisfactory transfer of gaming licences. Acquisition related costs of
GBP0.2 million (equivalent to approximately RM1.3 million) has been recognised as expenses in profit or loss.
Fair value of the net assets acquired and net cash outflow on acquisition of subsidiaries are analysed as follows:
As at date of
acquisition
Property, plant and equipment (1.9)
Intangible assets (9.5)
Deferred tax assets (4.6)
Cash and cash equivalents (1.2)
Trade and other receivables (3.1)
Deferred tax liabilities 0.8
Trade and other payables 3.7
Provision for taxation 0.3
Goodwill on acquisition (54.2)
Total purchase consideration (69.7)
Less: cash and cash equivalents acquired 1.2
deferred consideration 13.4
Net cash outflow on acquisition of subsidiaries (55.1)
The fair value of the assets (including intangible assets) and liabilities ensuing from the acquisition had been determined
based on provisional fair values assigned to identifiable assets and liabilities on acquisition date. Any adjustments to these
provisional fair values upon finalisation of the detailed purchase price allocation exercise will be recognised in intangible
assets and property, plant and equipment within 12 months of the acquisition date as permitted by MFRS 3 “Business
Combinations”. The residual goodwill on acquisition represents the value of assets and earnings that do not form separable
assets under MFRS 3 but nevertheless are expected to contribute to the future results of the Group.
The revenue and net loss of the acquired subsidiaries included in the consolidated income statements of the Group for
the period from the date of acquisition to 31 December 2019 amounted to RM3.2 million and RM0.5 million, respectively.
Had the acquisition taken effect on 1 January 2019, the revenue and net profit of the acquired subsidiaries included in the
consolidated income statements of the Group would have been RM15.3 million and RM5.3 million, respectively. These
amounts have been determined using the Group’s accounting policies.

NOTES TO CONSOLIDATED STATEMENTS OF CASH FLOWS (cont’d)
(b) Disposal of a subsidiary
On 21 March 2019, Genting UK Plc, an indirect wholly owned subsidiary of Genting Malaysia, entered into a Share Purchase
Agreement with Sonco UK BidCo Limited to dispose of its entire equity interest in Coastbright Limited (“Coastbright”),
an operator of Maxims casino in Kensington, London, for a total net cash consideration of GBP33.7 million (equivalent to
approximately RM180.3 million). The Group realised a gain of approximately GBP26.6 million (equivalent to approximately
RM138.7 million) from the disposal. The disposal was completed on 21 March 2019 and subsequently Coastbright ceased to
be an indirect wholly owned subsidiary of Genting Malaysia.
The details of net assets disposed and net cash inflow on disposal of a subsidiary in the current financial year are analysed
as follows:
As at the date
of disposal
Property, plant and equipment 33.9
Deferred tax assets 0.5
Intangible assets 2.7
Inventories 0.4
Trade and other receivables 0.7
Cash and bank balances 2.5
Trade and other payables (2.7)
Net assets disposed 38.0
Reclassification of foreign exchange and other reserves 3.6
41.6
Gain on disposal 138.7
Cash proceeds from disposal 180.3
Less: Cash and cash equivalents in subsidiary disposed of (2.5)
Net cash inflow on disposal of a subsidiary 177.8
(c) Deemed acquisition of subsidiaries
On 1 August 2019, Genting Intellectual Property Pte Ltd, a wholly owned subsidiary of the Company, had entered into an
amendment to Shareholders Agreement with a shareholder of Resorts World Inc Pte Ltd (“RWI”) such that the Group is
able to appoint an additional director and therefore able to control the composition of the board of RWI. Consequently,
RWI Group is derecognised as a joint venture and deemed as subsidiary of the Group.
The gain on derecognition of joint venture is as follows:
Group
Fair value of previously held interest 125.6
Less: Carrying amount of previously held interest (109.5)
Gain on remeasurement of previously held interest before reclassification 16.1
Reclassification of fair value reserve 1.1
Reclassification of foreign exchange and other reserves 10.2
Gain on derecognition of a joint venture 27.4
The Group had completed the final purchase price allocation (“PPA”) exercise on the above acquisition during the
current financial year.

94 STATEMENTS OF CASH FLOWS (cont’d)
(c) Deemed acquisition of subsidiaries (cont’d)
Details of the assets and liabilities arising from the deemed acquisition of RWI Group are as follows:
As at date
of deemed
acquisition
Property, plant and equipment (2.4)
Intangible assets (14.7)
Financial assets at fair value through other comprehensive income (25.3)
Financial assets at fair value through profit or loss (26.9)
Inventories (0.1)
Trade and other receivables (37.2)
Cash and cash equivalents (167.5)
Other non-current liabilities 3.9
Trade and other payables 10.0
Taxation 9.0
Fair value of net identifiable assets (251.2)
Non-controlling interests measured at proportionate share of net assets 125.6
Fair value of previously held interest 125.6
Goodwill -
Cash and cash equivalents of subsidiaries acquired 167.5
The revenue and net loss of the above acquired subsidiaries included in the consolidated income statements of the
Group for the period from the date of acquisition to 31 December 2019 amounted to RM8.6 million and RM10.6 million
respectively. Had the acquisition taken effect on 1 January 2019, the revenue and net loss of the above acquired
subsidiaries included in the consolidated income statements of the Group would be RM17.3 million and RM56.1 million
respectively. These amounts have been determined using the Group’s accounting policies.
(d) Reconciliation of liabilities arising from financing activities
Group Lease
2019 liabilities Borrowings Total
As at 1 January 2019, as previously reported - (29,224.5) (29,224.5)
Effects of adoption of MFRS 16 (see Note 44) (794.4) 50.6 (743.8)
As at 1 January 2019, as restated (794.4) (29,173.9) (29,968.3)
Cash flows 143.6 (1,457.5) (1,313.9)
Non-cash changes
Finance cost (42.1) (1,630.5) (1,672.6)
Recognition of additional lease liabilities (239.4) - (239.4)
Disposals 5.4 - 5.4
Adjustment for lease modifications 2.4 - 2.4
Reclassification - 7.3 7.3
Foreign exchange movement (4.9) 124.6 119.7
End of the financial year (929.4) (32,130.0) (33,059.4)
Group
2018 Borrowings Total
Beginning of the financial year (27,179.3) (27,179.3)
Cash flows (356.2) (356.2)
Non-cash changes
Finance cost (1,346.9) (1,346.9)
Additions from finance leases (51.6) (51.6)
Foreign exchange movement (290.5) (290.5)
End of the financial year (29,224.5) (29,224.5)

(d) Reconciliation of liabilities arising from financing activities (cont’d)
Amount due to subsidiaries

(including interest
payables)
Company 2019 2018
Beginning of the financial year (3,611.2) (3,611.3)
Cash flows 777.3 180.1
Non-cash changes
Finance cost (173.8) (180.0)
End of the financial year (3,007.7) (3,611.2)

96 NOTES TO THE FINANCIAL STATEMENTS
31 December 2019
1. CORPORATE INFORMATION (i) Exploration and development costs – oil and gas
assets
Genting Berhad (“the Company”) is a public limited liability
company incorporated and domiciled in Malaysia, and is Exploration cost is accounted for in accordance with
listed on the Main Market of Bursa Malaysia Securities the successful efforts method. Under this method,
Berhad. The registered office of the Company is 24th Floor, all costs relating to the exploration activities, except
Wisma Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur. for geological and geophysical costs and office
administration costs, are capitalised when incurred.
The Company is principally an investment holding and
management company. Exploration cost is written down to its recoverable
amount when:
The principal activities of the Group include leisure
and hospitality, gaming and entertainment businesses, - it is determined that further exploration
development and operation of integrated resort, plantation, activities will not yield commercial quantities
generation and supply of electric power, property of reserves, no further exploration drilling is
development and management, tours and travel related planned, and there is no existing production in
services, investments, life sciences and biotechnology the block or field; or
activities and oil and gas exploration, development and
production activities. - the petroleum contract has expired or is
surrendered.
Details of the principal activities of the subsidiaries, joint
ventures and associates are set out in Note 49 to the financial In making decisions about whether to continue to
statements. capitalise exploration drilling cost, it is necessary
to make judgements about the satisfaction of the
There have been no other significant changes in the nature above conditions after technical, commercial and
of the activities of the Group and of the Company during the management reviews. The Group is committed to
financial year. continue exploring and developing these interests.
2. BASIS OF PREPARATION The Group tests exploration and development costs

for any indicators of impairment or when facts and
The financial statements of the Group and the Company circumstances suggest that the carrying amount
have been prepared in accordance with Malaysian Financial of exploration and development costs may exceed
Reporting Standards (“MFRS”), International Financial its recoverable amount. The key assumptions and
Reporting Standards (“IFRS”) and comply with the provisions judgement used in the assessment are set out in
of the Companies Act 2016 in Malaysia. Note 21.
The financial statements have been prepared on a historical (ii) Goodwill and intangible assets with indefinite
cost basis, except as disclosed in the significant accounting useful life
policies below.
The Group tests goodwill and intangible assets with
The preparation of financial statements in conformity indefinite useful life for impairment annually or
with MFRS requires the Directors to make judgements, whenever events indicate that the carrying amount
estimations and assumptions that affect the reported may not be recoverable. The calculations require the
amounts of assets and liabilities and disclosure of contingent use of estimates as set out in Note 20.
assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during (iii) Impairment of trade receivables
the reported financial year. It also requires Directors to
exercise their judgements in the process of applying the The Group’s trade receivables are grouped based
Group’s accounting policies. Although these judgements on shared credit risk characteristics and days past
and estimations are based on Directors’ best knowledge of due, with expected loss rates assessed based on the
current events and actions, actual results could differ from Group’s historical credit loss experience.
those judgements and estimations.
The Group further evaluates the expected credit
(a) Judgements and estimations loss (“ECL”) on customers on a case-by-case basis,
which may be assessed based on indicators such as
In the process of applying the Group’s accounting policies, changes in financial capability of the debtor, and
management makes judgements and estimations that default or significant delay in payments.
can significantly affect the amount recognised in the
financial statements. These judgements and estimations The Group’s credit risk exposure for trade receivables
include: are set out in Note 4(a)(iii).

NOTES TO THE FINANCIAL STATEMENTS (cont’d) 97
31 December 2019
2. BASIS OF PREPARATION (cont’d) (vii) Leases
(a) Judgements and estimations (cont’d) The measurement of the “right-of-use” asset
and lease liability for leases where the Group is a
(iv) Valuation of unquoted financial assets at fair lessee requires the use of significant judgements
value through profit or loss (“FVTPL”) and and assumptions, such as lease term and
financial assets at fair value through other incremental borrowing rate. In determining the
comprehensive income (“FVOCI”) lease term, the Group considers all facts and
circumstances that create an economic incentive
The Group measures its unquoted financial assets to exercise an extension option. Extension
at FVTPL and FVOCI at fair value. The fair values of options are only included in the lease term if the
certain investments in unquoted equity and debt lease is reasonably certain to be extended. In
instruments are determined based on valuation determining the incremental borrowing rate, the
techniques which involve the use of estimates Group first determine the closest borrowing rate
as disclosed in Notes 26 and 27. In addition, the before using significant judgement to determine
measurement of these financial assets within Level the adjustments required to reflect the term,
3 of the fair value hierarchy is disclosed in Note 4(c) security, value of economic environmental of the
respectively. respective leases.
(v) Taxation (b) Standards, amendments to published standards and

interpretations that are effective
The Group is subjected to income taxes in numerous
jurisdictions in which the Group operates. Significant The Group has applied the following standards and
judgement is required in determining the provision amendments for the first time for the financial year
for income taxes that includes the estimate of the beginning on 1 January 2019:
amount of capital allowances for items within the
leasehold improvements and fixtures and fittings - MFRS 16 “Leases”
asset categories and the deductibility of certain - Amendments to MFRS 9 “Prepayment Features
expenses. with Negative Compensation”
- Amendments to MFRS 119 “Plan Amendment,
The Group also recognise certain tax recoverable for Curtailment or Settlement”
which the Group believes that there is reasonable - Amendments to MFRS 128 “Long-term Interests in
basis for recognition. Where the final tax outcome Associates and Joint Ventures”
of these matters is different from the amounts - IC Interpretation 23 “Uncertainty over Income Tax
that were initially recorded, such differences will Treatments”
impact the income tax and deferred tax assets and - Annual Improvements to MFRSs 2015-2017 Cycle
liabilities, where applicable, in the period in which
such determination is made. The Group has adopted MFRS 16 for the first time in the
2019 financial statements, which resulted in changes in
(vi) Provisional fair values of assets and liabilities accounting policies, as described in Note 3. The impact
of adoption of MFRS 16 is set out in Note 44. Other
The Group made several acquisitions during the than that, the adoption of other amendments and IC
financial year as disclosed in the notes to the interpretations did not have any impact on the current
statements of cash flows. The amounts of assets period or any prior period and is not likely to affect
(including intangible assets) and liabilities arising future periods.
from certain acquisitions have been determined
based on provisional fair values assigned to the (c) IFRIC agenda decisions issued during the financial
identifiable assets and liabilities as at the respective year
acquisition dates.
In view that MFRS is fully converged with IFRS, the Group
For all business combinations, the Group has considers all agenda decisions published by the IFRS
undertaken a detailed review to determine the fair Interpretation Committee (“IFRIC”). Where relevant, the
value of assets and liabilities recognised at the date Group may change its accounting policy to be aligned
of acquisition. with the agenda decision.
Any adjustments to these provisional values upon During the year, the Group has assessed the implication
finalisation of the detailed fair value exercise will of the IFRIC agenda decision on over time transfer
be recognised within 12 months of the acquisition of constructed development properties. The IFRIC
date. The adjustments will be calculated as if the agenda decision explained that receivables and contract
fair values had been recognised on acquisition assets are not qualifying assets for the purpose of
date. Goodwill will also be adjusted to the amount capitalisation of borrowing costs. The agenda decision
that would have been recognised if the adjusted also clarified that work-in-progress inventories are not
fair values had been used at acquisition date. As a qualifying assets because such inventories are ready
result, comparative information may be restated. for its intended sale under its current condition, as the
inventories will be transferred to the customer as soon
as the Group finds a buyer and signs the contract with
the customer.
98 NOTES TO THE FINANCIAL STATEMENTS (cont’d)
31 December 2019
2. BASIS OF PREPARATION (cont’d) replacing missing elements or integrating the

acquired activities and assets.
(c) IFRIC agenda decisions issued during the financial
year (cont’d) In addition, the revised definition of the term
“outputs” is narrower, focuses on goods or services
This IFRIC agenda decision did not have any significant provided to customers, generating investment
impact to the Group during the financial year as the returns and other income but excludes returns in
Group does not incur any borrowing cost for its property the form of cost savings.
development activities.
The amendments introduce an optional simplified
(d) Standards and amendments that have been issued assessment known as “concentration test” that, if
but not yet effective met, eliminates the need for further assessment.
Under this concentration test, if substantially
A number of new standards and amendments to all of the fair value of gross assets acquired is
standards and interpretations are effective for financial concentrated in a single identifiable asset (or a
year beginning on or after 1 January 2020 as set out group of similar assets), the assets acquired would
below. None of these is expected to have a significant not represent a business.
effect on the consolidated financial statements of the
Group, except the following: The amendments shall be applied prospectively.
- Amendments to References to the Conceptual - Amendments to MFRS 101 “Presentation of Financial

Framework in MFRS Standards (effective from Statements” and MFRS 108 “Accounting Policies,
1 January 2020) comprise a comprehensive set Changes in Accounting Estimates and Errors”
of concepts for financial reporting, to update (effective 1 January 2020) clarify the definition
references and quotations to fourteen Standards of materiality and use a consistent definition
(MFRS 2, 3, 6, 14, 101, 108, 134, 137, 138 and throughout MFRSs and the Conceptual Framework
IC Interpretations 12, 19, 20, 22 and 132). It is for Financial Reporting.
built on the previous version of the Conceptual
Framework for Financial Reporting issued in 2011. The definition of “material” has been revised as
The changes to the chapters on the objective of “Information is material if omitting, misstating
financial reporting and qualitative characteristics or obscuring it could reasonably be expected to
of useful financial information are limited, but with influence decisions that the primary users of general
improved wording to give more prominence to the purpose financial statements make on the basis of
importance of providing information needed to those financial statements, which provide financial
assess management’s stewardship of the entity’s information about a specific reporting entity.”
economic resources. Other improvements of the
revised Conceptual Framework include a new The amendments also:
chapter on measurement, guidance on reporting
financial performance, improved definitions and - clarify that an entity assesses materiality in the
guidance in particular the definition of a liability context of the financial statements as a whole.
and clarifications in important areas, such as the - explain the concept of obscuring information in
role of prudence and measurement uncertainty the new definition. Information is obscured if it
in financial reporting. The amendments should be has the effect similar as omitting or misstating
applied retrospectively in accordance with MFRS that information. For example, material
108 unless retrospective application would be transaction is scattered throughout the financial
impracticable or involve undue cost or effort. The statements, dissimilar items are inappropriately
adoption of the revised Conceptual Framework will aggregated, or material information is hidden
not have any significant impact on the Group’s and by immaterial information.
the Company’s financial statements. - clarify the meaning of “primary users of general
purpose financial statements” to whom those
- Amendments to MFRS 3 “Definition of a Business” financial statements are directed, by defining
(effective 1 January 2020) revise the definition of a them as “existing and potential investors,
business. To be considered a business, an acquisition lenders and other creditors” that must rely on
would have to include an input and a substantive general purpose financial statements for much
process that together significantly contribute to the of the financial information they need.
ability to create outputs.
The amendments shall be applied prospectively.
The amendments provide guidance to determine
whether an input and a substantive process are The Group is currently assessing the impact of
present, including situation where an acquisition Amendments to MFRS 3 and MFRS 101 to the financial
does not have outputs. To be a business without statements.
outputs, there will now need to be an organised
workforce. It is also no longer necessary to assess
whether market participants are capable of

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (b) Changes in ownership interests in subsidiaries without

change of control
Basis of Consolidation
Transactions with non-controlling interests that do
(a) Subsidiaries not result in loss of control are accounted for as equity
transactions – that is, as transactions with the owners
Subsidiaries are all entities (including structured in their capacity as owners of the Group. A change in
entities) over which the Group has control. The Group ownership interest results in an adjustment between
controls an entity when the Group is exposed to, or has the carrying amounts of the controlling and non-
rights to, variable returns from its involvement with controlling interests to reflect their relative interests
the entity and has the ability to affect those returns in the subsidiary. The difference between fair value of
through its power to direct the relevant activities of the any consideration paid and the relevant share acquired
entity. Subsidiaries are fully consolidated from the date of the carrying value of net assets of the subsidiary is
on which control is transferred to the Group. They are recorded in equity. Gains or losses on disposals to non-
deconsolidated from the date that control ceases. controlling interests are also recorded in equity.
The Group applies the acquisition method to account for (c) Disposal of subsidiaries
business combinations. The consideration transferred
for the acquisition of a subsidiary is the fair values of the When the Group ceases to have control, any retained
assets transferred, the liabilities incurred to the former interest in the entity is re-measured to its fair value at
owners of the acquiree and the equity interests issued the date when control is lost, with the change in carrying
by the Group. The consideration transferred includes amount recognised in profit or loss. The fair value is the
the fair value of any asset or liability resulting from a initial carrying amount for the purposes of subsequently
contingent consideration arrangement and fair value accounting for the retained interest as an associate,
of any pre-existing equity interest in the subsidiary. joint venture or financial asset. In addition, any amounts
Identifiable assets acquired and liabilities and previously recognised in other comprehensive income
contingent liabilities assumed in business combination (“OCI”) in respect of that entity are accounted for as if
are, with limited exceptions, measured initially at their the Group had directly disposed of the related assets
fair values at the acquisition date. The Group recognises or liabilities. This means that amounts previously
any non-controlling interest in the acquiree on an recognised in OCI are reclassified to the profit or loss.
acquisition-by-acquisition basis, either at fair value or Gains or losses on the disposal of subsidiaries include the
at the non-controlling interest’s proportionate share of carrying amount of goodwill relating to the subsidiaries
the recognised amounts of acquiree’s identifiable net sold.
assets.
(d) Joint arrangements
Acquisition-related costs are expensed as incurred.
A joint arrangement is an arrangement of which there
If the business combination is achieved in stages, the is contractually agreed sharing of control by the Group
carrying value of the acquirer’s previously held equity with one or more parties, where decisions about the
interest in the acquiree is remeasured to fair value at the relevant activities relating to the joint arrangement
acquisition date and any corresponding gain or loss is require unanimous consent of the parties sharing
recognised in the profit or loss. control. The classification of a joint arrangement as
a joint operation or a joint venture depends upon the
Any contingent consideration to be transferred by the rights and obligations of the parties to the arrangement.
Group is recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent A joint operation is a joint arrangement whereby the
consideration that is deemed to be an asset or liability is parties that have joint control of the arrangements have
recognised in accordance with MFRS 9 in profit or loss. rights to the assets and obligations for the liabilities,
Contingent consideration that is classified as equity relating to the arrangement. Joint control is based
is not remeasured, and its subsequent settlement is on the contractually agreed sharing of control of an
accounted for within equity. arrangement, and decisions of relevant activities would
require the unanimous consent of the parties sharing
Inter-company transactions, balances and unrealised control. The Group accounts for each of the assets,
gains on transactions between Group companies are liabilities, revenue and expenses relating to its interest
eliminated. Unrealised losses are also eliminated unless in a joint operation in accordance with its contractually
the transaction provides evidence of an impairment conferred rights and obligations. These have been
of the transferred asset. Where necessary, accounting incorporated in the financial statements under the
policies for subsidiaries have been changed to ensure appropriate headings.
consistency with the policies adopted by the Group.
Non-controlling interests in the results and equity of

subsidiaries are shown separately in the consolidated
income statements, statements of comprehensive
income, statements of changes in equity and statements
of financial position respectively.

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) losses arising from investments in joint ventures are
recognised in profit or loss.
Basis of Consolidation (cont’d)
(e) Associates
(d) Joint arrangements (cont’d)
Associates are companies in which the Group has
A joint venture is a joint arrangement whereby the significant influence. Significant influence is the power
joint venturers have rights to the net assets of the to participate in the financial and operating policy
arrangement. The Group’s interests in joint ventures decisions of the associates but not control over those
are accounted for in the consolidated financial policies.
statements by the equity method of accounting and are
initially recognised at cost. Equity accounting involves The Group’s interests in associates are accounted for
recognising in profit or loss the Group’s share of post in the consolidated financial statements by the equity
acquisition results of joint ventures in the profit or loss method of accounting and are initially recognised at
and its share of post acquisition movements within cost. Equity accounting involves recognising the Group’s
reserves in OCI. Dividends received or receivable from share of post acquisition results of associates in the
a joint venture are recognised as a reduction in the profit or loss and its share of post acquisition movements
carrying amount of the investment. Equity accounting within reserves in OCI. Dividends received or receivable
is discontinued when the carrying amount of the from an associate are recognised as a reduction in the
investment in a joint venture (including any long term carrying amount of the investment. Equity accounting
interests that, in substance, form part of the Group’s is discontinued when the carrying amount of the
net investment in joint venture) reaches zero, unless investment in an associate (including any long term
the Group has incurred obligation or made payment on interests that, in substance, form part of the Group’s net
behalf of the joint venture. investment in associate) reaches zero, unless the Group
has incurred obligation or made payment on behalf of
The Group’s investment in joint ventures includes the associate.
goodwill (net of any accumulated impairment loss)
identified on acquisition. See impairment policy note on The Group’s investment in associates includes goodwill
impairment of non-financial assets. (net of any accumulated impairment loss) identified on
acquisition. See impairment policy note on impairment
Unrealised gains on transactions between the Group of non-financial assets.
and its joint ventures are eliminated to the extent of the
Group’s interests in the joint ventures. Unrealised losses Unrealised gains on transactions between the Group
are also eliminated unless the transaction provides and its associates are eliminated to the extent of the
evidence of impairment on the assets transferred. Group’s interests in the associates. Unrealised losses
Where necessary, in applying the equity method, are also eliminated unless the transaction provides
adjustments have been made to the financial evidence of impairment on the assets transferred.
statements of joint ventures to ensure consistency of Where necessary, in applying the equity method,
accounting policies with those of the Group. adjustments have been made to the financial
statements of associates to ensure consistency of
Equity accounting is discontinued when the carrying accounting policies with those of the Group.
amount of the investment in joint ventures (including
any long term interests that, in substance, form part If the ownership interest in an associate is reduced but
of the Group’s net investment in joint venture) reaches significant influence is retained, only a proportionate
zero, unless the Group has incurred obligation or made share of the amounts previously recognised in OCI is
payment on behalf of the joint venture. reclassified to profit or loss where appropriate. Dilution
gains and losses in investments in associates are
When the Group ceases to equity account its joint recognised in profit or loss.
venture because of a loss of joint control, any retained
interest in the entity is remeasured to its fair value with When the Group increases its stake in an existing
the change in carrying amount recognised in profit or investment and the investment becomes an associate
loss. This fair value becomes the initial carrying amount for the first time, the cost of an associate acquired
for the purposes of subsequently accounting for the in stages is measured as the sum of the fair value of
retained interest as an associate or financial asset. In the interest previously held plus the fair value of any
addition, any amount previously recognised in OCI in additional consideration transferred as of the date when
respect of the entity is accounted for as if the Group had the investment became an associate. Any gain or loss on
directly disposed of the related assets or liabilities. This re-measurement of the previously held stake is taken
means that amounts previously recognised in OCI are to profit or loss and any OCI recognised in prior periods
reclassified to profit or loss. in relation to the previously held stake in the acquired
associate is also recognised in profit or loss. Any
If the ownership interest in a joint venture is reduced but acquisition-related costs are expensed in the periods in
joint control is retained, only a proportionate share of which the costs are incurred.
the amounts previously recognised in OCI is reclassified
to profit or loss where appropriate. Dilution gains and

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset, as appropriate,
Basis of Consolidation (cont’d) only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost
(e) Associates (cont’d) of the item can be measured reliably. The carrying amount
of the replaced part is derecognised. All other repairs and
The cost of acquiring additional stake in an associate is maintenance are charged to the profit or loss during the
added to the carrying amount of the associate. This is the financial year that they are incurred.
deemed cost of the Group’s investment in the associate
for applying equity accounting. Goodwill arising on the Freehold land is stated at cost and is not depreciated.
purchase of additional stake is computed using the fair Immature bearer plants and other property, plant and
value information at the date the additional interest equipment which are under construction are not depreciated.
is purchased. The previously held interest is not re- Depreciation commences when the bearer plants mature
measured. or when the assets under construction are ready for their
intended use.
When the Group ceases to equity account its associate
because of a loss of significant influence, any retained Depreciation of other assets is calculated using the straight-
interest in the entity is remeasured to its fair value with line method to allocate their cost to their residual values over
the change in carrying amount recognised in profit or their estimated useful lives, as follows:
loss. This fair value becomes the initial carrying amount
for the purposes of subsequently accounting for the Years
retained interest as a financial asset. In addition, any Buildings and improvements 2 - 60
amount previously recognised in OCI in respect of the Plant, equipment and vehicles 2 - 50
entity is accounted for as if the Group had directly Bearer plants 22
disposed of the related assets or liabilities. This Aircrafts, sea vessels and improvements 5 - 30
means that amounts previously recognised in OCI are
reclassified to profit or loss. The depreciable amount of an item of property, plant and
equipment is determined as the difference between the
Investment in Subsidiaries cost less its residual value. The residual value is the
estimated amount that the Group expects to obtain from
In the Company’s separate financial statements, investments disposal of the asset, after deducting the estimated cost
in subsidiaries are shown at cost less accumulated of disposal, if the asset was already of the age and in the
impairment losses. On disposal of investments in condition expected at the end of its useful lives.
subsidiaries, the difference between disposal proceeds and
the carrying amounts of the investments are recognised in The assets’ residual values and useful lives are reviewed
the profit or loss. Where an indication of impairment exists, annually and revised if appropriate.
the carrying amount of the investment is assessed and
written down immediately to its recoverable amount. See Where an indication of impairment exists, the carrying
accounting policy on impairment of non-financial assets. amount of the asset is assessed and written down
immediately to its recoverable amount. See accounting
Property, Plant and Equipment policy note on impairment of non-financial assets.
Property, plant and equipment are tangible items that: Gains or losses on disposals are determined by comparing
the net disposal proceeds with the carrying amounts and
(i) are held for use in the production or supply of goods or are included in the profit or loss.
services, or for administrative purposes; and
(ii) are expected to be used during more than one period. Accounting policies applied from 1 January 2019
Property, plant and equipment are stated at cost less From 1 January 2019, leased assets (including leasehold
accumulated depreciation and accumulated impairment lands) are presented as a separate line item in the statements
losses. of financial position. See accounting policy on rights of use
(“ROU”) of lease assets.
A bearer plant is a living plant that is used in the production
or supply of agricultural produce, is expected to bear produce Accounting policies applied until 31 December 2018
for more than one period and has a remote likelihood of
being sold as agricultural produce, except for incidental Until 31 December 2018, leased assets (including leasehold
scrap sales. Costs include plantation expenditure incurred lands) under lease arrangement classified as finance lease
from the stage of land clearing up to the stage of maturity. (refer to accounting policy on finance leases applied until 31
December 2018) are amortised in equal instalments over the
Cost of other property, plant and equipment includes asset’s useful life or over the shorter of the asset’s useful life
expenditure that is directly attributable to the acquisition of and the lease term. The depreciation of leasehold land use
the items. Cost also includes borrowing costs that are directly right is capitalised as part of the cost of bearer plant from the
attributable to the acquisition, construction or production of stage of land clearing up to the stage of maturity.
a qualifying asset. See accounting policy on borrowings.

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) The classification depends on the Group’s and the
Company’s business model for managing the financial
Investment Properties assets and the contractual terms of the cash flows.
Investment properties consist of investments in land and For assets measured at fair value, gains and losses will be
buildings that are held for long term rental yield and/or for recorded either in profit or loss or OCI. For investments in
capital appreciation and are not occupied by the Group. It is equity instruments that are not held for trading, this will
initially measured at cost, including direct transaction costs depend on whether the Group has made an irrevocable
and borrowing costs if the investment properties meet the election at the time of initial recognition to account for
definition of a qualifying asset. the equity investment at FVOCI.
Investment in freehold land is stated at cost. Leasehold The Group reclassifies debt instruments when and only
land is amortised using the straight-line method over when its business model for managing those assets
the lease period. Other investment properties are stated changes.
at cost less accumulated depreciation and impairment
losses. Investment properties under construction are not (b) Recognition and derecognition
depreciated. Depreciation for other investment properties
is calculated using the straight-line method to allocate their Regular purchases and sales of financial assets are
cost over their estimated useful lives as follows: recognised on trade-date, the date on which the Group
commits to purchase or sell the asset. Financial assets
Years are derecognised when the rights to receive cash flows
Leasehold land 51 - 97 from the financial assets have expired or have been
transferred and the Group has transferred substantially
Buildings and improvements 2 - 50
all the risks and rewards of ownership.
Subsequent expenditure is capitalised to the asset’s carrying
(c) Measurement
amount only when it is probable that future economic
benefits associated with the expenditure will flow to the
At initial recognition, the Group measures a financial
Group and the cost of the item can be measured reliably.
asset at its fair value plus, in the case of a financial
All other repairs and maintenance costs are expensed when asset not at FVTPL, transaction costs that are directly
incurred. When part of an investment property is replaced, attributable to the acquisition of the financial asset.
the carrying amount of the replaced part is derecognised. Transaction costs of financial assets carried at FVTPL
are expensed in profit or loss.
Where an indication of impairment exists, the carrying
amount of the asset is assessed and written down Financial assets with embedded derivatives are
immediately to its recoverable amount. See accounting considered in their entirety when determining whether
policy note on impairment of non-financial assets. their cash flows are solely payment of principal and
interest (“SPPI”).
Investment property is derecognised either when it has been
disposed of or when the investment property is permanently (i) Debt instruments
withdrawn from use and no future economic benefit is
expected from its retirement from use. Subsequent measurement of debt instruments
depends on the Group’s business model
Gains or losses on disposals are determined by comparing for managing the asset and the cash flow
the net disposal proceeds with the carrying amount and are characteristics of the asset. There are two
included in the profit or loss. measurement categories into which the Group
classifies its debt instruments:
ROU lease assets that meet the definition of investment
property in accordance with MFRS 140 “Investment - Amortised cost
Property” is presented in the statements of financial
position as investment property. Subsequent measurement Assets that are held for collection of contractual
of the ROU lease asset is consistent with those investment cash flows where those cash flows represent
properties owned by the Group. SPPI are measured at amortised cost. Interest
income from these financial assets is included
Financial Assets in other income using the effective interest
rate method. Any gain or loss arising on
(a) Classification derecognition is recognised directly in profit or
loss and presented in other income/expenses.
The Group classifies its financial assets in the following
measurement categories: - FVTPL
(i) those to be measured at fair value (either through Assets that do not meet the criteria for
OCI or through profit or loss); and amortised cost or FVOCI are measured at
(ii) those to be measured at amortised cost. FVTPL. Fair value changes are recognised in
profit or loss and presented in other gains/
(losses) in the period in which it arises.

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) (b) Licences
Financial Assets (cont’d) Casino licences - indefinite lives
(c) Measurement (cont’d) The Group capitalises purchased casino licences. The
amount capitalised is the difference between the price
(ii) Equity instruments paid for a casino including the associated licence and the
fair value of a similar property without a casino licence.
The Group subsequently measures all equity Casino licences have indefinite useful lives as there is no
investments at fair value. Where the Group’s foreseeable limit to the period over which the licences
management has elected to present fair value gains are expected to generate cash inflows. Each licence is
and losses on equity investments in OCI, there is no reviewed annually for impairment and as such is stated
subsequent reclassification of fair value gains and at cost less any accumulated impairment losses.
losses to profit or loss following the derecognition
of the investment. Dividends from such investments Purchased licences - definite lives
continue to be recognised in profit or loss as other
income when the Group’s right to receive payments The Group capitalises purchased licences. The
is established. licences, which have definite useful lives, are initially
recognised at cost and subsequently carried at cost less
Changes in the fair value of financial assets at accumulated amortisation and accumulated impairment
FVTPL are recognised in other gains/(losses) in the losses. The cost is amortised using the straight-line
profit or loss as applicable. method over its estimated useful lives of 30 to 40 years.
The amortisation period and amortisation method
(d) Impairment of financial assets are reviewed at each reporting date. The effects of
any revision are recognised in the profit or loss when
The Group assesses on a forward looking basis the ECL changes arise. Where an indication of impairment exists,
associated with its debt instruments carried at amortised the carrying amount of licence is assessed and written
cost. The impairment methodology applied depends on down immediately to its recoverable amount.
whether there has been a significant increase in credit
risk. See Note 4(a)(iii) for further details. Casino and theme park licences - Singapore
Impairment losses on trade receivables are presented Casino and theme park licences are initially recognised at
within “cost of sales” in profit or loss. Impairment cost and subsequently carried at cost less accumulated
losses on other debt instruments at amortised cost are amortisation and accumulated impairment losses. Such
presented within “impairment losses” in profit or loss. cost is amortised using the straight-line method over 3
to 35 years, which is the shorter of its economic useful
Intangible Assets life and periods of contractual right. The amortisation
period and amortisation method are reviewed at each
(a) Goodwill reporting date. The effects of any revision are recognised
in the profit or loss when changes arise. Amortisation is
Goodwill arises on the acquisition of subsidiaries recognised in the profit or loss unless the amount can be
and represents the excess of the aggregate of the capitalised as part of construction-in-progress. Where
consideration transferred, the amount of any non- an indication of impairment exists, the carrying amount
controlling interest in the acquiree and the fair value of licence is assessed and written down immediately to
of any previous equity interest in the acquiree over the its recoverable amount.
fair value of the net identifiable assets acquired and
liabilities assumed. If the aggregate of consideration (c) Trademarks and tradenames
transferred, the amount of non-controlling interest and
the fair value of previously held interest in the acquiree Trademarks and tradenames are stated at cost less
are less than the fair value of the net identifiable assets any accumulated impairment losses. Trademarks
of the acquiree, the resulting gain is recognised in the and tradenames have an indefinite useful life as it
profit or loss. Goodwill is stated at cost less accumulated is maintained through continuous marketing and
impairment losses. Impairment losses on goodwill are upgrading. Trademarks and tradenames are tested
not reversed. Goodwill is allocated to cash-generating annually for impairment. Where an indication of
units (“CGU”) for the purpose of annual impairment impairment exists, the carrying amount of trademarks
testing. The allocation is made to those CGU or groups and tradenames are assessed and written down
of CGU that are expected to benefit from the business immediately to its recoverable amount. See impairment
combination in which the goodwill arose. policy note on impairment of non-financial assets for
intangible assets.

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) (vi) The expenditure attributable to the software
product during its development can be reliably
Intangible Assets (cont’d) measured.
(d) Research and development expenditure Direct costs include staff costs of the software
development team and an appropriate portion of
Research expenditure is recognised as an expense relevant overheads. Costs associated with maintaining
when incurred. Costs incurred on development projects software development programmes are recognised as
(relating to the design and testing of new or improved an expense when incurred.
products) are recognised as intangible assets when the
following criteria are fulfilled: Expenditure that enhances or extends the performance
of computer software programmes beyond their original
(i) It is technically feasible to complete the intangible specifications is recognised as a capital improvement
asset so that it will be available for use or sale; and added to the original cost of the software.
(ii) Management intends to complete the intangible
asset and use or sell it; Completed software development programmes
(iii) There is an ability to use or sell the intangible asset; recognised as assets are amortised using the straight-
(iv) It can be demonstrated that the intangible asset will line method over their estimated useful lives of 10 years.
generate probable future economic benefits; The amortisation period and amortisation method are
(v) Adequate technical, financial and other resources reviewed at each reporting date. The effects of any
to complete the development and to use or sell the revision are recognised in profit or loss when changes
intangible asset are available; and arise.
(vi) The expenditure attributable to the intangible asset
during its development can be reliably measured. Software development programmes under development
are not amortised.
Collaborations and alliances are maintained with third
parties for provision of research and development See accounting policy note on impairment of non-financial
expertise and capacity in genomics for the achievement assets for intangible assets.
of performance milestones. Milestone payments are
capitalised to the extent that the capitalisation criteria Rights of Use of Oil and Gas Assets
in MFRS 138 “Intangible Assets” are met. Judgement is
involved in determining whether the amount paid meets (a) Rights and concessions
the performance milestones so as to enable the amount
to be capitalised as intangible assets. Rights and concessions are purchase consideration that
the Group has paid for the acquisition of working interest
Other development expenditures that do not meet these in contracts and signature bonus paid for petroleum
criteria are recognised as an expense when incurred. exploration, development and production. These
Development costs previously recognised as an intangible assets are stated at cost less accumulated
expense are not recognised as an asset in a subsequent amortisation and accumulated impairment losses.
period. Capitalised development costs are recorded as
intangible assets and amortised from the point at which Rights and concessions are amortised according to the
the asset is ready for use or sale, on a straight-line basis unit of production (“UOP”) method based on the proved
over the estimated useful lives, not exceeding 20 years. and probable reserves of the fields, represented by the
Group’s estimated entitlements to future production
(e) Software development under the terms of the petroleum contracts.
Software development that does not form an integral (b) Exploration cost and development cost – work-in-
part of other related hardware is treated as an progress
intangible asset. Costs that are directly associated with
development and acquisition of software development Oil and gas exploration cost is accounted for in
programmes by the Group are capitalised as intangible accordance with the successful efforts method. Under
assets when the following criteria are met: this method, costs directly associated with an exploration
well are capitalised when incurred and are accumulated
(i) It is technically feasible to complete the software in respect of each identifiable area of interest. These
product so that it will be available for use; costs are carried as an asset when the well has found a
(ii) Management intends to complete the software sufficient quantity of reserves to justify its completion
product and use or sell it; as a producing well and the Group is making sufficient
(iii) There is an ability to use or sell the software product; progress assessing the reserves and the economic and
(iv) It can be demonstrated that the software product operating viability of the project. Exploration costs not
will generate probable future economic benefits; meeting these criteria are charged to profit or loss.
(v) Adequate technical, financial and other resources Other exploratory expenditures including geological and
to complete the development and to use or sell the geophysical costs are expensed when incurred.
software product are available; and

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) (d) Asset Retirement Obligations – oil and gas
Rights of Use of Oil and Gas Assets (cont’d) Asset retirement obligations (including future
decommissioning and restoration) which meet the
(b) Exploration cost and development cost – work-in- criteria of provisions are recognised as provisions and the
progress (cont’d) amount recognised is the present value of the estimated
future expenditure determined in accordance with local
Exploration cost is stated at cost less any accumulated conditions and requirements, while a corresponding
impairment losses. Where one or more of the following addition to the related oil and gas properties of an
facts and circumstances exists, the carrying amount amount equivalent to the provision is also created. This
of the exploration cost is assessed and written down is subsequently amortised as part of the costs of the
immediately to its recoverable amount. Rights of Use of Oil and Gas Assets. Accretion of interest
from asset retirement obligations for each period are
(i) the petroleum contract has expired during the recognised using the effective interest method over the
period or will expire in the near future, and is not useful life of the related oil and gas assets.
expected to be renewed;
(ii) no further exploration and evaluation activities At each reporting date, the Group assesses whether there
budgeted nor planned; is any indication of impairment. If such indication exists, an
(iii) exploration and evaluation activities in the specific analysis is performed to assess whether the carrying amount
area have not led to the discovery of commercially of asset is fully recoverable. A write down is made if the
viable quantities of oil and gas and the Group has carrying amount exceeds the recoverable amount.
decided to discontinue such activities in the specific
area; and Inventories
(iv) sufficient data exist to indicate that, although
a development in the specific area is likely to All inventories are stated at the lower of cost and net
proceed, the carrying amount of the exploration realisable value. Net realisable value is the estimated
and evaluation asset is unlikely to be recovered in selling price in the ordinary course of business, less costs to
full from successful development or by sale. completion and selling expenses.
When development plan is commercially viable and (a) Land held for property development
approved by the relevant authorities, the related
exploration and evaluation costs are transferred to Land held for property development consists of land
development costs – work-in-progress within the Rights on which no significant development work has been
of Use of Oil and Gas Assets. Development costs incurred undertaken or where development activities are not
in bringing an area of interest to commercial production expected to be completed within the normal operating
is capitalised. Upon commencement of production, cycle and such land is classified as non-current asset and
the exploration and development expenditure initially is stated at the lower of cost and net realisable value.
capitalised as development costs – work-in-progress
are transferred to production wells and amortised as Cost comprises cost of land and all related costs
described in the accounting policy 3(c) below. incurred on activities necessary to prepare the land for
its intended use.
(c) Production wells, related equipment and facilities
Land held for property development is transferred to
Production wells, related equipment and facilities are property development costs and included under current
shown in the statements of financial position as Rights assets when development activities have commenced
of Use of Oil and Gas Assets in recognition of the and where the development activities can be completed
eventual ownership of production assets being vested within the normal operating cycle.
in the government. Capitalisation is made within Rights
of Use of Oil and Gas Assets according to the nature of (b) Property development costs
the expenditure. These assets are stated at cost less
accumulated depreciation, depletion and amortisation. Property development costs comprise costs associated
with the acquisition of land and all costs directly
Completed production wells, related equipment and attributable to development activities or costs that can
facilities are depleted according to the UOP method be allocated on a reasonable basis to these activities.
based on the proved and probable reserves of each field,
represented by the Group’s estimated entitlements Property development costs are stated at the lower of
to future production under the terms of the relevant cost and net realisable value. The property development
petroleum contracts. costs are subsequently recognised as an expense in
profit or loss as and when the control of the development
Construction in progress are not amortised until the unit is transferred to the customer.
assets are completed and transferred to production
wells.

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) Cash and Cash Equivalents
Inventories (cont’d) Cash and cash equivalents include cash and bank balances
(net of bank overdrafts), money market instruments,
(c) Completed development properties deposits and other short term, highly liquid investments
that are readily convertible to known amounts of cash and
The cost of unsold completed properties comprise cost are subject to insignificant risk of changes in value. Bank
associated with the acquisition of land, direct costs overdrafts are included within short term borrowings in
and an appropriate proportion of allocated costs current liabilities in the statements of financial position.
attributable to property development activities.
Payables
(d) Plantation products and produce, stores and spares, raw
materials and consumables, food, beverages and other Payables are recognised initially at fair value and
hotel supplies subsequently measured at amortised cost using the
effective interest method.
Cost includes, where relevant, appropriate proportions
of overheads and is determined on a weighted average Leases
basis.
a) Accounting for Lessee
Net realisable value is the estimated selling price in
the ordinary course of business, less cost of i) Accounting policies applied from 1 January 2019
completion and the estimated costs necessary to make
the sale. From 1 January 2019, leases are recognised as ROU
lease asset with a corresponding liability at the
Produce Growing on Bearer Plants date on which the leased asset is available for use
by the Group (i.e. the commencement date).
The produce growing on bearer plants of the Group
comprises fresh fruit bunches (“FFB”) prior to harvest. The Contracts may contain both lease and non-
produce growing on bearer plants are measured at fair lease components. The Group allocates the
value less costs to sell (“FVLCTS”). Any gains or losses consideration in the contract to the lease and non-
arising from changes in the FVLCTS are recognised within lease components based on their relative stand-
cost of sales in profit or loss. The fair value of unharvested alone prices. However, for leases of properties
FFB is determined by using the market approach, which for which the Group is a lessee, it has elected
takes into consideration the market prices of FFB, the practical expedient provided in MFRS 16
adjusted for estimated oil content of unharvested FFB, not to separate lease and non-lease components.
less harvesting, transport and other costs to sell. Both components are accounted for as a single
lease component and payments for both
Non-Current Assets Held for Sale components are included in the measurement of
lease liability.
Non-current assets are classified as assets held for sale if
their carrying amount will be recovered principally through Lease Term
a sale transaction rather than through continuing use and
a sale is considered highly probable. They are stated at the In determining the lease term, the Group considers
lower of carrying amount and FVLCTS. all facts and circumstances that create an
economic incentive to exercise an extension
An impairment loss is recognised for any initial or option, or not to exercise a termination option.
subsequent write-down of the asset to FVLCTS. A gain Extension options (or periods after termination
is recognised for any subsequent increases in FVLCTS of options) are only included in the lease term if
an asset, but not in excess of any cumulative impairment the lease is reasonably certain to be extended (or
loss previously recognised. A gain or loss not previously not to be terminated).
recognised by the date of the sale of the non-current asset
is recognised at the date of derecognition. The Group reassesses the lease term upon the
occurrence of a significant event or change in
Non-current assets are not depreciated or amortised while circumstances that is within the control of the
they are classified as held for sale. Interest and other Group and affects whether the Group is reasonably
expenses attributable to the liabilities classified as held for certain to exercise an option not previously
sale continue to be recognised. included in the determination of lease term, or not
to exercise an option previously included in the
Non-current assets classified as held-for-sale are presented determination of lease term. A revision in lease
separately from the other assets in the statements of term results in remeasurement of the lease
financial position. The liabilities classified as held for sale liabilities. See accounting policy below on
are presented separately from other liabilities in the reassessment of lease liabilities.
statements of financial position.

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) - The exercise price of a purchase and extension
option if the Group is reasonably certain to
Leases (cont’d) exercise that option; and
- Payments of penalties for terminating the
a) Accounting for Lessee (cont’d) lease, if the lease term reflects the Group
exercising that option.
i) Accounting policies applied from 1 January 2019
(cont’d) Lease payments are discounted using the interest
rate implicit in the lease. If that rate cannot be
ROU Lease Assets readily determined, which is generally the case
for leases in the Group, the lessee’s incremental
The Group recognises ROU lease assets at the borrowing rate is used. This represents the rate
commencement date of the lease (i.e. the date that the individual lessee would have to pay to
the underlying asset is available for use) at cost borrow the funds necessary to obtain an asset of
initially. ROU lease assets that are not investment similar value to the ROU lease asset in a similar
properties are subsequently measured at cost, economic environment with similar term, security
less accumulated depreciation and accumulated and conditions.
impairment loss (if any). The cost of ROU
lease assets includes the amount of the initial Lease payments are allocated between principal
measurement of lease liability, initial direct costs and finance cost. The finance cost is charged
incurred, lease payments made at or before the to profit or loss over the lease period so as to
commencement date less any lease incentives produce a constant periodic rate of interest on the
received and decommissioning or restoration remaining balance of the liability for each period.
costs. The ROU lease assets are generally
depreciated over the shorter of the asset’s useful The carrying amount of lease liabilities is
life and the lease term on a straight-line basis. remeasured if there is a modification, a change in
the lease term, a change in the lease payments or
The depreciation of leasehold lands is capitalised change in the assessment of an option to purchase
as part of the cost of bearer plant from the stage the underlying asset.
of land clearing up to the stage of maturity.
Variable lease payments that depend on sales are
If the Group is reasonably certain to exercise a recognised in profit or loss in the period in which
purchase option, the ROU lease asset is depreciated the condition that triggers those payments occurs.
over the underlying asset’s useful life. In addition,
the ROU lease assets are adjusted for certain The Group presents the lease liabilities as a
remeasurement of the lease liabilities. The separate line item in the statements of financial
Group presents ROU lease assets that meet the position. Interest expense on the lease liability
definition of investment property in the is presented within finance cost in the income
statements of financial position as investment statements.
property. ROU lease assets that are not
investment properties are presented as a Reassessment of Lease Liabilities
separate line item in the statements of financial
position, except for leasehold land held for The Group is also exposed to potential future
property development activities which is presented increases in variable lease payments that depend
within “land held for property development” or on an index or rate, which are not included in
“property development cost” in the statements the lease liability until they take effect. When
of financial position. adjustments to lease payments based on an index
or rate take effect, the lease liability is remeasured
Lease Liabilities and adjusted against the ROU assets.
Lease liabilities are initially measured at the Short Term Leases and Leases of Low Value Assets
present value of the lease payments that are not
paid at that date. The lease payments include the Short term leases are leases with a lease term
following: of 12 months or less. Low value assets comprise
information technology equipment and office
- Fixed payments (including in-substance fixed equipment. Payments associated with short term
payments), less any lease incentive receivable; leases of offices, buildings, equipment and vehicles
- Variable lease payments that are based on an and all leases of low-value assets are recognised
index or a rate, initially measured using the on a straight-line basis as an expense in profit or
index or rate as at the commencement date; loss.
- Amounts expected to be payable by the Group
under residual value guarantees;

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) The Group derecognises the underlying asset and
recognises a receivable at an amount equal to the
Leases (cont’d) net investment in a finance lease. Net investment
in a finance lease is measured at an amount equal
a) Accounting for Lessee (cont’d) to the sum of the present value of lease payments
from lessee and the unguaranteed residual value
ii) Accounting policies applied until 31 December 2018 of the underlying asset. Initial direct costs are also
included in the initial measurement of the net
Finance Leases investment. The net investment is subject to MFRS
9 impairment (refer to Note 28 on impairment of
Leases of property, plant and equipment where financial assets). In addition, the Group reviews
the Group, as lessee, assumes substantially all the regularly the estimated unguaranteed residual
benefits and risks of ownership are classified as value.
finance leases.
Lease income is recognised over the term of the
Finance leases are capitalised at the inception of lease using the net investment method so as to
the lease at the lower of the fair value of the leased reflect a constant periodic rate of return. The
property and the present value of the minimum Group revises the lease income allocation if there
lease payments. Each lease payment is allocated is a reduction in the estimated unguaranteed
between the liability and finance charges so as residual value.
to achieve a constant periodic rate of interest
on the balance outstanding. The corresponding ii) Operating Lease
rental obligations, net of finance charges, are
included in borrowings. The interest element of the Leases where the Group retains substantially all
finance charge incurred on qualifying assets are risks and rewards of ownership are classified as
capitalised until the assets are ready for their operating leases. Rental income from operating
intended use after which such expense is charged leases (net of any incentives given to the lessees)
to the profit or loss over the lease period so as to is recognised in the profit or loss on a straight-line
produce a constant periodic rate of interest on the basis over the lease term.
remaining balance of the liability for each period.
Initial direct costs incurred by the Group in
Property, plant and equipment acquired under negotiating and arranging operating leases are
finance lease is depreciated over the shorter of added to the carrying amount of the leased assets
the estimated useful life of the asset and the lease and recognised as an expense in profit or loss
term if there is no reasonable certainty that the over the lease term on the same basis as the lease
Group will obtain ownership at the end of the lease income.
term.
Lease incentives are recognised as other
Operating Leases receivables where such incentives are provided
by the Group and recognised net of lease income
Leases where a significant portion of the risks and in profit or loss over the lease term on the same
rewards of ownership are retained by the lessors basis as the lease income. Contingent rents are
are classified as operating leases. Payments made recognised as income in profit or loss when earned.
under operating leases (net of any incentives
received from the lessors) are charged to the iii) Sublease Classification
profit or loss on a straight-line basis over the
period of the lease. Until the financial year ended 31 December 2018,
when the Company was an intermediate lessor,
b) Accounting for Lessor the subleases were classified as finance or
operating leases by reference to the underlying
As a lessor, the Group determines at lease inception assets.
whether each lease is a finance lease or an operating
lease. To classify each lease, the Group makes an overall From 1 January 2019, when the Company is
assessment of whether the lease transfers substantially an intermediate lessor, it assesses the lease
all of the risks and rewards incidental to ownership classification of a sublease with reference to the
of the underlying asset to the lessee. As part of this ROU lease asset arising from the head lease, not
assessment, the Group considers certain indicators with reference to the underlying asset. If a head
such as whether the lease is for the major part of the lease is short term lease to which the Company
economic life of the asset. applies the exemption described above, then it
classifies the sublease as an operating lease.
i) Finance Lease
The Group classifies a lease as a finance lease if

the lease transfers substantially all the risks and
rewards incidental to ownership of an underlying
asset to the lessee.

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) as borrowings and the associated redemption value is
recognised in the profit or loss over the period of the
Leases (cont’d) borrowings.
c) Separating Lease and Non-Lease Components Fees paid on the establishment of loan facilities are
recognised as transaction costs of the loan and are
If an arrangement contains lease and non-lease capitalised and amortised over the period of the facility to
components, the Group allocates the consideration in which it relates.
the contract to the lease and non-lease components
based on the stand-alone selling prices in accordance General and specific borrowing costs directly attributable
with the principles in MFRS 15. to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial
Share Capital period of time to get ready for their intended use or sale,
are added to the cost of those assets, until such time as the
Ordinary shares are classified as equity when there is no assets are substantially ready for their intended use or sale.
contractual obligation to deliver cash or other financial
assets to another entity or to exchange financial assets Interest income earned from specific borrowings which
or liabilities with another entity that are potentially are invested temporarily pending the utilisation of such
unfavourable to the issuer. borrowings on qualifying assets is deducted from the
borrowing costs eligible for capitalisation.
Incremental costs directly attributable to the issue of
new shares, warrants, options or for the acquisition of a All other borrowing costs are charged to profit or loss.
business are shown in equity as a deduction, net of tax,
from the proceeds. Borrowings are derecognised from the statements of
financial position when the obligation specified in the
The proceeds received net of any directly attributable contract is discharged, cancelled or expired. The difference
transaction costs are credited to share capital when the between the carrying amount of the borrowings that have
options are exercised. been extinguished or transferred to another party and
the consideration paid, including any non-cash assets
Treasury Shares transferred and liabilities assumed, is recognised in profit
or loss.
A purchase by the Company of its own equity shares is
accounted for under the treasury stock method. Under this Any gain or loss, being the difference between the
method, the shares purchased and held as treasury shares original contractual cash flows and the modified cash
is measured and carried at the cost of purchase (including flows discounted at the original effective interest rate of
any directly attributable incremental external costs, net borrowings measured at amortised cost and modified
of tax). On presentation in the statements of financial without resulting in derecognition shall be recognised
position, the carrying amount of the treasury shares is immediately in profit or loss.
offset against equity. Where treasury shares are distributed
as share dividends, the cost of the treasury shares is Borrowings are classified as current liabilities unless the
applied in the reduction of the distributable reserves. Group has an unconditional right to defer settlement of
Where treasury shares are reissued by re-sale in the open the liability for at least 12 months after the end of the
market, the difference between the sales consideration reporting period.
and the carrying amount of the treasury shares is shown
as a movement in equity. As treasury shares, the rights Financial Guarantee Contracts
attached to voting, dividends and participation in other
distribution are suspended. Financial guarantee contracts are contracts that require
the Group or the Company to make specified payments
Warrants Reserve to reimburse the holder for a loss it incurs because a
specified debtor fails to make payments when due. Financial
Proceeds from the issuance of warrants, net of issuance guarantee contracts are recognised initially at fair value.
costs, are credited to warrants reserve. Warrants reserve
is transferred to the share capital upon the exercise of Financial guarantee contracts are subsequently measured
the warrants. Warrants reserve in relation to unexercised at the higher of the amount determined in accordance with
warrants at the expiry of the warrants period is transferred the ECL model under MFRS 9 “Financial Instruments” and
to retained earnings. the amount initially recognised less cumulative amount
of income recognised in accordance with the principles
Borrowings of MFRS 15 “Revenue from Contracts with Customers”,
where appropriate.
Borrowings are recognised initially at fair value, net of
transaction costs incurred. Subsequently, borrowings
are stated at amortised cost using the effective interest
method. Any difference between the amount recorded

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) A contingent asset is a possible asset that arises from
past events whose existence will be confirmed by uncertain
Impairment of Non-Financial Assets future events beyond the control of the Group. The Group
does not recognise contingent assets but discloses their
The carrying amounts of non-financial assets other than existence where inflows of economic benefits are probable,
inventories, assets arising from construction contracts, but not virtually certain. When inflow of economic resources
property development activities, deferred tax assets and is virtually certain, the asset is recognised.
non-current assets classified as held for sale are reviewed
for impairment losses whenever events or changes in In the acquisition of subsidiaries by the Group under a
circumstances indicate that the carrying amount may not business combination, the contingent liabilities assumed
be recoverable. If such indication exists, an impairment are measured initially at their fair value at the acquisition
review is performed to assess whether the carrying date, irrespective of the extent of any non-controlling
amount of the asset is fully recoverable. interests.
Irrespective of whether there is any indication of The Group recognises separately the contingent liabilities
impairment, the Group also: of the acquirees as part of allocating the cost of a
business combination where the fair values can be
(a) tests intangible assets with indefinite useful life for measured reliably. Where the fair values cannot be
impairment annually by comparing its carrying amount measured reliably, the resulting effect will be reflected in
with its recoverable amount; and the goodwill arising from the acquisitions.
(b) tests goodwill acquired in a business combination for Subsequent to the initial recognition, the Group measures
impairment annually. the contingent liabilities that are recognised separately
at the date of acquisition at the higher of the amount
Impairment loss is recognised when the carrying amount that would be recognised in accordance with MFRS 137
of the asset exceeds its recoverable amount. The “Provisions, Contingent Liabilities and Contingent Assets”
recoverable amount is the higher of an asset’s FVLCTS and and the amount initially recognised less, when appropriate,
its value in use (“VIU”), which is measured by reference cumulative amortisation recognised in accordance with
to discounted future cash flows. For the purposes of MFRS 15 “Revenue from Contracts with Customers”.
assessing impairment, assets are grouped at the lowest
levels for which there are separately identifiable cash Provisions
flows which are largely independent of the cash inflows
from other assets or groups of assets (CGU). Provisions are recognised when the Group has a present
legal or constructive obligation as a result of a past event,
An impairment loss is charged to the profit or loss. when it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation,
Non-financial assets other than goodwill that have suffered and when a reliable estimate can be made of the amount
impairment are reviewed for possible reversal of the of the obligation. Provisions are not recognised for future
impairment at each reporting date. operating losses.
An impairment loss is reversed only to the extent of Provisions are measured at the present value of
previously recognised impairment losses for the same management’s best estimate of the expenditures
asset. An impairment loss recognised for goodwill shall expected to be required to settle the obligation using a
not be reversed. pre-tax rate that reflects current market assessments
of the time value of money and the risks specific to the
Contingent Liabilities and Contingent Assets obligation. The increase in the provision due to passage of
time is recognised as finance cost.
A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by the Present obligations arising under onerous contracts
occurrence or non-occurrence of one or more uncertain are recognised and measured as provisions. An onerous
future events beyond the control of the Group or a present contract is considered to exist where the Group has a
obligation that is not recognised because it is not probable contract under which the unavoidable costs of meeting
that an outflow of resources will be required to settle the obligations under the contract exceed the economic
the obligation or the amount of the obligation cannot be benefits received under it.
measured with sufficient reliability. A contingent liability is
disclosed, unless the possibility of an outflow of resources Where the Group expects a provision to be reimbursed
embodying economic benefit is remote. When a change in by another party, the reimbursement is recognised as
the probability of an outflow of economic resources occurs a separate asset but only when the reimbursement is
and the outflow is probable, it will then be recognised as a virtually certain.
provision. However, contingent liabilities do not include
financial guarantee contracts.

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) if the fund does not hold sufficient assets to pay all
employee benefits relating to employee service in the
Income Taxes current and prior periods. These benefits are accrued
when incurred and are measured on an undiscounted
Current taxation is determined according to the tax laws of basis.
each jurisdiction in which the Group operates and includes
all taxes based upon the taxable income and is measured (c) Long Term Employee Benefits
using the tax rates which are applicable at the reporting
date. Long term employee benefits include retirement
gratuities payable under a retirement gratuity scheme
Deferred tax liabilities and/or assets are recognised, using which was established in 1991 by the Board of Directors
liability method, on temporary differences between the for Executives and Executive Directors of the
carrying amounts of assets and liabilities in the financial Company and certain subsidiaries. The level of
statements and their related tax bases. Deferred tax is not retirement gratuities payable is determined by the
recognised for the following temporary differences: the Board of Directors in relation to services rendered and
initial recognition of goodwill, the initial recognition of it does not take into account the employee’s
assets or liabilities in a transaction that is not a business performance to be rendered in later years up to
combination and that affects neither accounting profit nor retirement and the gratuity is a vested benefit when
taxable profit or loss. Deferred tax assets are recognised the employee reaches retirement age.
to the extent that it is probable that future taxable profits
will be available against which the deferred tax assets The present value of the retirement gratuities is
can be utilised. Deferred tax liability in respect of asset determined by discounting the amount payable by
revaluations is also recognised. Deferred tax liabilities reference to market yields at the reporting date on
and assets are measured at the tax rates that have been high quality corporate bonds which have terms to
enacted or substantively enacted by the reporting date and maturity approximating the terms of the related
are expected to apply when the related deferred tax asset liability. Employee turnover is also factored in arriving
is realised or the deferred tax liability is settled. at the level of the retirement gratuities payable. Past-
service costs are recognised immediately in the profit
Deferred tax is recognised on temporary differences or loss.
arising on investments in subsidiaries, joint ventures and
associates except where the timing of the reversal of the Such retirement gratuities payable are classified as
temporary difference can be controlled and it is probable current liabilities where it is probable that a payment
that the temporary differences will not reverse in the will be made within the next twelve months and also
foreseeable future. provided that the amount has been approved for
payment by the Board of Directors.
Deferred and current tax assets and liabilities are offset
when there is a legally enforceable right to offset current (d) Share-based Compensation
tax assets against current tax liabilities and when the
deferred tax assets and liabilities relate to taxes levied by For equity-settled, share-based compensation plan, the
the same taxation authority on either the taxable entity fair value of employee services rendered in exchange
or different taxable entities where there is an intention to for the grant of the shares and/or options is recognised
settle the balances on a net basis. as an expense with a corresponding increase in
equity over the vesting period. The total amount to be
Tax benefits from investment tax allowance and expensed in the income statements over the vesting
customised incentive granted under the East Coast period is determined by reference to the fair value of
Economic Region are recognised when the tax credit is shares and/or options granted at the grant date and
utilised and no deferred tax asset is recognised on the the number of shares and/or options vested by vesting
unutilised tax benefits. date, excluding the impact of any non-market vesting
conditions. Non-market vesting conditions are included
Employee Benefits in the estimates of the number of shares and/or options
that are expected to become vested and/or exercisable.
(a) Short Term Employee Benefits At each reporting date, the respective companies will
revise its estimates of the number of shares and/or
Short term employee benefits include wages, salaries, options that are expected to be vested and it recognises
bonus, social security contributions and paid annual the impact of this revision in the income statements
leave. These benefits are accrued when incurred and with a corresponding adjustment to equity. After the
are measured on an undiscounted basis. vesting date, no adjustment to the income statements
is made. For performance shares that are expected to
(b) Post-Employment Benefits be granted, due to services received before grant date,
the total amount to be recognised over the vesting
Post-employment benefits include defined contribution period is determined by reference to the fair value of the
plans under which the Group pays fixed contributions performance shares at the end of the reporting period,
into a separate entity (a fund) and will have no legal until the date of grant has been established.
or constructive obligation to pay further contributions

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) purchases the food and beverage or retail
goods. Advance ticket sales for entertainment
Employee Benefits (cont’d) and attractions are recorded as customer
deposits (i.e. contract liability) until services
(d) Share-based Compensation (cont’d) are rendered to the customers.
The proceeds received net of any directly attributable iii) Tenancy revenue
transaction costs are credited to share capital and share
premium when the options are exercised. For share- Tenancy revenue (including maintenance and
based compensation plan implemented by a subsidiary, upkeep services) from retail outlets, net of any
the proceeds are credited in equity as transactions incentives given to the lessee, is recognised
with owners. on a straight-line basis over the period of the
respective lease terms.
Where the terms of a share-based compensation plan
are modified, the expense that has yet to be recognised iv) Transportation revenue
for the award is recognised over the remaining vesting
period as if the terms had not been modified. Additional Transportation revenue from the provision of
expense is recognised for any increase in the total taxi, bus and aviation services are recognised
fair value of the share and/or options due to the upon performance of services.
modification, as measured at the date of the
modification. v) Timeshare membership fees
Revenue Recognition Timeshare membership fees from the operation

of time share ownership scheme are received
The Group’s activities arise mainly from leisure and upfront and recorded as deferred income (i.e.
hospitality, plantations, power, property, oil and gas and contract liability) and recognised on a straight-
investments and others. Revenue from each business line basis over the tenure of the memberships
segment is recognised as follows: offered.
(a) Leisure and hospitality (b) Plantations and Downstream Manufacturing

(i) Gaming revenue The Group’s plantation revenue is derived mainly from
its upstream and downstream operations.
Gaming revenue represents net house takings, which
is the aggregate of wins and losses arising from In the upstream operations, the Group sells plantation
gaming play. Revenue is reported after deduction of products and produce such as crude palm oil, palm
goods and services tax or service tax, rebates and kernel and FFB (collectively known as “plantation
services provided by non-gaming operations on a products and produce”). In the downstream operations,
complimentary basis. The casino licence in Malaysia revenue is essentially derived from sales of palm oil
is renewable every three months. derivative products.
(ii) Non-gaming revenue Revenue from sales of plantation products and

produce, and palm oil derivative products are
Non-gaming revenue mainly includes: recognised net of discount and taxes collected on
behalf at the point when the control of goods has
i) Hotel room revenue been transferred to the customer. Based on the terms
of the contract with the customer, control transfers
Hotel room revenue is recognised when service upon delivery of the goods to a location specified by
is rendered to the customer over their stay the customer and the acceptance of the goods by the
at the hotel. The transaction price is the net customer.
amount collected from the customer. Advance
deposits on hotel rooms are recorded as There is no element of financing present as the
customer deposits (i.e. contract liability) until Group’s sales of goods are either on cash terms
services are provided to the customers. (including cash on delivery (“COD”) for export) or on
credit terms ranging from 7 to 45 days. The Group’s
ii) Food and beverage, entertainment and obligation to provide quality claims against off-
attractions and retail sales spec goods under the Group’s contractual terms is
recognised as a provision.
Revenue from the sale of goods or services
is recognised when the food and beverage, Revenue from provision of tolling services is
entertainment and attractions and retail goods recognised in the period in which the manufacturing
is delivered, rendered or control transferred activities are performed. There is no element of
to the customer. Payment of the transaction financing present as sales are normally on COD basis.
price is due immediately when the customer

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) significant financing component subsequent to the

commencement of commercial operation of the
Revenue Recognition (cont’d) power plant in Banten, and is recognised using the
(c) Power
(d) Property
The Group’s generation and supply of electric power
activities are carried out based on power purchase (i) Property development
agreements with the provincial or national electricity
utility companies in the respective countries in which Contracts with customers may include multiple
the Group operates. promises to customers and are therefore
accounted for as separate performance
(i) Sale of electricity obligations. In this case, the transaction price will
be allocated to each separate performance
The Group’s generation and supply of electric obligation based on the stand-alone selling prices.
power activities are carried out based on power When these are not directly observable, they are
purchase agreements with the provincial or estimated based on expected cost plus margin.
national electricity utility companies in the
respective countries in which the Group operates. The revenue from property development is
measured at the fixed transaction price agreed
Revenue from sale of electricity is recognised under the Sale and Purchase Agreement (“SPA”).
over time upon delivery of the electricity to the When the Group determines that it is not probable
customer at a single point within the electricity that the Group will collect the consideration to
grid. No element of financing is deemed present which the Group is entitled to in exchange for the
as the sales are made with specified credit terms. properties, the Group will defer the recognition
A receivable is recognised when the electricity of revenue from such sales of properties and
is delivered as this is the point in time that the consideration received from the customer
consideration is unconditional because only the is recognised as a contract liability. For such
passage of time is required before payment is due. properties, the Group recognises revenue when
it becomes probable that the Group will collect
(ii) Revenue from service concession arrangement consideration to which it will be entitled to in
exchange for the properties sold.
The Group’s responsibilities under a Power
Purchase Agreement signed with PT. Perusahaan Revenue from property development is recognised
Listrik Negara (Persero) (“PLN”) on 10 July 2012 as and when the control of the asset is transferred
comprises the design, engineering, financing, to the customer. Depending on the terms of the
construction, testing, commissioning, ownership, contract and the laws that apply to the contract,
operation, management and maintenance of the control of the asset may transfer over time or at
660MW coal-fired power plant in Banten, Indonesia a point in time. Control of the asset is transferred
(“Banten Power Plant”). The Group has determined over time if the Group’s performance does not
that the Power Purchase Agreement is within the create an asset with an alternative use to the
scope of IC Interpretation 12 “Service Concession Group and the Group has an enforceable right to
Arrangements” and the service concession payment for work performance completed to-date.
arrangement should be accounted for under the
financial assets model as the Group’s power plant The promised properties are specifically identified
in Indonesia has a contractual right to receive a by its plot, lot and parcel number and its attributes
specified or determinable amount of cash from (such as its size and location) as attached in its
PLN for the construction services. layout plan in the SPA. The purchasers could
enforce its rights to the promised properties if the
The Group recognised construction revenue over Group seeks to sell the unit to another purchaser.
time as the power plant being constructed has The contractual restriction on the Group’s ability
no alternative use to the Group. The stage of to direct the promised property for another use is
completion is measured using the input method, substantive and therefore the promised properties
which is based on the level of completion of the sold to the purchasers do not have an alternative
physical proportion of contract work to date, use to the Group. The Group has the right to
certified by professional consultants. Contract payment for performance completed to-date, is
asset from service concession arrangement is entitled to continue to transfer to the customer
presented within “other non-current receivables” the development units promised, and has the
and “trade and other receivables” on the right to complete the construction of the
statements of financial position. properties and enforce its rights to full payment.
Capacity payment represents finance income on

the service concession receivable that contain a

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) Interest income from financial assets at amortised
cost and financial assets at FVOCI is recognised as
Revenue Recognition (cont’d) part of other income in the profit or loss, using the
(d) Property (cont’d)
Investment and interest income is calculated by
(i) Property development (cont’d) applying the effective interest rate to the gross
carrying amount of a financial asset except for
If control of the asset transfers over time, revenue financial assets that subsequently become credit-
is recognised over the period of the contract impaired. For credit-impaired financial assets, the
by reference to the progress towards complete effective interest rate is applied to the net carrying
satisfaction of that performance obligation. amount (after deduction of the loss allowance).
Otherwise, revenue is recognised at a point in time
when the customer obtains control of the asset. (ii) Dividend income
The Group recognises revenue over time using Dividend income is recognised as revenue in
the input method, which is based on the contract profit or loss when the right to receive payment is
costs incurred to-date to the estimated total established, which in the case of quoted securities is
costs for the contract. the ex-dividend date.
For sale of completed properties, the Group Dividend income that are not generated as part of
recognises revenue when the control of the the Group’s and the Company’s principal activities
properties has been transferred to the purchasers. are classified as other income.
(ii) Lease income Dividends on equity instruments designated as

FVOCI that clearly represent a recovery of part of
Lease income from operating leases and finance the cost of investment are presented in OCI.
leases (net of any incentives given to the lessee)
is recognised in profit or loss on a straight-line (iii) Management and licensing services
basis over the lease terms.
Fees from management and licensing services are
Lease income that is not generated as part of the recognised in the period in which the services are
Group’s principal activities are classified as other rendered.
income.
(iv) Other services
(e) Oil and Gas
Revenue from other services includes utilities,
Sales of crude oil reinsurance, yacht charter services and information
technology services and is recognised upon
Revenue from the sale of crude oil, net of taxes, performance of services.
is recognised when control of the oils has been
transferred to the customer and there is no unfulfilled Loyalty program
obligation that could affect the customer’s acceptance
of the crude oils. Delivery occurs when the crude oil The Group operates a loyalty program known as Genting
has been delivered to the delivery point. No element Rewards Programme. Genting Rewards members can
of financing is deemed present as the sales are made earn points primarily based on gaming activity and non-
with a credit term of 60 days. A receivable is recognised gaming activities such as spending on hotel room, food and
when the crude oil is delivered as this is the point in beverages, retail, transports and others. Such points can be
time when the consideration is unconditional as only redeemed for free play and other goods and services such
the passage of time is required before the payment as transportation, hotel room, food and beverages, retail and
is due. others.
(f) Investments and others The Group accrues for Genting Rewards points liability
earned from gaming activities as a casino expense and non-
(i) Investment and interest income gaming activities as an allocation of a portion of the revenue
from contracts based on the stand-alone selling price of the
Investment and interest income are recognised goods or services expected to be redeemed. The estimation
using the effective interest method. takes into consideration the expected free play or free
goods and services to be redeemed and history of expiration
Investment and interest income from financial of unused points results in a reduction of points liability.
assets at FVTPL are recognised as part of net gains Redemption of Genting Rewards points at third party outlets
or net losses on these financial instruments. are deducted from provision for points liability and amounts
owed are paid to the third party.

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) (ii) income and expenses in profit or loss are translated
at average exchange rates (unless this average is not
Dividends a reasonable approximation of the cumulative effect
of the rates prevailing on the transaction dates, in
Dividends on ordinary shares are accounted for in which case income and expenses are translated at
shareholders’ equity as an appropriation of retained the dates of the transactions); and
earnings and accrued as a liability in the financial year in (iii) all resulting exchange differences are recognised as
which the obligation to pay is established. a separate component of OCI.
Government Grant On consolidation, exchange differences arising from the

translation of the net investment in foreign operations,
Government grants related to assets are recognised initially and of borrowings and other financial instruments
as deferred income at fair value when there is reasonable designated as hedges of such investments, are taken
assurance that they will be received and the Group will to OCI. When a foreign operation is partially disposed
comply with the conditions associated with the grant and of or sold, such exchange differences that were
are then recognised in profit or loss as other income on a recorded in equity are recognised in the profit or loss as
systematic basis over the useful life of the assets when the part of the gain or loss on disposal.
assets are commissioned.
Intercompany loans where the settlement is neither
Government grants relating to expenses are presented as planned nor likely to occur in the foreseeable future,
a deduction of the related expense. are treated as part of the parent’s net investment
and translation differences arising therefrom are
Foreign Currency Translation recognised in OCI.
(a) Functional and presentation currency Goodwill and fair value adjustments arising on the
acquisition of a foreign entity are treated as assets
Items included in the financial statements of each of and liabilities of the foreign entity and translated at
the Group’s entities are measured using the currency of the closing rate. Exchange differences arising are
the primary economic environment in which the entity recognised in OCI.
operates (“the functional currency”). The consolidated
financial statements are presented in Ringgit Malaysia Derivative Financial Instruments and Hedging Activities
(“RM”), which is the Company’s functional and
presentation currency. Derivative financial instruments are initially recognised at
fair value on the date the derivative contract is entered into
(b) Transactions and balances and are subsequently remeasured at their fair value at the
end of each reporting period. The method of recognising
Foreign currency transactions are translated into the the resulting gain or loss depends on whether the
functional currency using the exchange rates prevailing derivative is designated as a hedging instrument, and if so,
at the dates of the transactions or valuation where items the nature of the item being hedged.
are remeasured. Foreign exchange gains and losses
resulting from the settlement of such transactions Fair value changes on derivative that are not designated
and from the translation at year-end exchange rates or do not qualify for hedge accounting are recognised in
of monetary assets and liabilities denominated in profit or loss within other gains/(losses).
foreign currencies are recognised in the profit or loss,
except when deferred in equity as qualifying cash flow The Group documents at the inception of the transaction
hedges and qualifying net investment hedges. the relationship between the hedging instruments and
hedged items, as well as its risk management objective and
Translation differences on non-monetary financial strategies for undertaking various hedging transactions.
assets and liabilities such as equities held at FVTPL The Group also documents its assessment, both at
are recognised in profit or loss as part of the fair value hedge inception and on an ongoing basis, of whether the
gain or loss. Translation differences on non-monetary derivatives designated as hedging instruments are highly
financial assets such as equities classified as FVOCI effective in offsetting changes in fair value or cash flows
are included in foreign exchange and other reserves of the hedged items.
as OCI.
The effective portion of fair value changes of derivatives that
(c) Group companies are designated and qualify as cash flow hedges is recognised
in the cash flow hedge reserve. The ineffective portion is
On consolidation, the results and financial position of recognised immediately in the profit or loss within other
all the Group’s entities which have a functional currency gains/(losses).
different from that of the Group’s presentation currency
are translated into the Group’s presentation currency as
follows:
(i) assets and liabilities are translated at the closing

rate at the reporting date;

31 December 2019
3. SIGNIFICANT ACCOUNTING POLICIES (cont’d) Segmental Reporting
Derivative Financial Instruments and Hedging Activities Operating segments are reported in a manner consistent
(cont’d) with the internal reporting provided to the chief operating
decision-makers. The chief operating decision-makers,
The gains or losses in equity are reclassified to the profit who are responsible for allocating resources and
or loss in the periods when the hedged item affects profit assessing performance of the operating segments, have
or loss. In the case of interest rate swaps, the fair value been identified as the Chairman and Chief Executive and
changes in equity are reclassified to profit or loss when the the President and Chief Operating Officer and Executive
interest expense on the hedged borrowings is recognised Director of the Company.
in the profit or loss unless the amount transferred can be
capitalised as part of the cost of a self-constructed asset, 4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND
in which case, both the reclassification and interest POLICIES
expense are capitalised.
(a) Financial risk factors
When a hedging instrument expires or is sold or is
terminated, or when the cash flow hedge is discontinued The Group’s overall financial risk management
or when a hedge no longer meets the criteria for hedge objective is to optimise the value creation for
accounting, any cumulative gain or loss existing in equity shareholders. The Group seeks to minimise the
at that time remains in equity and is only transferred to potential adverse impacts arising from fluctuations in
profit or loss when the forecast transaction is ultimately foreign currency exchange and interest rates and the
recognised in the profit or loss. When a forecast unpredictability of the financial markets.
transaction is no longer expected to occur, the cumulative
gain or loss that was reported in cash flow hedge reserve The Group operates within clearly defined guidelines
is immediately transferred to the profit or loss within that are approved by the Board of Directors. Financial
other gains/(losses). risk management is carried out through risk reviews
conducted at all significant operating units. This
The carrying amount of the derivative designated as a process is further enhanced by effective internal
hedge is presented as a non-current asset or liability if the controls, a comprehensive insurance programme and
remaining expected life of the hedged item is more than adherence to the financial risk management policies.
12 months, otherwise it will be classified as a current
asset or liability. The main areas of financial risks faced by the Group are
as follows:
Contract Assets/Liabilities
(i) Foreign currency exchange risk
Contract asset is the right to consideration for goods or
services transferred to the customers when that right The Group is exposed to foreign currency exchange
is conditioned on something other than the passage of risk when the Company and its subsidiaries enter
time. In the case of property development and service into transactions that are not denominated in
concession arrangement, contract asset is the excess of their functional currencies. The Group attempts
cumulative revenue earned over the billings to-date, for to significantly limit its exposure for committed
which the billings to customers are based on progress transactions by entering into forward foreign
milestones set out in SPA with the customers. Contract currency exchange contracts and cross currency
asset include the right to consideration for the provision swap within the constraints of market and
of utility services to customers. See Note 4(a)(iii) for government regulations.
impairment of contract assets.
The Group’s principal foreign currency exposure
Contract liability is the obligation to transfer goods or relates mainly to the Singapore Dollar (“SGD”),
services to customer for which the Group has received United States Dollar (“USD”), Hong Kong Dollar
the consideration in advance. In the case of property (“HKD”) and Renminbi (“RMB”).
development and service concession receivables, contract
liability is the excess of the billings to-date over the
cumulative revenue earned. Contract liabilities include
timeshare membership fees, advance collections from
customers and other deferred income where the Group
has collected the payment before the goods are delivered
or services are provided to the customers.

31 December 2019
4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d)

(a) Financial risk factors (cont’d)

(i) Foreign currency exchange risk (cont’d)
The Group’s exposure to foreign currencies in respect of its financial assets and financial liabilities as at the reporting
date is as follows:
SGD USD HKD RMB Others Total
At 31 December 2019
Financial assets
Financial assets at FVOCI - 307.0 0.1 - 19.6 326.7
Financial assets at FVTPL 4.1 366.1 - - - 370.2
Trade and other receivables 0.2 19.2 - 2.9 95.1 117.4
Amount due from joint ventures - 154.3 - - - 154.3
Restricted cash - - - 175.0 - 175.0
Cash and cash equivalents* 65.3 743.5 52.0 90.1 98.8 1,049.7
69.6 1,590.1 52.1 268.0 213.5 2,193.3
Financial liabilities
Trade and other payables (1.6) (38.2) - (5.0) (159.3) (204.1)
Borrowings - (710.1) - - - (710.1)
Lease liabilities (0.6) - - (1.2) (1.0) (2.8)
(2.2) (748.3) - (6.2) (160.3) (917.0)
Net currency exposure 67.4 841.8 52.1 261.8 53.2 1,276.3
At 31 December 2018
Financial assets
Financial assets at FVOCI - 196.9 0.5 - - 197.4
Financial assets at FVTPL - 322.7 - - - 322.7
Other non-current assets - 69.2 - - - 69.2
Trade and other receivables 2.2 20.5 - - 115.2 137.9
Amount due from joint venture - 279.7 - - - 279.7
Restricted cash - - - 171.4 - 171.4
Cash and cash equivalents* 55.0 1,271.0 43.9 0.9 48.7 1,419.5
57.2 2,160.0 44.4 172.3 163.9 2,597.8
Financial liabilities
Trade and other payables (0.6) (41.6) (0.2) (5.4) (138.7) (186.5)
Derivative financial instruments (17.4) - - - - (17.4)
Borrowings (203.0) (265.8) - - - (468.8)
(221.0) (307.4) (0.2) (5.4) (138.7) (672.7)
Net currency exposure (163.8) 1,852.6 44.2 166.9 25.2 1,925.1
* Cash and cash equivalents of RM1,378.5 million (2018: RM3,983.5 million) denominated in USD and arising
from a subsidiary whose functional currency is SGD were not shown in the table above. This exposure to foreign
exchange risk arising from cash and cash equivalents was offset by similar exposure from the subsidiary’s
corresponding USD inter-company loan. As a result, the Group’s net exposure to foreign exchange risk had been
minimised.

31 December 2019


(i) Foreign currency exchange risk (cont’d)
The following table demonstrates the sensitivity of the Group’s profit after tax and equity to 1% (2018: 2%)
strengthening of each currency respectively in SGD, USD, HKD and RMB against the respective functional currencies
of the entities within the Group, with all other variables held constant.
31 December 2019 Increase/(Decrease)

Group Profit after tax OCI
SGD 0.7 -
USD 5.3 3.1
HKD 0.5 -
RMB 2.6 -

SGD (3.3) -
USD 33.2 3.9
HKD 0.9 -
RMB 3.3 -
A 1% (2018: 2%) weakening of the above currencies against the respective functional currencies of the entities
within the Group would have the equal but opposite effect to the amount shown above, on the basis that all other
variables remain constant.
The Company’s principal foreign currency exposure relates mainly to cash and cash equivalents of RM68.4 million
(2018: RM50.1 million) which is denominated in USD. At the reporting date, if exchange rate of USD had been 1%
(2018: 2%) stronger/weaker, with all other variables remaining constant, the profit after tax of the Company will be
higher/lower by RM0.7 million (2018: RM1.0 million).
(ii) Interest rate risk
Interest rate risks arise mainly from the Group’s borrowings and debt securities classified as financial assets at FVTPL.
Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group manages its cash flow
interest rate risk by using floating-to-fixed interest rate swaps. Such interest rate swaps have the economic effect
of converting the borrowings from floating rates to fixed rates. Under the interest rate swaps, the Group agrees with
financial institutions to exchange, at specified intervals, the difference between the fixed contract rates and floating-
rate interest amounts calculated by reference to the agreed notional principal amounts. There are no significant cash
flow interest rate risks arising from debt securities classified as financial assets at FVTPL.
The Group’s outstanding borrowings as at the year end at variable rates on which hedges have not been entered into
are denominated mainly in USD and GBP (2018: SGD, USD, GBP and RMB). At the reporting date, if annual interest
rates had been 1% (2018: 1%) higher/lower respectively, with all other variables in particular foreign exchange rates
and including tax rate being held constant, the profit after tax will be lower/higher by RM51.0 million (2018: RM63.5
million) as a result of increase/decrease in interest expense on these borrowings.
(iii) Credit risk
Risk management
The Group’s exposure to credit risk arises mainly from sales made on deferred credit terms, cash and cash equivalents,
deposits with financial institutions, money market instruments, income fund and debt instruments carried at amortised
cost. The Company’s exposure to credit risk arises from amounts due from subsidiaries, cash and cash equivalents and
deposits with banks and financial institutions. Risks arising therefrom are minimised through:
- Effective monitoring of receivables and suspension of sales to customers whose accounts exceed the stipulated
credit terms.
- Setting credit limits and reviewing credit history to minimise potential losses.

31 December 2019
4. FINANCIAL RISK MANAGEMENT OBJECTIVES AND Gas segment transact solely with the state-owned
POLICIES (cont’d) customers. As such, the counterparty risks are
considered to be minimal.
Impairment
(iii) Credit risk (cont’d)
The Group has the following financial assets and
Risk management (cont’d) contract assets that are subject to the ECL model:
- Ensuring that the Group remains as the - Trade receivables for sales of goods and
registered owner of the development services and other receivables;
properties (in respect of the Group’s sale of - Lease receivables;
development properties) until full settlement - Debt instruments carried at amortised cost;
by the purchaser of the self-financed portion of and
the purchase consideration and upon obtaining - Debt investments carried at FVTPL.
the undertaking from the purchaser’s end-
financier. In addition to debt instruments carried at amortised
- Investing cash assets safely and profitably, cost, the Company has issued corporate guarantees
which involves placement of cash and cash to banks for its subsidiaries’ facilities (financial
equivalents and short term deposits with guarantee contracts) that are subject to the ECL
creditworthy financial institutions. In addition, model.
the Group and the Company set exposure limits
as well as limit placement tenures to less than While cash and cash equivalents are also subject to
one year for each of the financial institutions. the impairment requirements as set out in MFRS
- Assessment of counterparty’s credit risks and 9, there is no impairment loss identified given
setting of limits to minimise any potential the financial strength of the financial institutions
losses. To minimise the Group’s counterparty with which the Group and the Company have a
risk, the Group enters into derivative relationship.
transactions only with creditworthy financial
institutions. The Group assesses on a forward looking basis the
- Purchasing insurance to protect the Group ECL associated with its debt instruments carried
and the Company against insurable risks. at amortised cost. The impairment methodology
- Performing regular reviews of the aging applied depends on whether there has been a
profiles of amounts due from subsidiaries, joint significant increase in credit risk.
ventures and associates.
The Group considers the probability of default upon
The Group’s trade receivables as at 31 December initial recognition of an asset and whether there has
2019 mainly arose from Genting Singapore Limited been significant increase in credit risk on an on-
(“Genting Singapore”), an indirect 52.7% subsidiary going basis throughout each reporting period. To
of the Company, amounting to RM1,254.0 million assess whether there is a significant increase in
(2018: RM1,016.5 million). In managing credit credit risk, the Group compares the risk of default
risk exposure from trade receivables, majority of occurring on the asset as at the reporting date with
which are related to casino debtors, Genting the risk of default as at the date of initial recognition.
Singapore has established a Credit Committee It considers available reasonable and supportable
and processes to evaluate the creditworthiness forward-looking information, such as:
of its counterparties. The counterparty’s payment
profile and credit exposure are continuously - internal credit rating;
monitored by the Credit Committee, together - external credit rating (as far as available);
with the operational policies and guidelines. - actual or expected significant adverse changes
Credit exposure to an individual counterparty is in business, financial or economic conditions
restricted by the credit limits set by the Credit that are expected to cause a significant change
Committee based on ongoing credit evaluation. to the debtor’s ability to meet its obligation;
- significant increases in credit risk on other
Other than the Group’s investment in the financial instruments of the same debtor;
Promissory Notes (“Notes”) issued by the Mashpee - significant changes in the value of the collateral
Wampanoag Tribe (“Tribe”), the Group avoids, supporting the obligation or in the quality of
where possible, any significant exposure to a single third-party guarantees or credit enhancements;
customer. However, in the ordinary course of or
business, subsidiaries with the principal activity of - significant changes in the expected
generation and supply of electric power have trade performance or behaviour of the debtor,
receivables that are solely from their offtakers, the including changes in the payment status of the
provincial or national electricity utility companies debtor.
whereas certain subsidiaries in the Group’s Oil and

31 December 2019


Impairment (cont’d)

Regardless of the analysis above, a significant increase in credit risk is presumed when a debt is past due
unless there are specific reasons for delays in making payment within the credit period by certain debtors, which
will be determined based on the past experience and credit risk profiles of these debtors.
The Group considers a trade receivable or other receivable as credit impaired when one or more events that have
a detrimental impact on the estimated cash flow have occurred. These instances include adverse changes in the
financial capability of the debtor and default or significant delay in payments.
Trade and other receivables are written off when there is no reasonable expectation of recovery, with a case-by-
case assessment performed based on indicators such as insolvency or demise. Where receivables are written off, the
Group continues to recover the receivables due. Where recoveries are made, these are recognised in the income
statements.
The Group uses three categories for assessing receivables according to their credit risk and determine the loss
provision accordingly.
i) Trade receivables and contract assets using simplified approach

The Group applies the simplified approach under MFRS 9 to measure ECL, which uses a lifetime ECL allowance for
all trade receivables and contract assets. To measure the expected losses, trade receivables and contract assets
have been grouped based on shared credit risk characteristics and days past due.
The expected loss rates are based on historical payment profiles of sales and the corresponding historical
credit losses experienced during these periods. The historical loss rates are adjusted to reflect current
and forward-looking information on macroeconomic factors (such as palm products prices and crude
oil price) affecting the ability of the customers to settle the receivables. The historical loss rates will be
adjusted based on the expected changes in these factors. No significant changes to estimation techniques
or assumptions were made during the reporting period.
The Group’s maximum exposure to credit risk and loss allowance recognised as at 31 December 2019 and
31 December 2018 is disclosed in Note 32. The remaining amount in which no ECL allowance was recognised
is deemed to be recoverable, with low probability of default.
ii) Debt instruments at amortised costs other than trade receivables and contract assets using general 3-stage
approach
All of the Group’s and the Company’s debt instruments at amortised costs (other than trade receivables,
contract assets and the Group’s investment in the Notes issued by the Tribe) are considered to have low credit
risk, as these were considered to be performing, have low risks of defaults and historically there were minimal
instances where contractual cash flow obligations have not been met.
The Group is exposed to credit risk in relation to investment in the Notes issued by the Tribe. General 3 stage
approach was applied in assessing ECL for Notes. In view of the uncertainty of recovery of the Notes following
the decision by US Federal Government in September 2018 concluding that the Tribe did not satisfy the
conditions under the Indian Reorganisation Act that allow the Tribe to have the land in trust for an integrated
gaming resort development, loss allowance was recognised in the previous financial year using the lifetime
expected loss assessment. Refer to Note 28 for further details.

31 December 2019


ii) Debt instruments at amortised costs other than trade receivables and contract assets using general 3-stage
approach (cont’d)

The Group uses four categories to reflect their credit risk and how the loss allowance is determined for each of
those categories. A summary of the assumptions which underpin the Group’s ECL model is as follows:
Category Definition of category Basis for recognition of ECL provision

Performing Customers have a low risk of default and 12 months expected losses. Where the
a strong capacity to meet contractual expected lifetime on an asset is less
cash flows. than 12 months, expected losses are
measured at its expected lifetime.
Underperforming Debtors for which there is a significant Lifetime expected losses.
increase in credit risk due to actual or
expected significant adverse changes
in business, financial or economic
conditions that are expected to cause a
significant change to the debtor’s ability
to meet its obligations.
Non-performing There is evidence indicating the assets Lifetime expected losses.
are credit-impaired.
Write-off There is evidence indicating that there Asset is written-off.
is no reasonable expectation of recovery
based on unavailability of debtor’s
sources of income or assets to generate
sufficient future cash flows to repay the
amount.
Based on the above, loss allowance is measured on either 12 month ECL or lifetime ECL, by considering
the likelihood that the debtor would not be able to repay during the contractual period, the percentage of
contractual cash flows that will not be collected if default happens and the outstanding amount that is exposed
to default risk.
For intercompany balances that are repayable on demand, the Company’s ECL is based on the following
assumptions:
- If the borrower has sufficient accessible highly liquid assets in order to repay the loan if demanded at the
reporting date, the ECL is likely to be immaterial.
- If the borrower could not repay the loan if demanded at the reporting date, the Company considers the
expected manner of recovery to measure the ECL. The recovery manner could be either through ‘repayment
over time’ or a fire sale of less liquid assets by the borrower.
- If the recovery strategies indicate that the Company would fully recover the outstanding balance of the
loan, the ECL would be limited to the effect of the discounting of the amount due on the loan, at the loan’s
effective interest rates, over the period until the amount is fully recovered.
The maximum exposure to credit risks for debt instruments at amortised cost other than trade receivables
and contract assets are represented by the carrying amounts recognised in the statements of financial position.

31 December 2019



iii) Financial guarantee contracts
All the financial guarantee contracts are considered to be performing, have low risks of default and historically
there were no instances where these financial guarantee contracts were called upon by the parties to which the
financial guarantee contracts were issued. Accordingly, no loss allowance was identified based on 12 months ECL.
As the Group and the Company do not hold any collateral, the maximum exposure to credit risk for each class of
financial instruments is the carrying amount of that class of financial instruments presented on the statements
of financial position, except as follows:
Group
2019 2018
Corporate guarantee provided by certain subsidiaries in Indonesia
to banks on plasma farmers’ loan facilities 139.9 127.3
Company
2019 2018
Corporate guarantee provided to banks on subsidiaries’ facilities 3,007.8 3,816.3
The Company is exposed to credit risk arising from financial guarantee contracts given to banks for
subsidiaries’ borrowings where the maximum credit risk exposure is the amount of borrowings utilised by the
subsidiaries and the interest charged on the borrowings.
Information in respect of the provision for impairment losses for trade and other receivables is disclosed in Note
32. Deposits with banks and other financial institutions, investment securities and derivatives that are neither past
due nor impaired are placed with or entered into with reputable financial institutions or companies with high
credit ratings and no history of default.
(iv) Price risk
The Group and the Company are exposed to price risk from its quoted investments in financial assets at FVTPL
and FVOCI, derivative financial instruments and fluctuations in palm product prices respectively. To manage its price
risk arising from investments in equity securities, the Group diversifies its portfolio which is done in accordance
with the limits set by the Group.
If the prices of the financial assets at FVTPL and FVOCI and derivative financial instruments listed in the respective
countries change by 1% (2018: 1%) with all other variables including tax rate being held constant, the Group’s
profit after tax and OCI for the current and previous financial year will be as follows:
31 December 2019 Increase/Decrease

Listed financial assets at FVTPL and FVOCI
– increase/decrease 1% 0.1 5.8
31 December 2018 Increase/Decrease
Listed financial assets at FVTPL and FVOCI
– increase/decrease 1% 5.7 4.7
Company
Listed derivative financial instruments
– increase/decrease 1% 1.7 -

31 December 2019

(iv) Price risk (cont’d)
Profit after tax would increase/decrease as a result of gains/losses on financial assets at FVTPL and derivative financial
instruments. Other components of equity would increase/decrease as a result of gains/losses on equity securities
classified as financial assets at FVOCI.
If the prices of the palm products increase by 5% (2018: 5%) respectively with all other variables including tax rate
being held constant, the impact to the Group’s profit after tax and equity will be as follows:

Group Profit after tax Equity
Effect of change in palm products prices
– increase by 5% 40.7 40.7

Group Profit after tax Equity
Effect of change in palm products prices
– increase by 5% 38.7 38.7
A 5% decrease in the prices of palm products would have the equal but opposite effect to the amount shown above, on
the basis that all other variable remain constant.
(v) Liquidity risk
The Group practises prudent liquidity risk management to minimise the mismatch of financial assets and liabilities. The
Group’s cash flow is reviewed regularly to ensure that the Group is able to settle its commitments when they fall due.
The Group manages its liquidity risk with the view to maintaining a healthy level of cash and cash equivalents appropriate
to the operating environment and expected cash flows of the Group. Liquidity requirements are maintained within its
undrawn committed borrowing facilities at all times and are sufficient and available to the Group to meet its obligations.
Generally, surplus cash held by the operating entities over and above the balance required for working capital
management are managed by the Group Treasury. The Group Treasury invests surplus cash in interest bearing accounts,
money market deposits and marketable securities, choosing instruments with appropriate maturities or sufficient
liquidity to provide sufficient headroom as determined by the above-mentioned cash flows of the Group.
The table below analyses the financial liabilities into relevant maturity groupings based on the remaining period at the
reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted
cash flows.
Less than Between 1 Between 2 Over

1 year and 2 years and 5 years 5 years
Group
At 31 December 2019
Other non-current liabilities - 229.4 14.4 -
Derivative financial instruments
- hedged 42.7 6.3 1.2 -
Trade and other payables* 5,355.1 - - -
Amounts due to joint ventures 20.9 - - -
Amounts due to associates 20.0 - - -
Lease liabilities 148.4 161.2 221.1 847.3
Borrowings (principal and finance costs) 3,768.6 1,831.5 11,326.5 22,865.0
Financial guarantee contracts 139.9 - - -

31 December 2019

(v) Liquidity risk (cont’d)
Less than Between 1 Between 2 Over

1 year and 2 years and 5 years 5 years
Company
At 31 December 2019
Trade and other payables 39.4 - - -
Amounts due to subsidiaries
- current 117.6 - - -
- non-current 138.3 137.9 857.2 3,003.9
Financial guarantee contracts 3,007.8 - - -

Group
At 31 December 2018
Other non-current liabilities - 347.4 0.9 -
Derivative financial instruments
- hedged 30.9 31.2 71.9 29.2
Trade and other payables* 5,024.2 - - -
Amounts due to joint ventures 16.6 - - -
Borrowings (principal and finance costs) 4,938.8 4,981.5 9,421.7 16,612.1
Financial guarantee contracts 127.3 - - -
Company
At 31 December 2018
Trade and other payables 44.3 - - -
- current 3,434.3 - - -
- non-current - 95.3 750.4 1,750.5
Financial guarantee contracts 3,816.3 - - -
* Excludes contract liabilities
(b) Capital management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to
maintain an optimal capital structure so as to provide returns for shareholders and benefits for other stakeholders.
In order to optimise the capital structure, or the capital allocation amongst the Group’s various businesses, the Group
may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares and warrants,
buy back issued shares, take on new debt or sell assets to reduce debt.
Consistent with others in the industry, the Group monitors capital utilisation on the basis of the gearing ratio. This ratio
is calculated as total debt divided by total capital. Total debt is calculated as the sum of total borrowings (comprising
“short term and long term borrowings”) and lease liabilities as shown in the statements of financial position. Total
capital is calculated as the sum of total equity and total debt.
The gearing ratio as at the reporting date are as follows:

Group
2019 2018
Total debt 33,059.4 29,224.5
Total equity 59,274.0 57,388.2
Total capital 92,333.4 86,612.7
Gearing ratio 36% 34%

31 December 2019

(b) Capital management (cont’d)

The gearing ratio increased from 34% to 36% following the adoption of MFRS 16 “Leases” as total debt increased following
the recognition of lease liabilities on 1 January 2019. See Note 44 for further information.
The Group was in compliance with externally imposed capital requirements as at the reporting date.
(c) Fair value measurement

The assets and liabilities carried at fair value are categorised into different levels of the fair value hierarchy as follows:
• Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 : Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is, derived from prices).
• Level 3 : Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The following table presents the Group’s financial instruments that are measured at fair value.
Group Level 1 Level 2 Level 3 Total

At 31 December 2019
Financial assets
Financial assets at FVOCI 576.8 - 962.1 1,538.9
Financial assets at FVTPL 5.8 2,067.7 350.4 2,423.9
Derivative financial instruments - 4.2 - 4.2
582.6 2,071.9 1,312.5 3,967.0
Financial liability
At 31 December 2018
Financial assets
Financial assets at FVOCI 466.4 - 431.1 897.5
Financial assets at FVTPL 564.1 751.6 121.7 1,437.4
1,030.5 800.5 552.8 2,383.8
Financial liability
Company
At 31 December 2019
Financial asset
Financial assets at FVTPL - 100.0 - 100.0
At 31 December 2018
Financial asset
Derivative financial instruments 170.9 - - 170.9
The carrying values of current financial assets and current financial liabilities of the Group and the Company at the end of
the reporting period approximated their fair values.
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date.
A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker,
industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market
transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current
bid price. These instruments are included in Level 1.

31 December 2019

(c) Fair value measurement (cont’d)
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives)
is determined by using valuation techniques. These valuation techniques maximise the use of observable market data
where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value
an instrument are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
Specific valuation techniques used to value financial instruments include:
• Quoted market prices or dealer quotes for similar instruments.

• The fair value of interest rate swaps, cross currency swaps and commodity swaps contracts are calculated as the
present value of the estimated future cash flows based on observable yield curves.
• The fair value of forward foreign currency exchange contracts is determined using forward exchange rates at the
reporting date.
• The fair value of the commodity future contracts is determined using forward prices of palm oil commodities.
• Other techniques, such as discounted cash flow analysis, are used to determine fair value for the remaining financial
instruments.
There were no transfers between Levels 1 and 2 during the current financial year (2018: Nil).
The following table presents the changes in Level 3 financial instruments:
Group
2019 2018
As at 1 January 552.8 1,273.6
Foreign exchange differences (3.7) 20.8
Additions 491.6 305.2
Acquisition of subsidiaries 52.2 -
Disposals - (4.5)
Fair value changes – recognised in OCI - (557.6)
Fair value changes – recognised in income statements 1.6 (199.1)
Dividends income and interest income 6.0 8.2
Dividends income received (24.0) -
Redemption of unquoted preference shares (25.0) -
Reclassification from receivables and associates 261.0 -
Reclassification to investment in joint ventures and non-current assets - (293.8)
As at 31 December 1,312.5 552.8
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. The
assessment of the fair value of unquoted securities is performed based on the available data such as discounted cash flow
with key inputs such as growth rates and discount rates, or recent transacted prices of similar financial instruments as
indications of their fair values as at reporting date.
Although the Group believes that its estimates of fair values are appropriate, the use of different methodologies
or assumptions could lead to different measurement of fair value. For fair value measurement in Level 3, there are no
reasonably possible changes in any of the growth rate or discount rate that would materially impact the profit or loss, total
assets and total equity of the Group.

31 December 2019
5. SEGMENT ANALYSIS

Management has determined the operating segments based on the reports reviewed by the chief operating decision-
makers that are used to make strategic decisions.
The chief operating decision-makers consider the business from both a geographic and industry perspective and has the
following reportable segments:
Leisure & Hospitality - This segment includes gaming, hotels, food and beverages, theme parks, retail,
entertainment and attractions, tours and travel related services, development and
operation of integrated resorts and other support services.
Plantation - This segment is involved mainly in oil palm plantations in Malaysia and Indonesia, palm
oil milling and related activities.
Power - This segment is involved in generation and supply of electric power.
Property - This segment is involved in property development activities and property investment.
Oil & Gas - This segment is involved in oil & gas exploration, development and production activities.

All other immaterial segments including investments in equities are aggregated and disclosed under “Investments &
Others” as they are not of a sufficient size to be reported separately.
The performance of the operating segments is based on a measure of adjusted earnings before interest, tax, depreciation
and amortisation (“EBITDA”). This measurement basis also excludes the effects of non-recurring items from the operating
segments, such as net fair value gain or loss on financial assets, gain or loss on disposal of financial assets, gain or loss
on changes of shareholding in joint ventures and associates, project costs written off, reversal of previously recognised
impairment losses, impairment losses, pre-opening and development expenses, assets written off, gain or loss on disposal
of assets and share-based payment expenses.
Segment assets consist primarily of property, plant and equipment, investment properties, intangible assets, rights of
use of oil and gas assets, ROU of lease assets, inventories, trade and other receivables, financial assets at FVOCI, financial
assets at FVTPL and cash and cash equivalents. Segment assets exclude interest bearing instruments, joint ventures,
associates, deferred tax assets, tax recoverable and assets classified as held for sale as these assets are managed on a
group basis.
Segment liabilities comprise operating liabilities. Segment liabilities exclude interest-bearing instruments, tax payable,
deferred tax liabilities and liabilities classified as held for sale as these liabilities are managed on a group basis.

128
5. SEGMENT ANALYSIS (cont’d)
The segment analysis of the Group is set out below:
Oil & Investments

Leisure & Hospitality Plantation Power Property Gas & Others Total
UK and US and Oil Palm Downstream
2019 Malaysia Singapore Egypt Bahamas Total Plantation Manufacturing Total
31 December 2019
Revenue
Total revenue 7,789.7 7,525.9 1,676.4 1,469.4 18,461.4 1,275.6 1,379.7 2,655.3 1,060.3 231.1 314.8 186.1 22,909.0
Inter/Intra segment (731.0) (0.4) - - (731.4) (511.3) - (511.3) - (6.4) (5.3) (38.1) (1,292.5)
External 7,058.7 7,525.5 1,676.4 1,469.4 17,730.0 764.3 1,379.7 2,144.0 1,060.3 224.7 309.5 148.0 21,616.5
Results

Adjusted EBITDA 2,651.3 3,728.2 231.6 289.3 6,900.4 330.5 58.4 388.9 453.6 83.1 214.9 (157.9) 7,883.0
Net fair value gain on
derivative financial
instruments - - - - - - - - - - - 0.2 0.2
Net fair value gain on
financial assets at FVTPL - - - - - - - - - - - 53.5 53.5
Net gain on derecognition
and changes in
shareholding of joint
ventures and associates - - - - - - - - - - - 37.4 37.4
Gain on disposal of a
subsidiary - - 138.7 - 138.7 - - - - - - - 138.7
Net gain on disposal of
investment properties - - - - - - - - - 132.1 - - 132.1
Reversal of previously
recognised impairment
NOTES TO THE FINANCIAL STATEMENTS
losses - - 5.9 - 5.9 - - - - - - - 5.9

Impairment losses (31.5) (0.9) (60.8) (2.3) (95.5) (0.2) - (0.2) - (7.9) - (301.0) (404.6)
Depreciation and
amortisation (570.2) (1,180.4) (200.3) (248.2) (2,199.1) (222.1) (11.1) (233.2) (12.3) (22.6) (110.4) (54.3) (2,631.9)
Interest income 720.5
(cont’d)
Finance cost (1,097.0)

Share of results in joint
ventures - 12.1 - - 12.1 - - - 114.5 47.6 - (52.9) 121.3
Share of results in associates - - - (31.6) (31.6) 2.3 - 2.3 9.1 - - (11.8) (32.0)
Others* (86.7) (21.5) (8.6) (107.5) (224.3) 3.5 (0.1) 3.4 - 1.5 (2.9) (122.2) (344.5)
Profit before taxation 4,582.6
Taxation (901.5)
Profit for the financial year 3,681.1
Oil & Investments

Leisure & Hospitality Plantation Power Property Gas & Others Total
UK and US and Oil Palm Downstream
Revenue
Total revenue 7,816.8 7,592.1 1,780.7 1,384.9 18,574.5 1,232.0 977.8 2,209.8 1,067.0 226.5 333.3 117.1 22,528.2
Inter/Intra segment (1,230.5) (0.4) - - (1,230.9) (414.4) (13.7) (428.1) - (6.6) (5.6) (4.0) (1,675.2)
External 6,586.3 7,591.7 1,780.7 1,384.9 17,343.6 817.6 964.1 1,781.7 1,067.0 219.9 327.7 113.1 20,853.0
Results
Adjusted EBITDA 2,915.7 3,758.8 182.4 305.8 7,162.7 383.3 11.2 394.5 495.6 76.4 234.5 (226.6) 8,137.1
Net fair value (loss)/gain
on derivative financial
instruments - - - - - - - - - - (1.1) 0.5 (0.6)
Net fair value loss on
financial assets at FVTPL - - - - - - - - - - - (196.3) (196.3)
Net loss on derecognition/
dilution of shareholding
in joint ventures and
associates - - - - - - - - - - - (1.8) (1.8)
Gain on disposal of assets
and liabilities classified
as held for sale - 0.3 - - 0.3 - - - - - - - 0.3
losses - - - 3.4 3.4 - - - - - - - 3.4
Impairment losses (118.1) - - - (118.1) - - - (4.9) - - (1,885.5) (2,008.5)
Depreciation and
amortisation (551.1) (941.4) (119.2) (245.9) (1,857.6) (203.2) (11.0) (214.2) (10.6) (31.3) (86.0) (24.0) (2,223.7)
Interest income 838.1
Finance cost (1,013.1)
Share of results in joint
ventures - 11.8 - - 11.8 - - - 50.0 40.7 - 38.8 141.3
Share of results in
associates - - - - - 2.4 - 2.4 6.7 - - (16.0) (6.9)
Others* (129.0) (17.7) - (50.6) (197.3) 11.5 - 11.5 (27.9) 4.4 (13.0) (28.6) (250.9)
Profit before taxation 3,418.4
Taxation (974.5)
Profit for the financial year 2,443.9
Note:
* Others include pre-opening and development expenses, assets written off, gain or loss on disposal of assets and share-based payment expenses.

31 December 2019
(cont’d)
129
130
Investments
Leisure & Hospitality Plantation Power Property Oil & Gas & Others Total
31 December UK and US and Oil Palm Downstream
Assets
Segment assets 12,145.2 14,725.7 5,458.8 14,131.7 46,461.4 5,739.1 529.7 6,268.8 4,744.5 2,471.2 3,831.9 6,505.4 70,283.2
Interest bearing
31 December 2019
instruments 28,471.0
Joint ventures - 190.1 - - 190.1 - - - 919.8 196.5 - 28.5 1,334.9
Associates - - - 629.5 629.5 10.2 - 10.2 43.9 0.1 - 638.8 1,322.5
Unallocated
corporate
assets 600.6

Assets classified
as held for sale
(see Note 34) 4.2
Total assets 102,016.4
Liabilities
Segment liabilities 2,384.5 1,485.7 1,190.2 1,053.0 6,113.4 286.5 52.1 338.6 422.6 276.3 362.8 181.0 7,694.7
Interest bearing
Unallocated
corporate
liabilities 2,917.7
Total liabilities 42,742.4
(cont’d)
Investments
Leisure & Hospitality Plantation Power Property Oil & Gas & Others Total
31 December UK and US and Oil Palm Downstream
Assets
Segment assets 12,263.5 15,511.0 4,403.3 10,082.7 42,260.5 5,493.2 514.0 6,007.2 4,772.3 2,764.3 4,006.2 4,677.2 64,487.7
Interest bearing
Joint ventures - 177.5 - - 177.5 - - - 881.7 148.8 - 459.8 1,667.8
Associates - - - - - 9.6 - 9.6 37.0 0.2 - 664.0 710.8
Unallocated
corporate
assets 623.7
Assets classified
as held for sale
(see Note 34) 34.4
Total assets 96,141.4
Liabilities
Segment liabilities 2,430.7 1,361.7 409.6 757.8 4,959.8 243.5 34.9 278.4 669.9 202.8 371.2 473.3 6,955.4
Interest bearing
Unallocated
corporate
liabilities 3,073.2
Liabilities
classified as
held for sale
(see Note 34) 13.6
Total liabilities 38,753.2

31 December 2019
(cont’d)
131
31 December 2019
Geographical Information
Revenue and non-current assets information based on the geographical location of customers and assets respectively are as follows:
Revenue Non-current assets

2019 2018 2019 2018
Malaysia 8,939.4 8,060.2 14,153.5 13,180.2
Singapore 7,541.1 7,597.4 14,741.0 15,126.5
Asia Pacific (excluding Malaysia & Singapore) 1,878.1 1,916.4 7,978.0 7,896.5
US and Bahamas 1,571.2 1,456.7 14,838.4 10,538.5
UK and Egypt 1,686.7 1,822.3 5,019.2 4,506.1
21,616.5 20,853.0 56,730.1 51,247.8
Non-current assets exclude investments in joint ventures, associates, financial assets at FVOCI, financial assets at FVTPL,
derivative financial instruments, deferred tax assets and other non-current assets as presented in the consolidated
statements of financial position.
6. REVENUE
Group Company
2019 2018 2019 2018
Leisure and hospitality:
Gaming operations
- Net gaming wins * 12,577.5 12,784.7 - -
Non-gaming operations
- Hotel room revenue 1,799.8 1,397.8 - -
- Food and beverage revenue 945.2 918.5 - -
- Attractions and entertainment revenue 1,520.1 1,424.6 - -
- Tenancy 268.7 277.8 - -
- Transportation 260.0 257.9 - -
- Others 358.7 282.3 - -
Total Leisure and Hospitality 17,730.0 17,343.6 - -
Plantation:
Sale of plantation products and produce 1,271.3 1,230.2 - -
Sale of palm oil derivative products 868.1 549.6 - -
Others 4.6 1.9 - -
2,144.0 1,781.7 - -
Property:
Lease and property management income 98.9 93.1 - -
Sale of development properties 125.8 126.8 - -
224.7 219.9 - -
Power and Oil & Gas:
Sale of electricity 565.8 570.2 - -
Capacity payment 492.3 494.6 - -
Sale of crude oil 306.9 325.3 - -
Others 4.8 4.6 - -
1,369.8 1,394.7 - -
Investment and others:
Fees from management and licensing services 9.8 3.4 698.1 720.9
Dividend income 14.4 10.4 1,107.9 1,131.5
Other services 123.8 99.3 - -
148.0 113.1 1,806.0 1,852.4
Total revenue 21,616.5 20,853.0 1,806.0 1,852.4
* Net gaming wins is disclosed net of complimentary goods and services provided to customers as part of the Group’s gaming
operations of RM2,383.7 million (2018: RM1,156.8 million).

31 December 2019
7. COST OF SALES
Group Company
2019 2018 2019 2018
Cost of services and other operating costs 11,431.7 10,435.8 103.3 111.4
Cost of inventories recognised as an expense 2,893.7 2,594.1 - -
14,325.4 13,029.9 103.3 111.4
Included in other operating costs are gaming related expenses amounting to RM3,614.2 million (2018: RM2,972.9 million) for
the Group and Nil (2018: Nil) for the Company.
8. REVERSAL OF PREVIOUSLY RECOGNISED IMPAIRMENT LOSSES/IMPAIRMENT LOSSES
(a) Reversal of previously recognised impairment losses
During the current financial year, the Group’s reversal of previously recognised impairment losses of RM5.9 million was
in relation to property, plant and equipment of the casino businesses in UK, on the basis that the recoverable amounts
exceeded the carrying values.
During the previous financial year, the Group’s reversal of previously recognised impairment losses of RM3.4 million
was in relation to property, plant and equipment of Genting Malaysia, on the basis that the recoverable amounts
exceeded the carrying values.
During the previous financial year, the Company’s reversal of previously recognised impairment losses of RM8.9 million
was in relation to investment in a subsidiary, on the basis that the recoverable amounts exceeded the carrying values.
(b) Impairment losses
During the current financial year, the impairment losses of the Group comprised RM13.3 million on Genting Malaysia
Group’s investment in the promissory notes issued by the Tribe to finance the Tribe’s development of an integrated resort
in Taunton, Massachusetts, United States of America, RM39.5 million on property, plant and equipment, RM7.9 million
on investment properties, RM56.2 million on intangible assets, RM2.9 million on receivables and RM284.8 million on
the Group’s investment in joint venture, on the basis that the carrying values exceeded their recoverable amounts.
During the previous financial year, the impairment losses of the Group comprised RM1,834.3 million on Genting
Malaysia Group’s investment in the promissory notes issued by the Tribe to finance the Tribe’s development of an
integrated resort in Taunton, Massachusetts, United States of America, RM112.8 million on property, plant and
equipment, RM56.5 million on intangible assets and RM4.9 million on the Group’s investment in associate, on the basis
that the carrying values exceeded their recoverable amounts.
During the current financial year, the Company recognised impairment losses of RM423.1 million (2018: RM841.5 million)
on investment in subsidiaries and amount due from a subsidiary, as their carrying values exceeded their recoverable
amounts given the challenging market conditions in the current financial year. The net assets of these subsidiaries are
used as a proxy for their recoverable amounts based on FVLCTS method and are within Level 3 of the fair value
hierarchy given the underlying assets mainly comprised financial assets at FVOCI which are measured at fair value.
9. OTHER GAINS/(LOSSES)
Group Company
2019 2018 2019 2018
Net exchange loss – realised (16.3) (63.9) - (0.7)
Net exchange gain/(loss) – unrealised 48.0 47.9 (0.5) 1.2
Net fair value gain/(loss) on derivative financial instruments 0.2 (0.6) 8.1 (57.0)
Net fair value gain/(loss) on financial assets at FVTPL 53.5 (196.3) - -
Loss on discontinued cash flow hedge (74.0) - - -
11.4 (212.9) 7.6 (56.5)

31 December 2019
10. PROFIT BEFORE TAXATION
Profit before taxation from operations has been determined after inclusion of the following charges and credits. The
expenses by nature of the Group are also disclosed in the charges below:
Group Company
2019 2018 2019 2018
Charges:
Depreciation of property, plant and equipment 2,145.7 1,929.4 0.7 0.7
Depreciation of investment properties 15.7 16.5 - -
Amortisation of leasehold land use rights - 4.3 - -
Amortisation of intangible assets 196.2 190.6 - -
Depreciation of ROU lease assets 167.2 - - -
Depletion, depreciation and amortisation of rights of
use of oil and gas assets 107.1 82.9 - -
Directors’ remuneration excluding estimated monetary value of
benefits-in-kind (see Note 12) 187.8 181.7 60.8 64.6
Impairment losses:
- Property, plant and equipment 39.5 112.8 - -
- Investment properties 7.9 - - -
- Intangible assets 56.2 56.5 - -
- Investment in joint ventures 284.8 - - -
- Investment in associates - 4.9 - -
- Investment in promissory notes 13.3 1,834.3 - -
- Others 2.9 - - -
Impairment losses in subsidiaries - - 423.1 841.5
Inventories written off 2.7 8.5 - -
PPE written off 35.4 35.4 - -
Intangible assets written off - 4.0 - -
Net loss on derecognition and changes in shareholding
of joint ventures and associates - 1.8 - -
Impairment losses and write off of receivables 312.6 168.8 - -
Provision for termination related costs 27.6 - - -
Hire of aircraft and equipment - 25.6 - -
Lease of land and buildings - 114.4 - -
Short term and low value lease expenses 34.5 - - -
Fair value adjustment of long term receivables - 40.9 - -
Finance cost
- Interest on borrowings 1,440.6 1,121.6 - -
- Interest on lease liabilities 42.1 - - -
- Sukuk Murabahah 39.7 38.5 - -
- Other finance costs 150.2 186.8 - -
- Less: capitalised costs (493.8) (265.3) - -
- Less: interest income earned (81.8) (68.5) - -
1,097.0 1,013.1 - -
Statutory audit fees
- Payable to PricewaterhouseCoopers PLT 3.7 3.6 0.2 0.2
- Payable to other member firms of
PricewaterhouseCoopers International Limited 13.0 11.8 - -
- Payable to other auditors 1.6 1.4 - -
Audit related fees
- Payable to PricewaterhouseCoopers PLT 0.8 0.8 0.2 0.2
Expenditure paid to subsidiaries:
- Finance cost - - 173.8 180.0
- Rental of land and buildings - - 2.7 2.7
- Service and maintenance of IT equipment - - 1.0 1.2
- Service fees - - 2.2 2.5
Repairs and maintenance 250.0 207.9 1.1 1.0
Utilities 354.1 319.7 0.2 0.2
Legal and professional fees 198.6 157.6 2.4 20.7
Transportation costs 154.8 131.3 - -
Research and development expenditure 108.4 144.8 - -
31 December 2019
10. PROFIT BEFORE TAXATION (cont’d)
Group Company
2019 2018 2019 2018
Credits:
Interest income 720.5 838.1 61.0 94.6
Operating lease income 281.8 262.0 - -
Net gain on disposal of PPE 4.0 9.9 - -
Net gain on disposal of investment properties 132.1 - - -
Gain on disposal of a subsidiary 138.7 - - -
Gain on disposal of assets and liabilities classified
as held for sale - 0.3 - -
Net gain on derecognition and changes in shareholding
of joint ventures and associates 37.4 - - -
Deferred income recognised for government grant 7.0 - - -
Net surplus arising from compensation in respect
of land acquired by the Government 6.3 17.5 - -
Reversal of previously recognised impairment losses on
property, plant and equipment 5.9 3.4 - -
Reversal of previously recognised impairment losses
on investment in a subsidiary - - - 8.9
Dividends (gross) from:
- Quoted foreign corporations 8.8 4.4 - -
- Quoted Malaysian corporations - 0.2 - -
- Unquoted Malaysian corporations 5.6 6.0 - -
Investment income 36.9 23.9 0.8 -
Other information:
Non-audit fees and non-audit related costs*
- Payable to PricewaterhouseCoopers PLT 0.3 0.5 - -
* Non-audit fees and non-audit related costs are in respect of tax related services of RM3.2 million (2018: RM2.6 million) and
corporate and financial advisory services of RM4.1 million (2018: RM5.8 million).
11. EMPLOYEE BENEFITS EXPENSE
Group Company
2019 2018 2019 2018
Wages, salaries and bonuses 3,543.7 3,500.2 81.1 80.4

Defined contribution plan 277.3 283.3 12.6 12.9
Other short term employee benefits 603.8 495.2 2.8 2.6
Share-based payments (see note below) 76.0 81.0 - -
Provision for retirement gratuities, net (see Note 39) 34.3 36.1 6.8 15.5
4,535.1 4,395.8 103.3 111.4
Employee benefits expense, as shown above, includes the remuneration of Executive Directors.
Note: The share-based payments arose mainly from the Performance Share Scheme and Employee Share Scheme of
the Group’s subsidiaries, Genting Singapore and Genting Malaysia respectively.

31 December 2019
12. DIRECTORS’ REMUNERATION
Group Company
2019 2018 2019 2018
Non-Executive Directors:
Fees 0.9 0.8 0.9 0.8
Provision for retirement gratuities 1.0 - 1.0 -
1.9 0.8 1.9 0.8
Executive Directors:
Fees 1.0 1.2 0.3 0.4
Salaries and bonuses 126.0 116.0 47.2 44.4
Other short term employee benefits 0.4 0.4 - -
Share-based payments 33.6 29.3 - -
185.9 180.9 58.9 63.8
Directors’ remuneration excluding estimated monetary value of
benefits-in-kind (see Note 10) 187.8 181.7 60.8 64.6
Estimated monetary value of benefits-in-kind (not charged to the
income statements) in respect of Executive Directors 1.7 1.9 - -
189.5 183.6 60.8 64.6
13. TAXATION
Group Company
2019 2018 2019 2018
Current taxation charge:

Malaysian taxation 329.4 385.2 153.9 170.7
Foreign taxation 772.0 654.9 - -
1,101.4 1,040.1 153.9 170.7
Deferred tax credit (see Note 29) (226.7) (58.2) (0.5) (5.7)
874.7 981.9 153.4 165.0
Prior years’ taxation:
Income tax under/(over) provided 26.8 (7.4) (3.0) 0.4
901.5 974.5 150.4 165.4
The reconciliation between the average effective tax rate and the Malaysian tax rate is as follows:
Group Company
2019 2018 2019 2018
% % % %
Malaysian tax rate 24.0 24.0 24.0 24.0
Tax effects of:
- expenses not deductible for tax purposes 8.6 20.1 12.5 36.0
- under/(over) provision in prior years 0.6 (0.2) (0.3) 0.1
- different tax regime (5.9) (4.5) - -
- tax incentives (4.4) (7.6) - -
- income not subject to tax (3.4) (3.5) (23.2) (37.5)
- others 0.2 0.2 - -
Average effective tax rate 19.7 28.5 13.0 22.6
Taxation is calculated at the Malaysian statutory tax rate of 24% (2018: 24%) on the estimated chargeable profit for the
year of assessment 2019.
The income tax effect of the other comprehensive (loss)/income items of the Group, which are individually not material, is a
tax expense of RM48.9 million (2018: tax credit of RM2.0 million) in the current financial year.

31 December 2019
14. EARNINGS PER SHARE
The basic and diluted earnings per share of the Group are computed as follows:
(a) Basic earnings per share:
Basic earnings per share of the Group is calculated by dividing the profit for the financial year by the weighted average
number of ordinary shares in issue during the financial year.
2019 2018
Profit for the financial year attributable to equity holders of the Company (RM million) 1,995.8 1,365.6
Weighted average number of ordinary shares in issue (’million) 3,850.6 3,837.9
Basic earnings per share (sen) 51.83 35.58
(b) Diluted earnings per share:
For the diluted earnings per share calculation, the Group’s profit for the financial year is reduced by the lower consolidated
earnings from subsidiaries arising from the potential dilution of the Group’s shareholdings in those subsidiaries that
have issued potential ordinary shares that are dilutive. The weighted average number of ordinary shares in issue of the
Company is also adjusted to assume conversion of all dilutive potential ordinary shares issued by the Company.
2019 2018
Earnings adjusted as follows:
Profit for the financial year attributable to equity holders of the Company (RM million) 1,995.8 1,365.6
Net impact on earnings on potential exercise of Performance Share Scheme awarded to
executives of the Company’s subsidiaries and warrants issued to shareholders of the
Company’s subsidiary (RM million) (4.7) (0.7)
Adjusted earnings for the financial year (RM million) 1,991.1 1,364.9
Weighted average number of ordinary shares adjusted as follows:

Weighted average number of ordinary shares in issue (’million) 3,850.6 3,837.9
Diluted earnings per share (sen) 51.71 35.56
15. DIVIDENDS

Dividends recognised as distribution to ordinary equity holders of the Company are as follows:
Group/Company
2019 2018
Gross Amount Gross Amount
dividend of dividend, dividend of dividend,
per share net of tax per share net of tax
Sen RM million Sen RM million
Special dividends paid in respect of previous financial year 7.0 269.5 7.0 268.2
Final dividends paid in respect of previous
financial year 6.0 231.0 6.0 229.9
Interim dividends paid in respect of
current financial year 6.5 250.3 8.5 327.3
19.5 750.8 21.5 825.4
A special single-tier dividend of 9.5 sen (2018: 7.0 sen) per ordinary share in respect of the current financial year has
been declared for payment to shareholders registered in the Register of Members on 16 March 2020. The special single-tier
dividend shall be paid on 9 April 2020. Based on the issued and paid-up capital of the Company as at 31 December 2019,
the special single-tier dividend would amount to RM365.8 million (2018: RM269.5 million). The special single-tier dividend
has not been recognised in the Statements of Changes in Equity as it was declared subsequent to the financial year end.

31 December 2019
15. DIVIDENDS (cont’d)

At the forthcoming Annual General Meeting, a final single-tier dividend in respect of the financial year ended 31 December
2019 of 6.0 sen (2018: 6.0 sen) per ordinary share amounting to RM231.0 million (2018: RM231.0 million) will be proposed
for shareholders’ approval. These financial statements do not reflect this final single-tier dividend which will be accrued as a
liability upon approval by shareholders.
16. PROPERTY, PLANT AND EQUIPMENT
Buildings Plant, Aircrafts, sea

2019 Freehold Leasehold and equipment vessels and Construction Bearer
Group lands lands improvements and vehicles improvements in progress plants Total
Net Book Value:

At 1 January 2019, as
previously reported 1,886.2 2,634.6 15,365.0 8,768.8 419.1 7,259.0 2,663.3 38,996.0
Effect of adoption of
MFRS 16 (see Note 44) - (2,628.6) - (55.1) - - - (2,683.7)
At 1 January 2019,
as restated 1,886.2 6.0 15,365.0 8,713.7 419.1 7,259.0 2,663.3 36,312.3
Additions (including
capitalised interest) 74.0 - 97.8 421.1 522.1 6,015.5 199.6 7,330.1
Disposals - - (9.4) (13.3) (110.9) - - (133.6)
Written off - - (2.9) (8.9) - (23.3) (0.3) (35.4)
Depreciation charged for
the financial year - (0.1) (629.1) (1,361.5) (42.8) - (112.2) (2,145.7)
Transfer from/(to):
- Intangible assets
(see Note 20) - - - (2.6) - - - (2.6)
- Investment
properties
(see Note 18) - - (0.8) (0.3) - - - (1.1)
- Trade and other
receivables - - - - - - (23.4) (23.4)
Acquisition of subsidiaries - - 0.2 1.7 - - - 1.9
Disposal of subsidiary - - (0.2) - - - - (0.2)
Deemed acquisition of
subsidiaries - - - 2.4 - - - 2.4
Depreciation and
amortisation capitalised
on bearer plants:
- ROU of lease assets
(see Note 22) - - - - - - 1.0 1.0
- Other assets - - (6.7) (6.6) - - 13.3 -
Reclassifications - (5.9) 545.6 342.9 (0.2) (882.4) - -
Impairment losses - - (5.5) (0.1) (33.7) - (0.2) (39.5)
losses - - 5.9 - - - - 5.9
Cost adjustments - - 1.8 5.4 - (6.4) - 0.8
Foreign exchange
differences (7.7) - 27.9 5.7 (0.5) (41.8) 47.4 31.0
At 31 December 2019 1,952.5 - 15,389.6 8,099.6 753.1 12,320.6 2,788.5 41,303.9
At 31 December 2019:
Cost 1,952.5 - 20,427.1 20,420.2 804.2 12,320.6 3,521.7 59,446.3
Accumulated depreciation - - (4,882.2) (12,281.4) (19.5) - (733.0) (17,916.1)
Accumulated impairment
losses - - (155.3) (39.2) (31.6) - (0.2) (226.3)
Net book value 1,952.5 - 15,389.6 8,099.6 753.1 12,320.6 2,788.5 41,303.9

31 December 2019
16. PROPERTY, PLANT AND EQUIPMENT (cont’d)
Buildings Plant, Aircrafts, sea

2018 Freehold Leasehold and equipment vessels and Construction Bearer
Group lands lands improvements and vehicles improvements in progress plants Total
Net Book Value:

At 1 January 2018 1,855.9 2,697.9 15,502.5 9,030.4 597.9 3,916.3 2,660.5 36,261.4
Additions (including
capitalised interest) 8.0 0.3 87.7 487.3 - 4,182.8 168.4 4,934.5
Disposals (0.3) - - (2.9) (69.0) - - (72.2)
Written off - - (7.3) (27.4) - (0.7) - (35.4)
Depreciation charged for
the financial year - (42.0) (502.8) (1,242.9) (33.2) - (108.5) (1,929.4)
Transfer from/(to):
- Investment
properties
(see Note 18) - - (17.5) 0.2 - (7.2) - (24.5)
Depreciation and
amortisation capitalised
on bearer plants:
- Leasehold land use
rights (see Note 19) - - - - - - 0.3 0.3
- Other assets - (0.6) (5.1) (4.5) - - 10.2 -
Reclassifications 2.3 (2.1) 292.6 491.9 - (784.7) - -
Impairment losses - (3.5) (28.4) - (80.9) - - (112.8)
losses - - - - 3.4 - - 3.4
Cost adjustments - (23.5) 37.9 54.9 - (82.6) - (13.3)
Foreign exchange
differences 20.3 8.1 5.4 (18.2) 0.9 35.1 (67.6) (16.0)
At 31 December 2018 1,886.2 2,634.6 15,365.0 8,768.8 419.1 7,259.0 2,663.3 38,996.0
Cost 1,886.2 3,138.3 19,773.7 20,146.9 547.8 7,259.0 3,301.6 56,053.5
Accumulated depreciation - (496.6) (4,252.9) (11,282.4) (64.2) - (638.3) (16,734.4)
losses - (7.1) (155.8) (95.7) (64.5) - - (323.1)
Net book value 1,886.2 2,634.6 15,365.0 8,768.8 419.1 7,259.0 2,663.3 38,996.0
At 1 January 2018:
Cost 1,857.1 3,152.1 19,442.3 19,561.8 725.6 3,916.3 3,220.4 51,875.6
Accumulated depreciation - (451.8) (3,808.5) (10,434.4) (102.1) - (559.9) (15,356.7)
losses (1.2) (2.4) (131.3) (97.0) (25.6) - - (257.5)
Net book value 1,855.9 2,697.9 15,502.5 9,030.4 597.9 3,916.3 2,660.5 36,261.4
Notes:
(a) During the current financial year, the Group has capitalised borrowing costs amounting to RM493.8 million (2018: RM265.3
million) on qualifying assets. The capitalisation rates used to determine the amount of borrowing costs to be capitalised
are based on the weighted average interest rate applicable to the Group’s general borrowings during the current
financial year and range from 4.39% to 4.51% per annum (2018: 4.52% to 4.72% per annum).
(b) The Group has carried out impairment assessments on property, plant and equipment with an indication of impairment.
Details are as follows:
Bimini operations (“Bimini Assets”)
The Group has carried out an impairment assessment on the property, plant and equipment with carrying amount of
RM1,518.6 million (2018: RM1,403.1 million) and casino licences as disclosed in Note 20 in view of the continued losses
recorded since the commencement of the Bimini operations. The recoverable amounts of property, plant and equipment
and casino licences are determined based on the VIU method. Cash flow projections used in this calculation were based
on financial budgets approved by management covering eight-year period (2018: nine-year period). Cash flows beyond
the eight-year period (2018: nine-year period) were extrapolated using the estimated growth rate.

31 December 2019
Bimini operations (“Bimini Assets”) (cont’d)
The cash flows for Bimini Assets have been assessed for a period of 8 years, from 2020 to 2027 (2018: 9 years from 2019
to 2027). Although MFRS 136 “Impairment of Assets” stipulates that forecasts should not exceed 5 years, the material
impact of the developments around the resort that will have on profitability between year 5 to year 8 should be taken into
consideration.
Key assumptions used in the VIU calculations are as follows:
Group
2019 2018
Growth rate 2.3% 2.3%
Short term discount rate 9.3% 9.6%
Long term discount rate 7.7% 7.4%
Hotel occupancy rate 58% - 83% 53% - 83%
Based on the impairment assessment, no impairment loss has been recognised for Bimini Assets (2018: Nil).
If the growth rate is reduced to 1.74% (2018: 1.65%) and all other variables including tax rate are being held constant, the
VIU will approximate carrying amount for Bimini Assets (2018: give rise to an impairment loss of RM28.1 million). If the
short term discount rate is increased to 10.55% (2018: 10.80%) and all other variables including tax rate are being held
constant, the VIU will approximate carrying amount for Bimini Assets (2018: give rise to an impairment loss of RM16.8
million). If the long term discount rate is increased to 8.20% (2018: 7.95%) and all other variables including tax rate
are being held constant, the VIU will approximate carrying amount for Bimini Assets (2018: give rise to an impairment
loss of RM10.2 million).
Resorts World Birmingham operations (“RWB Assets”)
Resorts World Birmingham (“RWB”) has opened for just over 4 years, and is still at an infant stage of its lifecycle. Whilst
RWB has recorded losses during the current financial year, its profitability has improved significantly year on year. The
recoverable amount of RWB is determined based on the higher of FVLCTS and VIU. The VIU has been calculated using
the cash flow projections which are based on the approved future strategy of the resort. Estimates of fair value have been
determined with reference to an external valuation performed in 2018, and prepared in accordance with RICS valuation
professional standards, as published by the Royal Institution of Chartered Surveyors, on the basis of market value and is
within Level 3 of fair value hierarchy.
The cash flows for each division of RWB have been assessed for a period of 9 years, from 2020 to 2028 (2018: 10 years
from 2019 to 2028). Although MFRS 136 “Impairment of Assets” stipulates that forecasts should not exceed 5 years, the
material impact of the developments around the resort that will have on profitability between year 5 to year 9 should be
taken into consideration.
Key assumptions used in the VIU calculations are as follows:
Group
2019 2018
Discount rate 7.0% 7.2%
Long term growth rate 2.0% 2.0%
Forecasted EBITDA:
- Footfall growth rate 2.0% - 7.0% 2.0% - 7.0%
- Revenue per available room growth rate 1.0% - 2.0% 1.0% - 2.0%
Based on the impairment assessment, no impairment loss has been recognised for RWB Assets (2018: Nil).
If the discount rate is increased by 0.25% (2018: 0.20%) and all other variables including tax rate are being held constant,
this could indicate an impairment loss of RM11.8 million (2018: RM37.1 million) on RWB Assets. If the long term growth
rate decreased by 0.25% (2018: 0.25%) and all other variables including tax rate are being held constant, the VIU will
approximate carrying amount for RWB Assets (2018: give rise to an impairment loss of RM31.8 million). If the forecasted
EBITDA decreased by 5.0% and all other variables including tax rate are being held constant, this could indicate an
impairment loss of RM26.2 million (2018: impairment loss of RM59.4 million). The forecasted EBITDA is sensitive to
visitors’ footfall and hotel performance of RWB operations.

31 December 2019
Outdoor theme park assets at Resorts World Genting (“Theme Park Assets”)
Following the settlement agreement with Fox Entertainment Group, LLC, Twentieth Century Fox Film Corporation, FoxNext,
LLC (collectively referred to as “Fox”), Twenty-First Century Fox, Inc. and The Walt Disney Company, there is no impairment
indicator of the PPE related to the Theme Park Assets as the outdoor theme park is expected to open ahead of the earlier
projected opening date in Year 2022 by using certain Fox intellectual properties.
(c) Certain freehold land and buildings and improvements of the casino business in the UK amounting to RM679.2 million
(2018: RM669.2 million) have been pledged as collateral for the Group’s GBP borrowings.
(d) Property, plant and equipment with a carrying amount of approximately RM456.7 million (2018: RM378.8 million)
have been pledged as collateral for the borrowings in the Group’s power business, plantation business and resort
development.
(e) As at 31 December 2018, bank borrowings of Genting Singapore Group were substantially secured over assets of
the Singapore leisure and hospitality business segment. Genting Singapore made a voluntary full prepayment of
the outstanding bank borrowings and cancelled the credit facilities on 25 April 2019. Restricted cash which had been
pledged as security for loan repayments and interest was fully released during the current financial year.
(f) During the current financial year, the Group recognised impairment loss on property, plant and equipment amounting to
RM39.5 million (2018: RM112.8 million), on the basis that the carrying amount exceeded its recoverable amount, given
the challenging market condition in the current financial year. These are mainly assets in the Leisure and Hospitality
segment. RM33.7 million of the impairment loss arose from aircrafts of which the recoverable amounts of these
aircrafts were determined based on the FVLCTS method and is within Level 2 of fair value hierarchy. Estimates of fair
value on these aircrafts were determined using recent transaction prices by an independent third party. The recoverable
amounts of other property, plant and equipment were determined using the VIU method.
Freehold Plant,
2019 buildings and equipment
Company improvements and vehicles Total
Net Book Value:
At 1 January 2019 - 2.6 2.6
Additions - 0.3 0.3
Disposals - (0.3) (0.3)
Depreciation charged for the financial year - (0.7) (0.7)
At 31 December 2019 - 1.9 1.9
Cost 3.6 11.6 15.2
Accumulated depreciation (3.6) (9.7) (13.3)
Net book value - 1.9 1.9
2018
Company
Net Book Value:
At 1 January 2018 - 2.8 2.8
Additions - 0.5 0.5
Depreciation charged for the financial year - (0.7) (0.7)
At 31 December 2018 - 2.6 2.6
Cost 3.6 11.8 15.4
At 1 January 2018:
Cost 8.8 18.8 27.6

31 December 2019
17. PROPERTY DEVELOPMENT ACTIVITIES
Group
2019 2018
(a) Land held for property development:
Freehold land 190.3 191.6
Leasehold land 72.2 72.2
Development costs 110.4 112.4
Accumulated impairment (5.3) (5.5)
367.6 370.7
At 1 January 370.7 378.8

Additions:
- leasehold land - 4.1
- development costs 2.3 2.3 4.5 8.6
Credited/(Charged) to profit or loss 0.3 (0.1)
Disposal (0.1) -
Transferred to property development costs (see Note 17(b))
- freehold land (1.3) (2.3)
- development costs (4.3) (5.6) (14.3) (16.6)
At 31 December 367.6 370.7
(b) Property development costs:
Freehold land 5.0 5.2
Development costs 85.7 84.3
Accumulated costs charged to profit or loss (45.0) (44.7)
45.7 44.8
At 1 January 44.8 31.2

Development costs incurred during the financial year 40.8 68.1
Development costs charged to profit or loss (34.7) (55.3)
Transferred from land held for property development (see Note 17(a)) 5.6 16.6
Transferred to inventories (10.8) (15.8)
At 31 December 45.7 44.8
18. INVESTMENT PROPERTIES
Group
2019 2018
Net Book Value:

At 1 January 1,995.2 1,965.3
Additions 21.3 0.1
Transfer from property, plant and equipment (see Note 16) 1.1 24.5
Depreciation charged for the financial year (15.7) (16.5)
Impairment losses (7.9) -
Disposals (292.9) -
Reclassified to assets classified as held for sale (see Note 34) (0.8) -
At 31 December 1,690.2 1,995.2
31.12.2019 31.12.2018 1.1.2018

Cost 2,014.2 2,329.3 2,277.0
Accumulated impairment losses (29.2) (33.5) (33.7)
Net book value 1,690.2 1,995.2 1,965.3
Fair value at end of the financial year 3,802.8 3,956.9 3,650.7

31 December 2019
18. INVESTMENT PROPERTIES (cont’d)
Certain investment properties within the UK business segment amounting to RM119.0 million (2018: RM179.2 million) have been
pledged as collateral for the Group’s GBP borrowings.
Fair values of the Group’s investment properties at the end of the financial year have been determined by independent
professional valuers based on the market comparison approach that reflect the recent transaction prices for similar
properties in size and type within the vicinity and are within Level 2 of the fair value hierarchy, except for the Group’s
investment properties in Miami, Florida, US which have been determined by independent professional valuers based on the
income approach of the respective properties and are within Level 3 of the fair value hierarchy. The recoverable amounts of
the Group’s properties at Omni Center in the City of Miami, Florida, US were assessed together with the related goodwill
arising from the acquisition of Omni Center. The calculations require the use of estimates as set out in Note 20.
The aggregate lease income and direct operating expenses arising from investment properties of the Group that generated
lease income which was recognised during the financial year amounted to RM89.6 million and RM39.8 million (2018: RM85.7
million and RM39.6 million) respectively.
The direct operating expenses incurred from investment properties of the Group which did not generate lease income
during the financial year amounted to RM7.6 million (2018: RM7.6 million).
19. LEASEHOLD LAND USE RIGHTS
Group
2019 2018
Net Book Value:

At 1 January, as previously reported 664.6 641.0
Effect of adoption of MFRS 16 (see Note 44) (664.6) -
At 1 January, as restated - 641.0
Additions - 37.5
Amortisation - (4.3)
Amortisation capitalised under property, plant and equipment (see Note 16) - (0.3)
Foreign exchange differences - (9.3)
At 31 December - 664.6
31.12.2019 31.12.2018 1.1.2018

Cost - 692.7 665.2
Accumulated amortisation - (28.1) (24.2)

31 December 2019
20. INTANGIBLE ASSETS
Casino Other
Group Goodwill licences Licences Trademarks intangibles Total
Net Book Value:

At 1 January 2019 916.4 2,135.6 2,389.5 74.8 160.8 5,677.1
Foreign exchange differences (1.5) 21.2 (24.8) 0.7 (0.9) (5.3)
Additions - 219.9 3.0 - 19.0 241.9
Acquisition of subsidiaries 54.2 - - - 9.5 63.7
Deemed acquisition of subsidiaries 2.7 - - 3.4 8.6 14.7
Transfer from PPE (see Note 16) - - 2.6 - - 2.6
Disposal of a subsidiary - (2.7) - - - (2.7)
Amortisation - (77.0) (109.2) - (10.0) (196.2)
Impairment losses - (56.2) - - - (56.2)
At 31 December 2019 971.8 2,240.8 2,261.1 78.9 187.0 5,739.6
Cost 2,417.5 2,813.9 3,179.6 78.9 293.9 8,783.8
Accumulated amortisation - (70.9) (898.6) - (72.5) (1,042.0)
Accumulated impairment losses (1,445.7) (502.2) (19.9) - (34.4) (2,002.2)
Net book value 971.8 2,240.8 2,261.1 78.9 187.0 5,739.6
Net Book Value:

At 1 January 2018 951.1 2,265.7 2,463.9 76.9 146.2 5,903.8
Foreign exchange differences 6.9 (64.2) 57.1 (2.1) 1.7 (0.6)
Additions - - - - 25.0 25.0
Written off - - - - (4.0) (4.0)
Amortisation - (65.9) (116.6) - (8.1) (190.6)
Impairment losses (41.6) - (14.9) - - (56.5)
At 31 December 2018 916.4 2,135.6 2,389.5 74.8 160.8 5,677.1
Cost 2,331.4 2,770.8 3,205.4 74.8 250.0 8,632.4
Accumulated amortisation - (194.5) (796.0) - (53.4) (1,043.9)
Net book value 916.4 2,135.6 2,389.5 74.8 160.8 5,677.1
At 1 January 2018:
Cost 2,363.0 2,845.6 3,128.9 76.9 229.5 8,643.9
Accumulated amortisation - (127.0) (659.9) - (46.6) (833.5)
Net book value 951.1 2,265.7 2,463.9 76.9 146.2 5,903.8
The other intangible assets comprised software development, patents and research and development costs.
Included in the licences is an amount of RM2,196.1 million (2018: RM2,321.4 million) which has been pledged as collateral for
Genting Malaysia Group’s USD borrowing.

31 December 2019
20. INTANGIBLE ASSETS (cont’d)
(a) Impairment tests for goodwill and other intangible assets with indefinite useful lives

Goodwill and other intangible assets with indefinite useful lives are allocated to the Group’s CGU identified according to
geographical area and business segments.
A segment-level summary of the Group’s net book value of goodwill and other intangible assets with indefinite useful lives
allocation is as follows:
2019 2018
Group
Goodwill – leisure and hospitality segment:
Malaysia 277.1 277.1
United Kingdom 81.0 26.7
United States of America 43.1 44.0
Singapore 381.6 380.8
Goodwill – others:
United Kingdom – investment and others segment 40.9 40.9
Malaysia – investment and others segment 2.7 -
Indonesia – plantation and oil and gas segment 145.4 146.9
Intangible assets other than goodwill:
United Kingdom – leisure and hospitality segment
- casino licences 2,088.2 2,129.1
- trademarks 72.3 71.6
Isle of Man – leisure and hospitality segment
- trademarks 3.2 3.2
Singapore – investment and others segment
- trademarks 3.4 -
Goodwill – Malaysia
The impairment test for goodwill relating to the Malaysia CGU was assessed using the VIU method. Cash flow
projections used in this calculation were based on financial budgets approved by management covering a three-year
period. Cash flows beyond the three-year period were extrapolated using the estimated growth rate stated below.
The growth rate did not exceed the long term average growth rate for the leisure & hospitality industry in which the
CGU operates.
Key assumptions used in the VIU calculation for 2019 include a growth rate and discount rate of 3.0% and 7.2%
(2018: 3.5% and 8.8%) respectively.
Based on the impairment assessment, no impairment is required for goodwill attributed to the Malaysia CGU (2018: Nil).
There was no reasonably possible changes in any of the key assumptions used that would cause the carrying amount of
this CGU to materially exceed the recoverable amount.
In the previous year, if the growth rate is reduced by 0.35% and all other variables including tax rate are being held
constant, the impairment loss of intangible assets will increase by RM50.3 million. Similarly, if the discount rate is
0.30% higher and all other variables including tax rate are being held constant, the impairment loss of intangible assets
and property, plant and equipment will increase by RM31.6 million.

31 December 2019
20. INTANGIBLE ASSETS (cont’d) Based on the above impairment assessment, the
Group recorded impairment losses of RM56.2
(a) Impairment tests for goodwill and other intangible million (2018: Nil) for casino licenses in UK and
assets with indefinite useful lives (cont’d) reversal of impairment losses of RM5.9 million on
PPE in respect of certain casinos outside London.
Goodwill and other intangible assets – UK
If the growth rate is reduced to 1.75% (2018:
(i) Goodwill and other intangible assets with indefinite 1.75%) and all other variables including tax rate are
useful lives – casino business in UK being held constant, the impairment losses of
intangible assets and PPE will be increased
Goodwill arising from the acquisition of UK casino by RM91.5 million (2018: impairment losses of
business is allocated to the leisure and hospitality RM7.0 million).
segment in UK for the purposes of impairment
review. The casino licences, considered to have If the discount rate is 0.25% (2018: 0.25%)
indefinite useful lives, are assigned to smaller CGU higher and all other variables including tax rate
for the purposes of impairment review. are being held constant, the impairment losses
of intangible assets and PPE will be increased
In performing the impairment review, each casino by RM86.8 million (2018: impairment losses of
is assessed as a separate CGU, except where one RM8.6 million).
or more casinos located within the same
geographical area and the nature of the (ii) Goodwill and other intangible assets – Acquisition
customers is such that they are transferable of DNAe Group Holdings Limited (“DNAe Group”)
between these casinos. In this instance these and DNA Electronics, Inc (“DNA Electronics”)
casinos have then been grouped together and
treated as a separate CGU. There are no individual In accordance with MFRS 136, DNAe Group
CGUs deemed to be of a “significant” proportion of management has assessed the recoverable
the overall carrying value of intangible assets. This amount of goodwill and other intangible assets as
has resulted in 28 separate CGUs for the purpose the higher of FVLCTS and its VIU. Consequently,
of impairment review in 2019 (2018: 27 CGUs). the impairment review for goodwill and other
intangible assets as at 31 December 2019 relating
The recoverable amount of each CGU, including to the acquisition of DNAe Group and DNA
casino licences, is determined based on the higher Electronics was assessed using FVLCTS. This was
of FVLCTS and VIU. Estimates of fair value have based on a valuation of DNAe Group following
been determined with reference to an external exploratory conversations with independent third
valuation, prepared in accordance with RICS parties, which indicated that the recoverable
valuation professional standards, as published by amount exceeded the carrying amount of goodwill
the Royal Institution of Chartered Surveyors, on and intangible assets.
the basis of market value and are within Level 3
of the fair value hierarchy. In the previous year’s assessment of impairment
of goodwill was based on the VIU method. Cash
The VIU has been calculated using cash flow flow projections used in this calculation were based
projections, with a “base” cash flow for 2020 on financial budgets covering a twelve-year period
calculated using a combination of historical in consideration of its nature of the business in
financial information (5 years) and financial research and development which requires a longer
projections for the following year. The base cash period. Cash flows beyond the twelve-year period
flow has then been extrapolated for a further 4 were extrapolated using the estimated growth rate
years and a terminal value calculated at year 5 stated below. Key assumptions used in the VIU
using an annual and long term growth rate of calculation included a growth rate and discount
2.0% (2018: 2.0%), including inflation. This growth rate of 1.0% and 30% respectively.
rate is consistent with forecasts included in the
industry reports and external sources. The discount Based on the impairment assessment, no
rate applied to cash flow projections is 7.25% impairment loss has been recognised for DNAe
(2018: 7.75%). Group and DNAe Electronics (2018: impairment
loss of RM41.6 million based on the impairment
The growth rate did not exceed the long term assessment and discontinuation of one of two
average growth rate for the leisure and hospitality research and development programs).
industry in which the CGUs operate and is
consistent with the forecasts included in industry There are no reasonably possible changes in any
reports. of the key assumptions used that would cause
the carrying amount of this CGU to materially
exceed the recoverable amount.

31 December 2019
20. INTANGIBLE ASSETS (cont’d) Based on the impairment assessment, no impairment

is required for goodwill attributed to the US CGU.
(a) Impairment tests for goodwill and other intangible
assets with indefinite useful lives (cont’d) There are no reasonably possible changes in any of
the key assumptions used that would cause the
Goodwill and other intangible assets – UK (cont’d) carrying amount of this CGU to materially exceed the
recoverable amount.
(iii) Goodwill – Acquisition of Authentic Gaming Limited
(“AGL”) and Authentic Gaming Malta Limited Goodwill – Singapore
(“AGML”), providers of live online gaming solutions
The goodwill attributed to the Singapore CGU
On 30 October 2019, the Group through its indirect mainly arose from the acquisition of Resorts World at
wholly owned subsidiary, Genting Malta Limited Sentosa Pte. Ltd. which has developed the first
completed the acquisition of AGL and AGML for integrated resort in Singapore. The impairment test
a total cash consideration of GBP13.0 million for goodwill relating to the Singapore CGU was
(equivalent to approximately RM69.7 million). assessed using the VIU method. Cash flow projections
The amount of intangible assets is currently used in this calculation were based on financial
determined based on provisional fair values budgets approved by management. The cash flow
assigned to the identifiable assets and liabilities projection covers a five-year period. Cash flows beyond
as at acquisition date. Any adjustments to these the five-year period were extrapolated using the
provisional fair values upon finalisation of the estimated growth rate stated below. The growth rate
detailed Purchase Price Allocation (“PPA”) exercise did not exceed the long term average growth rate for
will be recognised in intangible assets within the leisure and hospitality industry in which the CGU
12 months of the acquisition date as permitted operates.
by MFRS 3 “Business Combinations”. Goodwill
arising from the acquisition of AGL and AGML is Key assumptions used in the VIU calculation for 2019
attributable to the expected synergies with UK include a growth rate and discount rate of 2.0% and
Group’s existing online business. As the provisional 5.1% (2018: 2.0% and 7.3%) respectively.
fair values assigned to the identifiable assets
and liabilities were carried out near the financial Based on the impairment assessment, no impairment
year end and the identifiable assets and liabilities is required for goodwill attributed to the Singapore
have been recorded at their respective fair values, CGU. A reasonably possible change in a key assumption
the goodwill and other intangible assets are not on which management has based its determination
tested for impairment at year end. of the CGU’s recoverable amount would not cause its
carrying amount to exceed its recoverable amount.
Details of net assets acquired and goodwill arising
on the above acquisitions are set out in Note (a) Goodwill – Indonesia
to the statements of cash flows.
(i) Acquisition of AsianIndo Holdings Pte Ltd (“AIH”)
Goodwill – United States of America (“US”)
Goodwill arose due to the Group’s acquisition in
The goodwill attributable to the US CGU arose from AIH. The impairment test for goodwill was based on
the acquisition of Omni Center in the City of Miami, FVLCTS model, benchmarking to the most recent
Florida, US. transacted prices of plantation lands in Indonesia
and are within level 3 of the fair value hierarchy.
The Group has engaged an independent professional There are no reasonably possible changes in any
valuer to carry out a formal valuation of Omni Center, of the key assumptions used that would cause the
which includes a hotel and office building, retail shops recoverable amount to be materially lower than the
and development parcel in 2019. The recoverable carrying amounts of this CGU.
amounts of the Omni Center were determined based
on the FVLCTS of the respective properties using (ii) Acquisition of PT Varita Majutama (“PTVM”)
the income approach and are within Level 3 of the fair
value hierarchy. Goodwill arose from the Group’s acquisition of
95% equity interest in PTVM. The impairment of
Key assumptions used in the VIU calculations are as goodwill was assessed collectively with exploration
follows: costs for Kasuri block in Indonesia (see Note 21)
as the acquisition of PTVM was in relation to the
Group Group’s oil and gas activities.
2019 2018
Discount rates 19.0% - 24.2% 15.5% - 24.4%
Growth rates 2.0% - 6.8% 3.0% - 7.0%

31 December 2019
20. INTANGIBLE ASSETS (cont’d)
(b) Licences with definite useful lives

Included in licences as at 31 December 2019 is an amount of RM25.8 million (2018: RM26.9 million) related to casino
licences of Bimini operations. The Group carried out the impairment assessment of the casino licences together with
the Bimini Assets as disclosed in Note 16(b).
All the above impairment assessments are based on past performance, management’s expectations for the future and
external sources where applicable.
21. RIGHTS OF USE OF OIL AND GAS ASSETS
Production
wells,
related Development
2019 Exploration Rights and equipment costs - work-
Group costs concessions and facilities in-progress Total
Cost:
At 1 January 2019 1,051.9 764.5 338.8 1,828.6 3,983.8
Additions 0.6 - 0.5 25.1 26.2
Adjustments (see note below) (10.0) - (5.2) (34.1) (49.3)
Foreign exchange differences (11.2) (8.0) (3.6) (19.5) (42.3)
At 31 December 2019 1,031.3 756.5 330.5 1,800.1 3,918.4
Depletion, depreciation and amortisation:

At 1 January 2019 - (243.3) (196.3) - (439.6)
Charge for the financial year - (57.0) (50.1) - (107.1)
Foreign exchange differences - 2.6 2.1 - 4.7
At 31 December 2019 - (297.7) (244.3) - (542.0)
Net book value:
As at 31 December 2019 1,031.3 458.8 86.2 1,800.1 3,376.4
2018
Group
Cost:
At 1 January 2018 2,936.9 745.4 270.7 - 3,953.0
Additions 2.6 - 61.2 21.0 84.8
Reclassification (1,853.0) - - 1,853.0 -
Adjustments (see note below) (109.7) - - (45.2) (154.9)
Foreign exchange differences 75.1 19.1 6.9 (0.2) 100.9
At 31 December 2018 1,051.9 764.5 338.8 1,828.6 3,983.8
Depletion, depreciation and amortisation:

At 1 January 2018 - (191.4) (153.5) - (344.9)
Charge for the financial year - (45.3) (37.6) - (82.9)
Foreign exchange differences - (6.6) (5.2) - (11.8)
At 31 December 2018 - (243.3) (196.3) - (439.6)
Net book value:
As at 31 December 2018 1,051.9 521.2 142.5 1,828.6 3,544.2
Note:
Adjustments for the financial years ended 2019 and 2018 were due to finalisation of accrued capital expenditure.

31 December 2019
21. RIGHTS OF USE OF OIL AND GAS ASSETS (cont’d)
Exploration and development costs comprise of drilling and field operation support costs for Kasuri block in Indonesia. These
costs remain capitalised as the Group is committed to continue exploring these interests.
In April 2018, Genting Oil Kasuri Pte Ltd (“GOKPL”), an indirect subsidiary of the Company, has received approval from the
Ministry of Energy and Mineral Resources of the Republic of Indonesia for a first phase Plan of Development for the Asap,
Merah and Kido fields. These fields are within the concession area for the Kasuri Block in West Papua, Indonesia, awarded to
GOKPL pursuant to a production sharing contract signed in May 2008 (the “Kasuri PSC”) between GOKPL and BP MIGAS, the
Indonesian oil and gas regulator (which had since been succeeded by SKK MIGAS). The concession period for GOKPL for the
Kasuri PSC ends in 2038.
Rights of use of oil and gas assets for Kasuri block of RM2,912.2 million (2018: RM2,962.1 million) has been allocated into two
CGU - Asap, Merah and Kido fields (“AMK CGU”), mainly grouped under development costs and other fields (“Others CGU”),
mainly grouped under exploration costs. The recoverable amount of AMK CGU was assessed based on the VIU method. VIU
has been calculated using discounted cash flow projections over the concession period based on the proposed structures as
outlined in the approved Plan of Development. Key assumptions used for the cash flow projections include a projected gas
price, escalated at 2.0% (2018: 2.0%) per annum, a discount rate of 8.0% (2018: 9.5%) and gas production profile based
on independent oil and gas reserve experts. Based on the impairment assessment, no impairment is required for AMK CGU.
The calculation of VIU from the discounted cash flow projections is sensitive to the assumptions set out above. If the gas price is
reduced by 25.5% (2018: 9.6%) or the discount rate is increased to 11.4% (2018: 10.6%) with all other variables remain constant,
the VIU will approximate the carrying amount for AMK CGU.
Others CGU together with the goodwill which arose from the acquisition of a 95% equity interest in PTVM were assessed
collectively in accordance with MFRS 6 “Exploration for and Evaluation of Mineral Resources”. Based on the assessment, there
is no impairment indicator as at 31 December 2019 as the Group continues to carry out its exploration and evaluation works in
this CGU.
Rights of use of oil and gas assets with a carrying amount of approximately RM468.7 million (2018: RM582.1 million) have been
pledged as collateral as at 31 December 2019 for the USD borrowing in the Group’s oil and gas business.
22. RIGHTS OF USE OF LEASE ASSETS AND LEASE LIABILITIES
(a) ROU lease assets
2019 Motor Leasehold

Group Properties Equipments vehicles lands Total
Net book value:
At 1 January 2019, as previously reported - - - - -
Effects of adoption of MFRS 16 (see Note 44) 733.0 58.2 10.4 3,293.2 4,094.8
At 1 January 2019, as stated 733.0 58.2 10.4 3,293.2 4,094.8
Additions 184.2 40.5 12.3 80.8 317.8
Depreciation charged for the financial year (81.3) (30.9) (5.3) (49.7) (167.2)
Disposals - (4.6) (0.7) - (5.3)
Depreciation capitalised in rights of use of
oil and gas assets - - (0.4) - (0.4)
Depreciation capitalised to property, plant
and equipment (see Note 16) - - - (1.0) (1.0)
Reclassified to assets classified as held for
sale (see Note 34) - - - (3.4) (3.4)
Lease modifications (2.3) - (0.1) - (2.4)
Foreign exchange differences 5.5 0.4 - 13.6 19.5
At 31 December 2019 839.1 63.6 16.2 3,333.5 4,252.4
As at 31 December 2019
Cost 943.8 139.6 25.1 3,909.2 5,017.7
Accumulated depreciation (104.7) (76.0) (8.9) (575.7) (765.3)
Net book value 839.1 63.6 16.2 3,333.5 4,252.4

31 December 2019
22. RIGHTS OF USE OF LEASE ASSETS AND LEASE Extension and termination options are included in a
LIABILITIES (cont’d) number of property and equipment leases across the
Group. These are used to maximise operational flexibility
(a) ROU lease assets (cont’d) in terms of managing the assets used in the Group’s
operations. The majority of extension and termination
The right of use assets of the casino business in UK is options held are exercisable only by the Group and not
tested for impairment and the key assumptions are set by the respective lessor.
out in Note 20(a)(i).
Some property leases contain variable payment terms
Leasehold lands of certain subsidiaries with an that are linked to sales with percentages ranging from
aggregate carrying value of RM399.3 million (2018: 1% to 5% of sales. Variable lease payments that depend
RM540.6 million) have been pledged as securities for on sales are recognised in profit or loss in the period
borrowings. in which the condition that triggers those payments
occurs.
The Group holds land use rights in Indonesia in the form
of Hak Guna Usaha (“HGU”), which give the rights to The maturity analysis of the lease liabilities at the
cultivate land for agricultural purposes with expiry dates reporting date is disclosed in Note 4(a)(v).
between 2037 and 2054. The Group also holds other
rights relating to certain plots of land in Indonesia and Total cash outflow for the leases in the financial year
the Group is at various stages of the application process ended 31 December 2019 for the Group amounted to
in converting such rights to HGU. RM178.1 million.
The Group also leases various office premises, (c) Leases as lessor
equipments and motor vehicles where the rental
contracts are typically entered into for fixed periods of The Group leases out retail spaces and offices to non-
lease terms, but may include extension options. related parties. The Group has classified these leases
as operating leases, because they do not transfer
Lease and terms on the rental contracts are negotiated substantially all of the risks and rewards incidental to
on an individual basis and contain a wide range of the ownership of the assets. The leases have varying
different terms and conditions. These rental contracts terms, escalation clauses and renewal rights. Generally,
do not impose any covenants. the lessees are required to pay contingent rents
computed based on their turnover achieved during the
(b) Lease liabilities lease period. The following table sets out the maturity
analysis of lease payments, showing the undiscounted
Group lease payments to be received after the reporting date.
2019
Analysed as follows: Group
2019
Current 111.4
Non-current 818.0 Less than 1 year 230.2
Between 1 and 2 years 158.2
Total lease liabilities 929.4 Between 2 and 3 years 103.4
Between 3 and 4 years 65.2
The lease liability is initially measured at the present
value of the lease payments that are not paid at that Between 4 and 5 years 64.4
date. The lease payments are discounted using the Over 5 years 176.9
entities’ incremental borrowing rate. Subsequent to the Total undiscounted lease payments
initial recognition, the Group measures the lease liability to be received 798.3
by increasing the carrying amount to reflect interest
on the lease liability, reducing the carrying amount Included in buildings and improvements of PPE are
to reflect lease payments made, and remeasuring the certain retail spaces and offices which the Group leases
carrying amount to reflect any reassessment or lease to non-related parties.
modifications.

31 December 2019
23. SUBSIDIARIES Services Berhad for early prepayment of the loan

or any portions thereof; or (iii) the acceleration of
Company the loan. This loan including its accrued interest has
2019 2018 been fully repaid on 8 November 2019.
Investment in subsidiaries:
Quoted shares in Malaysia (ii) RM0.5 billion loan from Genting Capital Berhad,
– at cost 1,613.2 803.2 a wholly owned subsidiary of the Company on 8
Unquoted shares – at cost 15,253.9 14,684.9 June 2012. The loan bears an effective interest
16,867.1 15,488.1 rate of 4.42% (2018: 4.42%) per annum. The entire
Less: Accumulated principal amount of the loan shall be repaid by 8
impairment losses (1,892.1) (1,487.1) June 2022 provided always that the entire principal
14,975.0 14,001.0 amount or any portion thereof, and any accrued and
unpaid interest thereon shall be immediately due
Market value of quoted shares 14,422.8 12,536.7
and payable upon the earlier of (i) 8 June 2022; or
(ii) request(s) from Genting Capital Berhad for early
Amounts due from subsidiaries
are unsecured and comprise: prepayment of the loan or any portions thereof; or
Current: (iii) the acceleration of the loan.
Interest free 200.3 136.5
(iii) RM1.5 billion loan from Genting Capital Berhad,
Less: Accumulated
impairment losses (121.1) (103.0) a wholly owned subsidiary of the Company on 8
June 2012. The loan bears an effective interest
79.2 33.5
rate of 4.86% (2018: 4.86%) per annum. The entire
principal amount of the loan shall be repaid by 8
Non-current:
June 2027 provided always that the entire principal
Interest free 727.5 369.5
amount or any portion thereof, and any accrued and
Less: Accumulated
impairment losses (13.6) (13.6) unpaid interest thereon shall be immediately due
713.9 355.9 and payable upon the earlier of (i) 8 June 2027; or
(ii) request(s) from Genting Capital Berhad for early
793.1 389.4
prepayment of the loan or any portions thereof; or
are unsecured and comprise: (iii) the acceleration of the loan.
Current:
Interest bearing - 1,596.2 (iv) RM0.46 billion with maturity of 10-year and RM0.54
Interest free 117.6 70.6 billion with maturity of 15-year loans from Genting
RMTN Berhad, a wholly owned subsidiary of the
117.6 1,666.8
Company on 8 November 2019. The loans bear
Non-current:
an effective interest rate of 4.18% and 4.38% per
Interest bearing 2,995.4 1,997.0 annum respectively. The entire principal amounts
3,113.0 3,663.8 or any portion thereof, and any accrued and unpaid
interest thereon shall be immediately due and
The subsidiaries are listed in Note 49. payable upon earlier of (i) 8 November 2029 and 8
November 2034 respectively; or (ii) request(s) from
(a) The market values of quoted shares are traded in an Genting RMTN Berhad for early prepayment of the
active market and are within Level 1 of the fair value loans or any portions thereof; or (iii) the acceleration
hierarchy. of the loan.
(b) Included in the interest bearing amounts due to The subsidiaries have given an undertaking not to
subsidiaries are loans obtained by the Company from demand repayment of the above loans ((ii), (iii) & (iv))
the following subsidiaries: from the Company in the next 12 months from end of
reporting date.
(i) RM1.45 billion loan from GB Services Berhad,
a wholly owned subsidiary of the Company on Fair value of the interest bearing amounts due to
12 November 2009. The loan bears an effective subsidiaries as at 31 December 2019 was RM3,105.4
interest rate of 5.3% (2018: 5.3%) per annum. million (2018: RM3,620.5 million). The fair values
The entire principal amount of the loan shall be have been estimated from the prospective market
repaid by 8 November 2019 provided always that participants that hold similar borrowings and are within
the entire principal amount or any portion thereof, Level 2 of the fair value hierarchy. Other amounts due
and any accrued and unpaid interest thereon shall from/to subsidiaries have no fixed repayment terms and
be immediately due and payable upon the earlier the carrying amounts approximate their fair values.
of (i) 8 November 2019; or (ii) request(s) from GB

31 December 2019
23. SUBSIDIARIES (cont’d)
(c) As at 31 December 2019, the Company’s percentage shareholding in Genting Malaysia was 49.5% (2018: 49.5%).
Genting Malaysia’s financial results are consolidated with those of the Company as its subsidiary notwithstanding the
Company’s shareholding of less than 50% in Genting Malaysia. The Company is the single largest shareholder of Genting
Malaysia with all other shareholders having dispersed shareholding, and has consistently and regularly held a majority of
the voting rights exercised at Genting Malaysia’s general meetings, and no other shareholder directly or indirectly controls
a higher share of voting rights than the Company. In addition, the Company has control over Genting Malaysia by virtue
of the ability to manage the financial and operating policies of Genting Malaysia’s principal asset, Resorts World Genting,
pursuant to an agreement between one of the Company’s wholly owned subsidiaries and Genting Malaysia.
(d) During the current financial year, the Company subscribed to 80,000,000 ordinary shares issued by its wholly owned
subsidiary, Peak Avenue Limited, which amounted to RM334.9 million.
(e) During the current financial year, the Company subscribed to 56,329,285 Convertible, Non-Cumulative Irredeemable
Preference Shares issued by its wholly owned subsidiary, Genting Genomics Limited, which amounted to RM234.2 million.
(f) During the current financial year, the Company has fully exercised its 81.4 million warrants at an exercise price of
RM7.75 each for cash to purchase 81,401,000 ordinary shares of Genting Plantations Berhad (“Genting Plantations”),
which is 51.4% owned by the Company, at the consideration of RM630.8 million. The derivative financial instrument
which relates to the warrants of RM179.1 million as at 17 June 2019 has been reclassified as investment in subsidiary.
(g) Summarised financial information on subsidiaries with material non-controlling interests
Set out below are the summarised financial information for each subsidiary that has non-controlling interests that are
material to the Group. The financial information is based on amounts before inter-company eliminations.
31 December 2019 Genting Genting Genting

Summarised financial information Singapore Malaysia Plantations
Statements of Financial Position:
Current assets 12,622.9 8,062.6 2,493.2
Non-current assets 15,625.8 25,250.1 5,967.0
Current liabilities (2,148.0) (4,727.4) (907.8)
Non-current liabilities (1,493.7) (10,415.3) (2,492.8)
Net assets 24,607.0 18,170.0 5,059.6
Accumulated non-controlling interests of the Group
at the end of the reporting year 11,885.6 9,117.2 2,350.3
Income Statements:
Revenue for the financial year 7,532.9 10,406.9 2,266.4
Profit for the financial year 2,091.3 1,332.2 130.4
Total comprehensive income for the financial year 2,091.7 1,288.3 144.6
Profit for the financial year attributable to non-controlling
interests of the Group 989.3 629.1 54.2
Statements of Cash Flows:
Cash inflows from operating activities 3,316.2 2,577.2 295.0
Cash outflows from investing activities (752.5) (2,622.0) (578.3)
Cash (outflows)/inflows from financing activities (3,376.0) (1,461.4) 286.7
Net (decrease)/increase in cash and cash equivalents (812.3) (1,506.2) 3.4
Dividend paid to non-controlling interests of the Group 609.6 542.6 49.0

31 December 2019
23. SUBSIDIARIES (cont’d)
(g) Summarised financial information on subsidiaries with material non-controlling interests (cont’d)
31 December 2018 Genting Genting Genting

Summarised financial information Singapore Malaysia Plantations
Statements of Financial Position:
Current assets 13,787.4 9,338.9 2,136.0
Non-current assets 15,968.0 22,379.0 5,698.3
Current liabilities (2,628.2) (3,383.4) (883.3)
Non-current liabilities (3,421.5) (10,381.2) (2,638.5)
Net assets 23,705.7 17,953.3 4,312.5
Accumulated non-controlling interests of the Group
at the end of the reporting year 11,453.7 9,047.1 2,159.9
Income Statements:
Revenue for the financial year 7,597.5 9,927.6 1,902.9
Profit/(Loss) for the financial year 2,260.2 (86.3) 147.0
Total comprehensive income/(loss) for the financial year 2,259.9 (44.4) (73.7)
Profit/(Loss) for the financial year attributable to non-controlling
interests of the Group 1,068.1 (77.3) 61.8
Statements of Cash Flows:
Cash inflows from operating activities 3,492.5 2,610.5 256.0
Cash outflows from investing activities (320.9) (1,821.2) (116.9)
Cash (outflows)/inflows from financing activities (2,021.6) 1,199.1 (402.3)
Net increase/(decrease) in cash and cash equivalents 1,150.0 1,988.4 (263.2)
Dividend paid to non-controlling interests of the Group 606.8 543.8 100.4
24. JOINT VENTURES
Group
2019 2018
Unquoted:
Shares in foreign corporations 1,270.3 1,370.0
Group’s share of post acquisition reserves 349.7 297.8
Less: Accumulated impairment losses (285.1) -
1,334.9 1,667.8
Amounts due from joint ventures comprise:

- non-current (see Note 28) 92.0 136.8
- current 68.7 149.9
160.7 286.7
Amounts due to joint ventures comprise:
- current (20.9) (53.5)
The joint ventures are listed in Note 49.
The amounts due from joint ventures represent an unsecured and interest free loan to a joint venture which is repayable in
tranches from 2019 to 2022 and the balance of purchase price receivable from the sale of land to Genting Simon Sdn Bhd
(“Genting Simon”) by Genting Property Sdn Bhd, a wholly owned subsidiary of Genting Plantations. The amounts due from joint
ventures included in current assets are expected to be receivable within the next twelve months. Amounts due to joint ventures
are unsecured, interest free and repayable on demand.

31 December 2019
24. JOINT VENTURES (cont’d)
On 23 April 2019, Fujian Pacific Electric Company Limited (“MZW I”), a 49.0% joint venture of the Group has been deregistered
and ceased to be in existence following the merger of MZW I into SDIC Genting Meizhou Wan Electric Power Company
Limited (“MZW II”), another 49.0% joint venture of the Group whereby MZW II continues to be in existence as the surviving
entity. All the assets and liabilities of MZW I have been absorbed and taken over by MZW II on the same date.
On 1 August 2019, the Group entered into an amendment to Shareholders Agreement with a shareholder of RWI such
that the Group is able to appoint an additional director and therefore control the composition of the board of RWI.
Consequently, RWI was reclassified from joint venture to an indirect subsidiary of the Company on 1 August 2019 and a gain
on derecognition of joint venture of RM27.6 million was recognised in the income statements. RWI’s results have since been
consolidated from the date on which control was transferred to the Group.
During the current financial year, the Group has recognised an impairment loss of RM284.8 million of its investment in a life
sciences company due to the adverse performance of its business activities, on the basis that the carrying values exceed their
recoverable amounts. The recoverable amount was determined using FVLCTS method within level 3 of fair value hierarchy.
The following table summarises, in aggregate, the financial information of all individually immaterial joint ventures that are
accounted for using the equity method:
All Joint Ventures

2019 2018
Carrying amount 1,334.9 1,667.8
Share of profit from continuing operations 121.3 141.3

Share of other comprehensive income 9.7 0.9
Share of total comprehensive income 131.0 142.2
There are no contingent liabilities relating to the Group’s interest in joint ventures at the reporting date (2018: Nil).
25. ASSOCIATES
Group
2019 2018
Unquoted - at cost:
Shares in foreign corporations 1,160.2 508.1
Shares in Malaysian companies 1.8 1.9
Group’s share of post acquisition reserves 176.6 217.1
Less: Accumulated impairment losses (16.1) (16.3)
1,322.5 710.8
Amounts due from associates comprise:

- current 7.8 4.4
Amounts due to associates comprise:

- current (20.0) -
The associates are listed in Note 49.
The amounts due from/to associates represent outstanding amounts arising from trade transactions and advances and
payments made on behalf of associates, are unsecured, interest free and repayable on demand.
The investment in shares in foreign operations includes a significant investment in a life sciences corporation which develops
novel treatments and diagnostics for Alzheimer’s disease and other neurodegenerative diseases. There are no indicators
of impairment of the investment based on the development of the planned study, the adequacy of funding to perform the
planned study, and by comparing the carrying amount per share to the share price of an ongoing share issuance exercise.

31 December 2019
25. ASSOCIATES (cont’d)
During the current financial year, a life sciences associated company was derecognised as an associate and recognised as
financial asset at FVOCI upon the completion of a merger exercise, which reduced the Group’s shareholding in the investment
of the said life sciences associated company from 33.4% to 6.0% of the merged entity. A gain on the derecognition
amounting to RM9.2 million was recognised in the income statements.
During the current financial year, Genting Malaysia Group acquired 49% equity interest in Genting Empire Resorts LLC
(“GERL”), the holding company of Empire Resorts Inc. (“ERI”) for RM661.1 million. The acquisition was completed on
15 November 2019 (United States Eastern date/time) and GERL became an associate of Genting Malaysia Group.
As mentioned in ERI’s Form 10-Q for the six months ended 30 June 2019, ERI has been incurring losses from operations
since its opening in February 2018.
As of 31 December 2019, GERL and ERI are in the final stages of securing refinancing for ERI and the shareholders of
GERL have committed to provide financial support to ERI. Based on Genting Malaysia Group’s assessment, ERI is expected to
have positive cash flows in the next 12 months from the refinancing as well as operating cash inflows from capitalising on
synergies with Genting Malaysia Group (including cross marketing and operational efficiencies).
Therefore, Genting Malaysia Group is of the view that ERI will be able to continue as a going concern and the investment in
the associate is recoverable.
The following table summarises, in aggregate, the financial information of all individually immaterial associates that are
accounted for using the equity method:
All Associates
2019 2018
Carrying amount 1,322.5 710.8
Share of loss from continuing operations (32.0) (6.9)

Share of other comprehensive (loss)/income (7.6) 13.3
Share of total comprehensive (loss)/income (39.6) 6.4
There are no contingent liabilities relating to the Group’s interest in associates at the reporting date (2018: Nil).
26. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
Group
2019 2018
Equity investments in foreign corporations
- Quoted 506.9 400.1
- Unquoted 960.5 429.5
Equity investments in Malaysian corporations

- Quoted 69.9 66.3
- Unquoted 1.6 1.6
1,538.9 897.5
Analysed as follows:
Current 487.2 383.2
Non-current 1,051.7 514.3
1,538.9 897.5
Financial assets at FVOCI comprises strategic investment of the Group which is not held for trading purpose.
Included in equity investment in Malaysian corporations of the Group is a 50% equity investment of RM1 held in trust for a third
party which the Group has no beneficial interest.

31 December 2019
26. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (cont’d)
The fair values of quoted equity investments are determined by reference to the bid price on the relevant stock exchanges.
Unquoted equity investment in foreign corporations mainly relates to investment in life sciences companies. The fair value of
the unquoted equity investment is derived based on the projected sales and multiple of the comparable industry of the investee.
The fair values of certain unquoted equity investments are determined based on the valuation techniques supported by
observable market data or internal cash flows or past transaction prices of similar shares issued by the foreign corporations and
applying an appropriate risk-free interest rate, adjusted for non-performing risk and key assumptions to industry experience.
27. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
The carrying amounts of financial assets at FVTPL are classified as follows:
Group Company
2019 2018 2019 2018
Equity investments in foreign corporations
- Quoted (see note (i) below) 5.8 6.2 - -
Debt securities in foreign corporations
- Quoted (see note (i) below) 596.8 557.9 - -
- Unquoted (see note (ii) below) 227.7 121.7 - -
Debt securities in a Malaysian corporation
- Unquoted (see note (iii) below) 122.7 - - -
Income funds in Malaysian corporations (see note (iv) below)
- Quoted 204.4 201.2 - -
- Unquoted 1,055.3 550.4 100.0 -
Money market instruments (see note (iv) below) 211.2 - - -
2,423.9 1,437.4 100.0 -
Current 1,476.7 757.8 100.0 -
Non-current 947.2 679.6 - -
2,423.9 1,437.4 100.0 -
Notes:
(i) The fair values of the quoted equity investments and quoted debt securities are determined based on the quoted market
bid prices available on the relevant stock exchanges.
(ii) The fair values of the unquoted debt securities are determined based on the price traded over the counter.
(iii) The investment in unquoted preference shares was reclassified from other non-current assets during the current financial
year (Note 28). The unquoted preference shares carry a cumulative, non-compounding fixed dividend of 4% per annum and
are subordinated to loan facilities undertaken by the issuer. The preference shares are redeemable in two equal tranches
on the 8th and 9th anniversary of the issue date which can be extended by the issuer. However, the issuer may elect the
following options prior to the 8th anniversary of the issue date:
(a) to extend the tenure of the preference shares by 1, 2 or 3 years from their original tenure stated above, where the
preferential dividend rate applicable during the said extended tenure shall be at the rate of 1% above the fixed
preferential dividend rate; or
(b) subject to the issuer being solvent at the time of the redemption of the preference shares, the issuer may at any time
after the date of issuance of the preference shares and before the maturity date redeem any or all of the preference
shares at the subscription price.
During the current financial year, the issuer redeemed 250 units (2018: Nil) of the preference shares at RM100,000 per
share, totalling RM25.0 million (2018: Nil) which was fully settled by way of cash. The issuer has also extended the tenure
of the outstanding preference shares by 3 years, from the expiry of the original tenure of 3 August 2020.
(iv) The income funds are redeemable at the holder’s discretion and the fair values of income funds in Malaysia and money
market instruments are based on the fair values of the underlying net assets.

31 December 2019
28. OTHER NON-CURRENT ASSETS
Group
2019 2018
Contract assets (see Note 43) 3,545.5 3,655.0
Promissory notes – unquoted (see note (i) below) - -
Tax recoverable (see note (ii) below) 233.1 156.1
Other receivables (see note (iii) below) 51.6 276.9
Amounts due from joint ventures (see Note 24) 92.0 136.8
Prepayments 36.9 45.4
Long term lease prepayments 7.6 54.6
Lease receivable (see note (iv) below) 34.0 7.8
4,000.7 4,332.6
There were no non-current trade and other receivables that were past due but not impaired in the previous financial years.
These receivables are not secured by any collateral.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above.
Notes:
(i)
Group
2019 2018
Non-current:
Principal 1,464.1 1,394.6
Interest receivable 383.5 439.7
1,847.6 1,834.3
Less: Impairment losses (1,847.6) (1,834.3)
- -
The movements of provision for impairment losses on investment in promissory notes are as follows:
Group
2019 2018
At 1 January 1,834.3 -
Impairment losses 13.3 1,834.3
At 31 December 1,847.6 1,834.3
The Genting Malaysia Group subscribed to the Notes issued by the Tribe to finance the pre-development expenses of a
destination resort casino in Taunton, Massachusetts, US. The Notes carry fixed interest rates of 12% and 18% per annum
(2018: 12% and 18% per annum). These Notes are classified as other non-current assets as the Genting Malaysia Group had
expected the Notes to be recovered beyond 12 months from the end of the reporting date.
The recoverability of the Notes is dependent on the outcome of the pending legal case and/or review by the relevant
government authority as well as any other options which allow the Tribe to have land in trust for a destination resort casino
development. This has affected the ability of the Tribe to proceed with the development, which cash flows are expected to
facilitate the repayment of the Notes when the casino commences operations. The development of the project is currently
stalled pending further court developments and/or actions by relevant governmental authorities.
In September 2018, the US Federal Government issued a decision concluding that the Tribe did not satisfy the conditions
under the Indian Reorganisation Act that allow the Tribe to have the land in trust for an integrated gaming resort
development. The Group is currently deliberating the appropriate course of action by working closely with the Tribe to
review all options available for the Group’s investment in the Notes as well as its recoverability. This includes a legislation
being introduced in the US Congress which, if passed, will entail the US Federal Government to reaffirm the land in trust
for the benefit of the Tribe.
In view of the uncertainty of recovery of the Notes following the decision by the US Federal Government above, the
Group has recorded an impairment loss of RM13.3 million (2018: RM1,834.3 million) in relation to the Group’s total
investment (including accrued interest) in the current financial year. This impairment loss can be reversed when the Notes
are assessed to be recoverable.

31 December 2019
28. OTHER NON-CURRENT ASSETS (cont’d)
Notes (cont’d):
(ii) Tax recoverable comprises value added tax and withholding tax recoverable which are expected to be recovered in more
than a year.
(iii) Included in other receivables as at 31 December 2018 is an investment of RM150.0 million in the unquoted preference
shares of a Malaysian corporation.
The investment in the unquoted preference shares was classified as financial assets at FVTPL during the current financial
year (Note 27).
(iv) Lease receivables represent finance lease arrangement under MFRS 16 “Leases” and the maturity analysis is as follows:
Group
2019 2018
Lease receivables:
Less than 1 year 7.0 -
Between 1 and 2 years 7.4 4.3
Between 2 and 3 years 3.1 4.2
Between 3 and 4 years 3.2 -
Between 4 and 5 years 3.2 -
Over 5 years 27.0 -
Total undiscounted lease payments receivable 50.9 8.5
Less: Unearned finance income (11.2) (0.7)
39.7 7.8
Present value of minimum lease payments receivable:
- Current 5.7 -
- Non-current 34.0 7.8
39.7 7.8
29. DEFERRED TAXATION
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred tax relates to the same tax authority. The following amounts, determined after
appropriate offsetting, are shown in the statements of financial position:
Group Company
2019 2018 2019 2018
Deferred tax assets
- subject to income tax (see (i) below) 375.7 394.9 30.8 30.3
Deferred tax liabilities

- subject to income tax (2,152.6) (2,345.9) - -
- subject to Real Property Gain Tax (“RPGT”) (17.7) (17.7) - -
Total deferred tax liabilities
(see (ii) below) (2,170.3) (2,363.6) - -
(1,794.6) (1,968.7) 30.8 30.3

31 December 2019
29. DEFERRED TAXATION (cont’d)
Group Company
2019 2018 2019 2018
At 1 January (1,968.7) (2,042.1) 30.3 24.6
(Charged)/credited to income statements (see Note 13)
- property, plant and equipment, investment properties
and land held for property development 116.9 (160.6) (0.1) 0.2
- intangible assets 9.0 5.1 - -
- provisions 35.5 184.3 0.6 5.5
- unutilised tax losses 77.9 54.2 - -
- rights of use of oil and gas assets 22.5 5.1 - -
- contract assets (62.8) (35.8) - -
- receivables (5.3) (2.2) - -
- others 33.0 8.1 - -
226.7 58.2 0.5 5.7
Recognised in other comprehensive income (see Note 13) (48.9) 2.0 - -
Foreign exchange differences (7.4) 9.2 - -
Reclassified to liabilities held for sale (see Note 34) - 4.0 - -
Acquisition of subsidiaries 3.7 - - -
At 31 December (1,794.6) (1,968.7) 30.8 30.3
Included in the other comprehensive income is the related tax effects on foreign exchange differences on monetary items that
forms part of the Genting Plantations Group’s net investment in foreign operations. These amounts have been included as part
of balances categorised as “others” in the deferred tax assets and deferred tax liabilities respectively.
Group Company
2019 2018 2019 2018
Subject to income tax/RPGT:
(i) Deferred tax assets (before offsetting)
- property, plant and equipment 47.0 46.9 - 0.1
- land held for property development 6.8 6.2 - -
- provisions 440.0 408.9 30.8 30.2
- tax losses 273.9 197.1 - -
- others 63.3 88.8 - -
831.0 747.9 30.8 30.3
- offsetting (455.3) (353.0) - -
Deferred tax assets (after offsetting) 375.7 394.9 30.8 30.3
(ii) Deferred tax liabilities (before offsetting)

- property, plant and equipment and investment properties (2,177.2) (2,295.1) - -
- land held for property development (5.2) (5.2) - -
- intangible assets (68.1) (73.4) - -
- rights of use of oil and gas assets (64.8) (88.3) - -
- contract assets (247.3) (186.6) - -
- receivables (13.6) (8.2) - -
- others (49.4) (59.8) - -
(2,625.6) (2,716.6) - -
- offsetting 455.3 353.0 - -
Deferred tax liabilities (after offsetting) (2,170.3) (2,363.6) - -

31 December 2019
29. DEFERRED TAXATION (cont’d)
The amounts of unutilised tax losses and deductible temporary differences for which no deferred tax asset is recognised in the
statements of financial position are as follows:
Group Company
2019 2018 2019 2018
Unutilised tax losses
- Expiring more than one year and not more than five years 192.7 156.0 - -
- Expiring not more than seven years (see note (a) below) 212.2 210.8 - -
- Expiring not more than twenty years 24.8 24.8 - -
- No expiry period (see note (b) below) 430.3 353.9 - -
860.0 745.5 - -
Property, plant and equipment (no expiry date) 253.9 227.6 - -
Provision (no expiry date) 12.5 12.5 - -
1,126.4 985.6 - -
Deferred tax assets have not been recognised on the unutilised tax losses as the realisation of the tax benefits accruing to
these tax losses is uncertain.
(a) Under the Malaysia Finance Act 2018 which was gazetted on 27 December 2018, the Group’s unutilised tax losses are
imposed with a time limit of utilisation. Any accumulated unutilised tax losses brought forward from year of assessment
2018 can be carried forward for another 7 consecutive years of assessment (i.e. from year of assessments 2019 to 2025).
Unutilised tax losses from year of assessment 2019 onwards can be carried forward for a maximum period of 7 consecutive
years.
(b) Included in the amount of unutilised tax losses with no expiry period are unutilised tax losses of certain subsidiaries of the
Group amounting to RM430.3 million (2018: RM353.9 million). These subsidiaries are accredited with tax exemption for
10 years and the tax losses arising therefrom are not subject to the expiry limit.
As at 31 December 2019, the deferred tax assets of the Group mainly relate to tax losses of certain subsidiaries in Indonesia and
in US. The tax losses in Indonesia have an expiry of not more than 5 years while the tax losses in the US will expire in Year 2037
(2018: Year 2037). The Group has concluded that it is probable that the tax losses can be utilised against future taxable profits
of the Indonesian and US subsidiaries.
With regards to MFRS 112 “Income Taxes”, the Group will continue to recognise in profit or loss the tax credits arising from the
Group’s unutilised Investment Tax Allowance of RM918.8 million (2018: RM1,023.0 million) and unutilised customised incentive
granted under the East Coast Economic Region of RM394.1 million (2018: RM936.3 million) as and when they are utilised.
In evaluating whether it is probable that future taxable profits will be available in future period, all available evidences were
considered, including the approved budgets and analysis of historical operating results. These forecasts are consistent with
those prepared and used internally for business planning and measurement of the Group’s performance.
30. INVENTORIES
Group
2019 2018
Stores and spares 318.4 304.6
Completed development properties 59.9 87.0
Food, beverages and other hotel supplies 96.4 91.9
Plantation products and produce and finished goods 166.0 163.3
Raw materials and consumables 28.0 38.5
668.7 685.3

31 December 2019
31. PRODUCE GROWING ON BEARER PLANTS
Group
2019 2018
At 1 January 3.8 6.1
Transferred to produce stocks (3.8) (6.1)
Changes in fair value 6.9 3.8
At 31 December 6.9 3.8
The fair value measurement of the produce growing on bearer plants is determined by using the market approach, which takes
into consideration the market prices of FFB, adjusted for estimated oil content of unharvested FFB, less harvesting, transport
and other costs to sell and is categorised within Level 3 of the fair value hierarchy. A reasonable change in the key assumptions
would not result in a material impact to the financial statements.
32. TRADE AND OTHER RECEIVABLES
Group Company
2019 2018 2019 2018
Trade receivables 1,754.2 1,480.6 - -
Other receivables* 723.7 624.6 9.2 0.4
Less: Impairment losses on receivables (992.5) (772.3) - -
1,485.4 1,332.9 9.2 0.4
Contract assets (see Note 43) 492.8 506.9 - -
Deposits 97.7 62.6 1.5 1.3
Prepayments 237.9 302.7 0.1 9.3
2,313.8 2,205.1 10.8 11.0
* Included in other receivables and other non-current assets of the Group are advances for plasma schemes of RM206.5
million (2018: RM169.8 million) which are recoverable by the Group’s subsidiaries in Indonesia. In accordance with the policy
of the Government of the Republic of Indonesia (“Government”), nucleus companies involved in plantation developments
are required to provide support to develop and cultivate palm oil lands for local communities as part of their social
obligation which is known as “Plasma” schemes.
In line with this requirement, the Group’s subsidiaries in Indonesia participate in several plasma cooperative programs for
the development and cultivation of oil palm lands for the local communities. The Group’s subsidiaries manage the plasma
plantation activities and purchase the plantation produce arising therefrom at prices determined by the Government.
Advances made by the Groups’ subsidiaries to the plasma schemes in the form of plantation development costs are
recoverable either through bank loans obtained by the plasma cooperatives or direct repayments from the cooperatives
when these plasma areas come to maturity. Impairment losses are made when the estimated recoverable amounts are
less than the outstanding advances. The non-current amounts due from plasma farmers of RM34.7 million (2018: RM26.5
million) are disclosed as Other Receivables in Note 28 to the financial statements.
The carrying amounts of the Group’s and the Company’s trade and other receivables approximate their fair values.
The Group’s trade and other receivables that are individually determined to be impaired at the reporting date relate to
customers that are in significant financial difficulties and have defaulted on payments. The amount of the provision was
RM992.5 million (2018: RM772.3 million) as at 31 December 2019. These receivables are not secured by any collateral.

31 December 2019
32. TRADE AND OTHER RECEIVABLES (cont’d)
The movements on the provision for impairment losses on trade and other receivables are as follows:
Group Company
2019 2018 2019 2018
As at 1 January 772.3 560.4 - -
Charge for the financial year 308.8 169.4 - -
(Write-off)/write back against receivables (92.4) 28.3 - -
Foreign exchange differences 3.8 14.2 - -
At 31 December 992.5 772.3 - -
Of the above impairment losses, RM973.8 million (2018: RM752.2 million) related to trade receivables.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above.
33. CASH AND CASH EQUIVALENTS
Group Company
2019 2018 2019 2018
Deposits with licensed banks 17,583.3 20,812.0 360.9 1,095.8
Cash and bank balances 9,169.0 4,958.2 2.0 2.4
26,752.3 25,770.2 362.9 1,098.2
Less: Restricted cash (662.6) (1,059.3) (0.5) (0.5)
Bank balances and deposits 26,089.7 24,710.9 362.4 1,097.7
Add: Money market instruments 4,192.5 6,277.0 519.1 1,405.6
Cash and cash equivalents 30,282.2 30,987.9 881.5 2,503.3
The deposits of the Group and the Company as at 31 December 2019 have an average maturity period of one month to three
months (2018: one month to four months). Cash and bank balances of the Group and the Company are held at call.
Investment in money market instruments comprises negotiable certificates of deposit and bankers’ acceptances. The money
market instruments of the Group and the Company as at 31 December 2019 have maturity periods ranging between overnight
and six months (2018: overnight and six months).
Included in deposits with licensed banks for the Group is an amount of RM39.3 million (2018: RM22.8 million) deposited by
an indirect subsidiary involved in property development activities into various Housing Development Accounts in accordance
with Section 7(A) of the Housing Developers (Control and Licensing) Act, 1966. This amount is available for use by the said
subsidiary for the payment of property development expenditure.
Restricted cash relates to the money market instruments pledged with licensed banks that was secured against certain
bank borrowings and funds under the control of the Group placed with licensed banks and third parties which will be utilised
for certain qualified expenses. The funds are transferred from these accounts to the Group and third parties upon obtaining
certain approval. These deposits have weighted average interest rates ranging from 0.3% to 6.9% (2018: 0.3% to 7.7%)
per annum.
Included in cash and cash equivalents balances are RM2,069.8 million (2018: RM388.5 million) which have been pledged
with licensed banks to secure the bank facilities of the Group’s power plant and oil and gas business and resort development
(see Note 38).
34. ASSETS/LIABILITIES CLASSIFIED AS HELD FOR SALE
As at 31 December 2019 and 31 December 2018, the following assets or liabilities were classified as held for sale:
(i) Planned disposal of ROU lease asset
The assets classified as held for sale of RM2.4 million comprise of leasehold land owned by the Group pursuant to a sale
and purchase agreement signed with a third party. The disposal is pending the consent from state authorities.

31 December 2019
34. ASSETS/LIABILITIES CLASSIFIED AS HELD FOR SALE (cont’d)
(ii) Planned disposal of investment properties and ROU of lease assets - Genting Plantations
Group
2019 2018
Asset classified as held for sale
Investment properties (see Note 18) 0.8 -
ROU of lease assets (see Note 22) 1.0 -
1.8 -
A wholly owned subsidiary of Genting Plantations, had on 30 December 2019 entered into a sale and purchase
agreement with a third party to dispose a parcel of industrial land and two industrial buildings. The sale and purchase
agreement is still conditional as at the reporting date.
(iii) Planned disposal of business and property, plant and equipment - Genting Malaysia
Group
2019 2018
Assets classified as held for sale
Maxims Casino (see note below)
Property, plant and equipment - 33.7
Trade and other receivables - 0.3
Inventories - 0.4
- 34.4
Liabilities classified as held for sale
Maxims Casino (see note below)
Trade and other payables - (5.5)
Deferred tax liabilities (see Note 29) - (4.0)
Taxation - (4.1)
- (13.6)
Note:
The assets and liabilities classified as held for sale as at 31 December 2018 relate to the business of Maxims Casino (a
reportable segment under leisure and hospitality segment in UK), owned and operated by Coastbright. The disposal
was completed on 21 March 2019 and Coastbright ceased to be an indirect wholly owned subsidiary of Genting
Malaysia. Details of net assets disposed are set out in part (b) to statements of cash flows.
35. SHARE CAPITAL
Number of shares Share Capital

2019 2018 2019 2018
(million)
Issued and fully paid:

Ordinary shares with no par value
At beginning of the financial year 3,876.9 3,851.8 3,056.2 2,818.7
Issuance pursuant to exercise of warrants - 25.1 - 237.5
At end of the financial year 3,876.9 3,876.9 3,056.2 3,056.2
The ordinary shares issued in the previous financial year from the exercise of warrants rank pari passu in all respects with
the then existing issued ordinary shares of the Company. However, they were not entitled to any dividends, rights, allotments
and/or other distributions where the entitlement date had been prior to the date of allotment of the new shares arising
from the exercise of warrants.

31 December 2019
36. TREASURY SHARES
At the Annual General Meeting of the Company held on 20 June 2019, the shareholders of the Company approved the
renewal of the authority for the Company to purchase its own shares of up to 4% of the issued and paid-up share capital of
the Company.
No treasury shares were purchased during the current and previous financial year. Any shares purchased are held as treasury
shares in accordance with the requirements of Section 127(4) of the Companies Act 2016. There is no cancellation, resale or
reissuance of treasury shares during the financial year. As treasury shares, the rights attached as to voting, dividends and
participation in other distribution are suspended.
As at 31 December 2019 and 31 December 2018, of the total 3,876,896,099 issued and fully paid ordinary shares, 26,320,000
are held as treasury shares by the Company. As at 31 December 2019 and 31 December 2018, the number of outstanding
ordinary shares in issue after the offset is therefore 3,850,576,099 ordinary shares.
The details of the treasury shares are as follows:
Total shares Total

purchased consideration Average
in units paid Highest price Lowest price price*
’000 RM million RM RM RM
At 1 January 2019 and
31 December 2019 26,320.0 221.2 10.80 3.40 8.40
* Average price includes stamp duty, brokerage and clearing fees.
37. RESERVES
Group Company
2019 2018 2019 2018
Fair value reserve (216.7) (328.9) - -
Cash flow hedge reserve (6.2) 25.1 - -
Foreign exchange and other reserves (1,410.1) (1,314.8) - -
Retained earnings 34,130.2 33,057.3 10,666.1 10,411.3
32,497.2 31,438.7 10,666.1 10,411.3
The movements in the warrants reserve and number of warrants during the previous financial year are summarised below:
Group/Company
Warrants Reserve
No. of Warrants RM’million
2019 2018 2019 2018
At 1 January - 631,904,467 - 946.3

Exercise of warrants - (25,113,876) - (37.6)
Unexercised and expired - (606,790,591) - (908.7)
At 31 December - - - -
The warrants reserve represents monies received from the issuance of warrants by the Company pursuant to the Restricted
Issue of Warrants. The warrants were listed on the Main Market of Bursa Malaysia Securities Berhad on 23 December 2013.
Each warrant carried the right to subscribe for 1 new ordinary share in the Company at any time on or after the issue date
up to the expiry date of 18 December 2018 at the exercise price of RM7.96 for each new share. Any warrant not exercised
by the expiry of the exercise period has lapsed and ceased to be valid for all purposes. The warrants were constituted by a
Deed Poll dated 12 November 2013. On 18 December 2018, the remaining 606,790,591 warrants have since expired and
delisted from Bursa Securities on 19 December 2018 and the corresponding warrants reserve of RM908.7 million has been
transferred to retained earnings.

31 December 2019
38. BORROWINGS
Group
2019 2018
Current
Secured:
Term loans and debenture 457.2 1,363.1
Finance lease liabilities (see note (b) below) - 10.9
Secured Senior Notes 242.2 -
Unsecured:
Term loans 632.5 810.9
Medium term notes 1,248.5 1,755.4
Sukuk Murabahah 3.4 3.4
Bonds 1.0 1.0
Guaranteed Notes 115.1 116.3
Senior Notes 39.9 -
2,739.8 4,061.0
Non-current
Secured:
Term loans and debenture 4,486.1 7,327.2
Finance lease liabilities (see note (b) below) - 39.7
Secured Senior Notes 2,970.0 -
Unsecured:
Term loans 412.4 169.5
Medium term notes 9,489.9 9,589.9
Sukuk Murabahah 998.3 998.0
Bonds 753.7 748.8
Guaranteed Notes 6,222.0 6,290.4
Senior Notes 4,057.8 -
29,390.2 25,163.5
32,130.0 29,224.5
The borrowings (excluding finance lease liabilities) bear an effective annual interest rate of 0.7% to 9.3% (2018: 0.7% to
9.3%) per annum.
(a) The maturity profile and exposure of borrowings of the Group is as follows:
Floating Fixed
Interest Rate Interest Rate Total
As at 31 December 2019:
Less than one year 1,074.8 1,665.0 2,739.8
More than one year and less than two years 546.9 141.3 688.2
More than two years and less than five years 3,970.1 4,375.2 8,345.3
More than five years 234.5 20,122.2 20,356.7
5,826.3 26,303.7 32,130.0
As at 31 December 2018:
Less than one year 2,161.8 1,899.2 4,061.0
More than one year and less than two years 2,697.2 1,149.2 3,846.4
More than two years and less than five years 2,932.4 3,930.3 6,862.7
More than five years 1,703.2 12,751.2 14,454.4
9,494.6 19,729.9 29,224.5

31 December 2019
38. BORROWINGS (cont’d)
(b) Finance lease liabilities
The minimum lease payments of the finance lease liabilities at the previous year’s reporting date are as follows:
Group
2018
Not more than one year 15.6
More than one year and not more than five years 44.7
Later than five years 4.6
64.9
Future finance charges (14.3)
Present value 50.6
Finance lease liabilities in the previous year were effectively secured as the rights to the leased assets will revert to the
lessor in the event of default. The finance lease liabilities as at 31 December 2018 had an effective interest rate of 2.3% to
32.4% per annum. Finance lease liabilities are presented within lease liabilities upon adoption of MFRS 16 with effect from
1 January 2019.
(c) Fair values of the borrowings as at 31 December 2019 was RM33,607.9 million (2018: RM28,991.0 million). Fair values of the
borrowings have been estimated from the perspective of market participants that hold similar borrowings at the reporting
date and are within Level 2 of the fair value hierarchy.
(d) On 9 November 2009, the Company through its wholly owned subsidiary, GB Services Berhad (“GBS”), had successfully
issued RM1.45 billion nominal amount of 10-year Medium Term Notes (“MTNs”) pursuant to a RM1.6 billion nominal value
MTNs programme. The issue was priced at 5.30% per annum, payable semi-annually and guaranteed by the Company.
On 10 May 2010, GBS subsequently issued the remaining RM0.15 billion nominal amount of MTNs. The proceeds from
issuance of the MTNs were on-lent to the Company and/or its subsidiaries for capital expenditure, investment, refinancing,
working capital requirements and/or other general corporate purposes of the Group. The entire nominal amount of the
MTNs shall be repaid by 8 November 2019 (the “Maturity Date”) provided that the entire principal amount or any portion
thereof, and accrued and unpaid interest thereon shall be immediately due and payable upon the earlier of (i) the Maturity
Date; (ii) request(s) from GBS for early repayment; or (iii) acceleration of the loan. In the event of default, the Trustee of
the MTNs may at its sole discretion, and shall if so directed by the MTNs holders by Extraordinary Resolution, declare by
notice in writing to GBS that an event of default has occurred and notwithstanding the Maturity Date, the nominal value
of all outstanding MTNs and unpaid interest thereon shall become immediately due and payable. The outstanding MTNs
including accrued interest have been fully repaid on 8 November 2019.
(e) On 8 June 2012, the Company through its direct wholly owned subsidiary, Genting Capital Berhad, issued RM0.5 billion
nominal amount of 10-year MTNs and RM1.5 billion nominal amount of 15-year MTNs pursuant to a RM2.0 billion nominal
value MTNs programme. The issue was at coupon rates of 4.42% per annum and 4.86% per annum, respectively, payable
semi-annually and guaranteed by the Company. The proceeds from the issuance of the MTNs were on-lent to the
Company and/or its subsidiaries for operating activities, capital expenditure, investment, refinancing, working capital
requirements, general funding requirements and/or other general corporate purpose of the Group.
(f) On 5 June 2015, Benih Restu Berhad, an indirect wholly owned subsidiary of Genting Plantations, issued RM1.0 billion
Sukuk Murabahah under the Sukuk Murabahah programme of up to RM1.5 billion in nominal value based on the Shariah
principle of Murabahah. The Sukuk Murabahah has a tenure of 10 years, at a profit rate of 4.62% per annum payable semi-
annually and guaranteed by Genting Plantations.
(g) On 24 August 2015, GENM Capital Berhad (“GENM Capital”), a direct wholly owned subsidiary of Genting Malaysia, issued
RM1.1 billion nominal amount of 5-year MTNs at a coupon rate of 4.5% per annum and RM1.3 billion nominal amount of
10-year MTNs at a coupon rate of 4.9% per annum under its MTN Programme which is guaranteed by Genting Malaysia.
On 31 March 2017, GENM Capital further issued RM1.25 billion nominal amount of 5-year MTNs at coupon rate of 4.78%
per annum, RM1.1 billion nominal amount of 10-year MTNs at coupon rate of 4.98% per annum and RM0.25 billion
nominal amount of 15-year MTNs at coupon rate of 5.20% per annum under its MTN Programme which is guaranteed
by Genting Malaysia.
On 11 July 2018, GENM Capital further issued RM1.4 billion 5-year MTNs at coupon rate of 4.98% per annum, RM0.75
billion 10-year MTNs at coupon rate of 5.30% per annum and RM0.45 billion 15-year MTNs at coupon rate of 5.58%
per annum under its MTN Programme, which is guaranteed by Genting Malaysia.

31 December 2019
38. BORROWINGS (cont’d)
The coupon is payable semi-annually. The net proceeds from the MTN programme shall be utilised for operating expenses,
capital expenditure, and/or working capital requirements of Genting Malaysia including to finance the development,
and/or re-development of the properties of Genting Malaysia located in Genting Highlands, Pahang, Malaysia.
(h) On 24 January 2017, Genting Overseas Holdings Limited (“GOHL”), a direct wholly owned subsidiary of the Company,
through its direct wholly owned subsidiary, GOHL Capital Limited (“GOHL Capital”), issued USD1.0 billion 4.25%
guaranteed notes due 2027 (the “Guaranteed Notes”). The Guaranteed Notes are fully and unconditionally guaranteed
by GOHL and have the benefit of a keepwell deed entered into with the Company. Interest on the Guaranteed Notes is
payable semi-annually.
On 17 October 2017, GOHL Capital further issued USD500.0 million 4.25% guaranteed notes due 2027 (the “Further
Guaranteed Notes”), which will constitute a further issuance of, and be consolidated and form a single series with, the
Guaranteed Notes that were originally issued by GOHL Capital on 24 January 2017.
The Guaranteed Notes and the Further Guaranteed Notes are listed on The Stock Exchange of Hong Kong Limited.
The proceeds from the issuance of the Guaranteed Notes and Further Guaranteed Notes were on-lent to GOHL for the
general corporate purposes of the Genting Group, including but not limited to, operating expenses, capital expenditure,
investment, refinancing, working capital requirements, general funding requirements and/or making investments (by
share purchase, loan or otherwise) in other members of the Genting Group, which may include investments for the
development of the Resorts World Las Vegas project.
The Guaranteed Notes and Further Guaranteed Notes shall be repaid on 24 January 2027. The Guaranteed Notes and
Further Guaranteed Notes are subject to redemption, together with accrued interest, (i) at the option of GOHL Capital,
in whole or in part, at any time upon payment of the applicable premium, and (ii) in whole but not in part, in the event
of certain changes affecting taxes of certain jurisdictions as described in the conditions of the Guaranteed Notes and
Further Guaranteed Notes.
(i) On 24 October 2017, Genting Singapore issued an unsecured and unsubordinated Japanese Yen-denominated bonds
with a principal amount of Japanese Yen (“JPY”) 20.0 billion (approximately RM728.8 million) in Japan, acting through
its Japan branch. The bonds have a coupon rate of 0.669% per annum and are due for repayment five years from the
issue date.
(j) On 4 February 2019, LLPL Capital Pte Ltd, a 57.9% owned indirect subsidiary of the Company, issued USD775.0 million
6.875% guaranteed secured senior notes due 2039 (“Secured Senior Notes”). The Secured Senior Notes were listed on
Singapore Exchange Securities Trading Limited on 7 February 2019. The Senior Notes are unconditionally and irrevocably
guaranteed by PT Lestari Banten Energi, a 55.0% owned indirect subsidiary of the Company. Following the issuance of
the Secured Senior Notes, the term loan of PT Lestari Banten Energi was fully settled.
(k) On 17 April 2019, the Company through its indirect wholly owned subsidiaries, Resorts World Las Vegas LLC (“RWLV”)
and RWLV Capital Inc., issued USD1.0 billion aggregate principal amount of 4.625% Senior Notes due 2029 (“Senior
Notes”). The Senior Notes were listed on Singapore Exchange Securities Trading Limited on 17 April 2019. The Senior Notes
have the benefit of various funding agreements provided by GOHL. The Senior Notes also have the benefit of a keepwell
deed provided by the Company.
Concurrent with the issuance of the Senior Notes, RWLV has on 16 April 2019 also entered into and closed on the USD1.6
billion senior secured credit facilities, comprising a USD400 million term loan facility, which was fully drawn in connection
with the closing, and a USD1.2 billion revolving credit facility.
(l) On 25 April 2019, Resorts World at Sentosa Pte. Ltd., an indirect wholly owned subsidiary of Genting Singapore, has
made a voluntary full prepayment of the outstanding SGD680 million under its SGD2.27 billion syndicated senior secured
credit facilities and cancelled the said facilities. Restricted cash which had been pledged as security for loan repayments
and interest was fully released.
(m) On 8 November 2019, the Company through its direct wholly owned subsidiary, Genting RMTN Berhad, issued RM0.46
billion nominal amount of 10-year MTNs and RM0.54 billion nominal amount of 15-year MTNs pursuant to a RM1.0 billion
nominal value MTN programme. The issue was at coupon rates of 4.18% per annum and 4.38% per annum, respectively,
payable semi-annually and guaranteed by the Company. The proceeds from the issuance of the MTNs have been utilised
by the Group to part fund the redemption of RM1.6 billion nominal value of MTNs issued by GBS which had matured on
8 November 2019.
Details of assets pledged as securities for the borrowings are disclosed in Notes 16, 18, 20, 22, 33 and 42.

31 December 2019
39. PROVISIONS
Group Company
2019 2018 2019 2018
Provision for retirement gratuities (see (a) below) 408.2 400.0 113.2 118.4
Asset retirement obligations (see (b) below) 149.1 143.7 - -
Other provisions 59.9 75.1 - -
617.2 618.8 113.2 118.4
Less: Provision for retirement gratuities shown as current
liabilities (see (a) below) (62.8) (66.9) (1.4) (8.8)
554.4 551.9 111.8 109.6
(a) Provision for Retirement Gratuities

Group Company
2019 2018 2019 2018
Beginning of the financial year 400.0 367.1 118.4 103.0
Charge for the financial year 36.6 36.1 6.8 15.5
Write-back of provision (2.3) - - -
Payments during the financial year (27.0) (3.1) (12.0) (0.1)
Acquisition of a subsidiary 0.9 - - -
Foreign exchange differences - (0.1) - -
End of the financial year 408.2 400.0 113.2 118.4
Current (see Note 41) 62.8 66.9 1.4 8.8
Non-current 345.4 333.1 111.8 109.6
408.2 400.0 113.2 118.4
(b) Asset Retirement Obligations Group

2019 2018
Beginning of the financial year 143.7 138.1
Unwinding of discount 9.6 8.8
Foreign exchange differences (4.2) (3.2)
End of the financial year 149.1 143.7
Asset retirement obligations consist primarily of estimated cost of dismantlement, removal, site reclamation and similar
activities associated with rights of use of oil and gas assets.
The interest rate and inflation rate used to determine the obligations as at 31 December 2019 was 3.6% (2018: 3.6%) per
annum and 2.7% (2018: 2.7%) per annum respectively. Changes in the expected future costs are reflected in both the
provision and the asset.

31 December 2019
40. OTHER NON-CURRENT LIABILITIES

Group
2019 2018
Contract liabilities (see Note 43) 15.0 15.3

Government grant (see note (a) below) 116.1 78.0
Amount due to a shareholder of a subsidiary (see note (b) below) 223.4 343.1
Amount due to a related company 15.4 -
Accruals and other payables 2.6 5.1
372.5 441.5
Notes:
(a) This mainly relates to government grants totalling RM13.7 million and RM102.4 million respectively (2018: RM13.6 million
and RM64.4 million respectively) in relation to the construction of a metathesis plant in Malaysia and construction of
certain properties in the US. The government grants are to be recognised in income statements over the useful lives of
the assets when the assets are commissioned and completed.
(b) Amount due to a shareholder of a subsidiary is denominated in USD, unsecured and interest free. The shareholder has given
an undertaking not to demand repayment of the amount in the next 12 months from end of reporting date.
41. TRADE AND OTHER PAYABLES
Group Company
2019 2018 2019 2018
Trade payables 810.1 793.3 - -
Accruals (see note (a) below) 2,528.8 2,453.6 34.1 34.9
Provision of retirement gratuities (see Note 39(a)) 62.8 66.9 1.4 8.8
Deposits 34.0 25.3 - -
Provision for onerous leases - 2.5 - -
Provision for termination related costs (see note (b) below) 26.8 - - -
Accrued capital expenditure 975.6 702.8 - -
Contract liabilities (see Note 43) 240.6 169.0 - -
Other payables 1,068.6 1,038.0 3.9 0.6
5,747.3 5,251.4 39.4 44.3
Notes:
(a) Accruals included outstanding chip liabilities, payroll expenses, casino expenses, property development expenditure.
(b) Provision for termination related costs arose from the termination of contracts relating to the outdoor theme park at
Resorts World Genting.
The carrying amounts of the Group’s and the Company’s trade and other payables approximate their fair values.

31 December 2019
42. DERIVATIVE FINANCIAL INSTRUMENTS
2019 2018
Notional/ Notional/
Contract Fair Value Fair Value Contract Fair Value Fair Value
Note Value Assets Liabilities Value Assets Liabilities
Group
Designated as hedges
Interest Rate Swap (a)
- USD 349.4 - (8.7) 2,525.7 1.3 (111.2)
- GBP 374.8 - (5.2) 450.4 - (2.6)
Cross Currency Swap (b)
- SGD - - - 164.3 - (29.6)
Commodity Future
Contract (c)
- USD 204.0 - (30.0) 32.8 0.4 -
Forward Foreign Currency
Exchange Contracts (d)
- USD 94.9 1.1 - 208.5 1.0 -
Commodity Swap (e)
- USD N/A 3.1 (6.3) N/A 46.2 -
4.2 (50.2) 48.9 (143.4)
Not designated as hedges
Exchange Contracts (d)
- USD - - - 62.8 - 0.3
Exchange Options (d)
- USD - - - 62.8 - (0.5)
- - - (0.2)
Total derivative financial
instruments 4.2 (50.2) 48.9 (143.6)
Current 1.1 (42.7) 23.0 (29.3)
Non-current 3.1 (7.5) 25.9 (114.3)
4.2 (50.2) 48.9 (143.6)
Company
Not designated as hedges
Current - Warrants (f) - - 170.9 -
The Group’s derivative financial instruments relate to the following:
(a) Interest Rate Swaps (“IRS”)
The Group had entered into IRS to hedge the Group’s exposure to interest rate risk on its borrowings. This contract entitles
the Group to receive interest at floating rates on notional principal amounts and oblige the Group to pay interest at fixed
rates on the same notional principal amounts, thus allowing the Group to raise borrowings at floating rates and swap them
into fixed rates.
The changes in fair value of these IRS contracts that are designated as hedges are included as hedging reserve in equity
and continuously released to the statements of comprehensive income until the repayment of the bank borrowings or
maturity of the IRS whichever is earlier. For the IRS contracts that are not designated as hedges, the changes in fair value
are recognised as other gains/losses in the income statements.

31 December 2019
42. DERIVATIVE FINANCIAL INSTRUMENT (cont’d)
The Group’s derivative financial instruments relate to the following (cont’d):
(b) Cross Currency Swap
The Group had entered into a Cross Currency Swap contract to exchange interest payments and principal denominated in
two different currencies to hedge against the exposure of its borrowings to interest rate risk and foreign exchange risk.
The changes in the fair value of these Cross Currency Swap contracts that are designated as hedges are included
as hedging reserve in equity and continuously released to the income statements until the repayment of the bank
borrowings or maturity of Cross Currency Swap contracts whichever is earlier.
(c) Commodity Future Contract
The commodity future contracts were entered into with the objective of managing and hedging of the Group’s
plantation and downstream manufacturing operations to price movements in the palm oil commodities.
The changes in the fair value of these commodity future contracts are accounted using the hedge accounting method. The
changes in fair value of these contracts are included in hedging reserves in equity and are recognised in income statements
when the underlying hedged items are recognised.
(d) Forward Foreign Currency Exchange and Forward Foreign Currency Options
The Group had entered into various forward foreign currency exchange contracts and forward foreign currency options
contracts to manage the exposure to foreign currency exchange risk in relation to its operations in respective countries.
The changes in fair value of these forward foreign currency exchange contracts and option contracts that are designated
as hedges are included as hedging reserves in equity and are recognised in the income statements as the underlying
hedged items are recognised. For the forward foreign currency exchange contracts and option contracts that are not
designated as hedges, the changes in the fair value of these forward contracts are recognised as other gains/losses in
the income statements.

(e) Commodity Swaps
The Group has entered into commodity swaps contract to hedge against the Group’s exposure to volatility of crude oil
prices.
The changes in the fair value of this contract designated as a hedge are included as cash flow hedge reserve in equity
and continuously released to the income statements until the settlement or maturity of contract whichever is earlier.
Following the issuance of Senior Notes by LLPL Capital Pte Ltd, a 57.9% owned indirect subsidiary of the Company on
7 February 2019 (see Note 38), the derivative financial instruments in relation to IRS and Cross Currency Swap
amounting to RM146.1 million were derecognised with one-off costs arising from termination of the swaps and
unamortised loan transaction costs of RM104.4 million charged to the profit or loss during the financial year.
As at 31 December 2019, there was no derivative financial instruments (2018: RM46.7 million) pledged as security for the term
loan of the Group’s oil and gas businesses.
The fair values of the above instruments have been estimated using the published market prices or quotes from
reputable financial institutions or valuation techniques supported by observable market data. The Group has no
significant concentrations of credit risk as at 31 December 2019 and 31 December 2018.
Company
(f) The Company’s derivative financial instrument relates to the warrants in Genting Plantations which were exercisable
at any time on or after 20 December 2013 up to the date of expiry on 17 June 2019. The warrants are traded in
active market with fair value changes recognised in the income statements. The Company has fully exercised its
81.4 million warrants at an exercise price of RM7.75 each for cash on 17 June 2019.

31 December 2019
43. CONTRACT ASSETS AND CONTRACT LIABILITIES
Group
2019 2018
Contract assets
Service concession receivables (see note (a) below) 4,013.9 4,126.8
Contract assets from property development (see note (b) below) 17.8 31.9
Accrued income 6.6 3.2
4,038.3 4,161.9
Current (see Note 32) 492.8 506.9
Non-current (see Note 28) 3,545.5 3,655.0
4,038.3 4,161.9
Contract liabilities
Customer deposits (see note (c) below) (208.6) (167.1)
Advance membership fees (see note (d) below) (13.9) (17.2)
Advance payment (see note (e) below) (33.1) -
(255.6) (184.3)
Current (see Note 41) (240.6) (169.0)
Non-current (see Note 40) (15.0) (15.3)
(255.6) (184.3)
Notes:
(a) Service concession receivable relates to the construction of the Group’s power plant in Indonesia. The amount will be
recovered throughout the concession period, commencing from the commercial operation date of the power plant on 28
March 2017.
The Group signed a Power Purchase Agreement with PLN on 10 July 2012. The Group’s responsibilities under the Power
Purchase Agreement comprise the design, engineering, financing, construction, testing, commissioning, ownership,
operation, management and maintenance of Banten Power Plant.
In assessing the Power Purchase Agreement, the Group has determined that it is within the scope of IC Interpretation 12
“Service Concession Arrangements” based on the following elements:
- PLN controls significant residual interest in the Banten Power Plant at the end of the Power Purchase Agreement as
the Group is required to transfer the Banten Power Plant to PLN 25 years after the commercial operation date; and
- PLN regulates the services provided, to whom the services must be provided and the price to be charged.
The Group has also determined that the concession arrangement should be accounted for under the financial assets
model as the Group’s power plant in Indonesia has a contractual right to receive a specified or determinable amount of
cash from PLN for the construction services.
(b) Movement of contract assets and contract liabilities in relation to property development is analysed as follows:
Group
2019 2018
At the beginning of the financial year
- contract assets 31.9 8.5
- contract liabilities - (2.5)
31.9 6.0
Property development revenue recognised 64.5 99.4
Less: Progress billings issued (78.6) (73.5)
At end of the financial year 17.8 31.9
- contract assets 17.8 31.9

31 December 2019
43. CONTRACT ASSETS AND CONTRACT LIABILITIES (cont’d)
(b) Movement of contract assets and contract liabilities in relation to property development is analysed as follows (cont’d):
The contract liabilities at the beginning of the respective financial years, if any, have been recognised as revenue during
the respective financial years.
The amount of unfulfilled performance obligation of RM36.0 million (2018: RM29.5 million) as at the reporting date will
be recognised in the financial statements within next three years.
(c) Customer deposits represent advance payment by customers for future booking of hotel room, food and beverages,
transportation and other services provided by the Group.
The Group applies the practical expedient in MFRS 15 “Revenue from Contracts with Customers” for not disclosing the
aggregate amount of the revenue expected to be recognised in the future as the performance obligation is part of a
contract that has an original expected duration of less than one year.
The aggregate transaction price allocated to unsatisfied (or partially satisfied) performance obligations in respect
of timeshare membership amounted to RM13.9 million (2018: RM17.2 million). The Group expects to recognise these
amounts as revenue over the next 14 years (2018: 15 years).
(d) Advance membership fees relates to fees received on sale of timeshare units offering a timeshare ownership
scheme. These fees are recognised as income on a straight-line basis over the tenure of the membership offered of
twenty five years.
(e) This mainly relates to the advance payment of passenger handling fee by a third party of RM30.2 million for future
vessel calls at the port of Resorts World Bimini.
Significant changes in contract balances during the financial year are as follows:
Group
2019 2018
Contract assets
At the beginning of the financial year 4,161.9 4,094.9
Revenue/income recognised during the financial year 563.4 555.9
Progress billing issued (78.6) (44.3)
Reclassification from contract liabilities - 9.7
Transfer to receivables (564.2) (577.0)
At end of the financial year 4,038.3 4,161.9
Contract liabilities
At the beginning of the financial year (184.3) (198.9)
Revenue/income recognised during the financial year 35.5 66.2
Progress billing issued - (29.1)
Increase during the financial year (102.8) (12.2)
Reclassification to contract assets - (9.7)
Deemed acquisition of subsidiaries (3.6) -
Foreign exchange differences (0.4) (0.6)
At end of the financial year (255.6) (184.3)

31 December 2019
44. EFFECTS OF ADOPTION OF MFRS 16
MFRS 16 eliminates the classification of leases by the lessee as either finance leases or operating leases. MFRS 16 introduces
a single accounting model, requiring the lessee to recognise the “right-of-use” of the underlying asset and the lease liability
reflecting future lease payments liabilities in the statements of financial position. The ROU of lease asset is depreciated in
accordance with the principles in MFRS 116 “Property, Plant and Equipment” and the lease liability is accreted over time with
interest expense recognised in the income statements. For lessors, MFRS 16 retains most of the requirements in MFRS 117.
Lessors continue to classify all leases as either operating leases or finance leases and account for them differently.

The Group and the Company have adopted MFRS 16 retrospectively from 1 January 2019 using the simplified transition
approach and have not restated comparatives for the 2018 reporting period, as permitted under the standard. The
reclassifications and adjustments arising from the new leasing rules are therefore recognised in the opening balance of the
statement of financial position as at 1 January 2019.
As permitted by the exemptions under the standard, the Group and the Company have not applied the principles of MFRS 16
to short term leases (a lease with lease term of 12 months or less from date of commencement) and leases for which the
underlying asset is of low value.
The impact of adoption of MFRS 16 on operating leases and finance leases are as follows:
The Group as lessee
(a) Leases previously classified as operating leases
On adoption of MFRS 16, the Group and the Company recognised lease liabilities in relation to leases which had
previously been classified as “operating leases” under the principles of MFRS 117. These liabilities are measured at the
present value of the remaining lease payments and discounted using the lessee’s incremental borrowing rate as of
1 January 2019.
On a lease-by-lease basis, the Group and the Company measure the associated ROU of lease asset on a retrospective
basis either at its carrying amount as if the new rules had always been applied or at the amount equal to the lease
liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised as at 31
December 2018.
In applying MFRS 16 for the first time, the Group and the Company have applied the following practical expedients:
(i) The use of a single discount rate to a portfolio of leases with reasonably similar characteristics;
(ii) Reliance on previous assessments on whether leases are onerous;
(iii) The accounting for operating leases with a remaining lease term of less than 12 months as at the date of initial
application as short term leases;
(iv) The exclusion of initial direct costs for the measurement of the ROU of lease asset at the date of initial application;
and
(v) The use of hindsight in determining the lease term where the contract contains options to extend or terminate
the lease.
The Group and the Company have also elected not to reassess whether a contract is, or contains a lease at the date of
initial application. Instead, for contracts entered into before the transition date, the Group relied on its assessment by
applying MFRS 117 and IC Interpretation 4 “Determining whether an Arrangement contains a Lease”.
(b) Leases previously classified as finance leases
For leases previously classified as finance leases, the Group recognised the carrying amount of the lease asset and
lease liability immediately before transition which were measured applying MFRS 117 as the carrying amount of the ROU
of lease assets and lease liabilities on the date of initial application. The measurement principles of MFRS 16 are then
applied after that date. Consequently, reclassifications from property, plant and equipment, leasehold land use rights
and finance lease liabilities which have been included in borrowings have been made to ROU of lease assets and lease
liabilities respectively on the date of initial application.

31 December 2019
44. EFFECTS OF ADOPTION OF MFRS 16 (cont’d)
The table below shows the impact of changes to the statements of financial position of the Group resulting from the
adoption of MFRS 16 as at 1 January 2019:
As at 31 Effects of As at
December adoption of 1 January
2018 MFRS 16 2019
Statements of Financial Position
Group
As at 31 December 2018 / 1 January 2019
Non-current assets
Property, plant and equipment 38,996.0 (2,683.7) 36,312.3
Leasehold land use rights 664.6 (664.6) -
Rights of use of lease assets - 4,094.8 4,094.8
Other non-current assets 4,332.6 (11.4) 4,321.2
Current asset
Trade and other receivables 2,205.1 (18.2) 2,186.9
Non-current liabilities
Long term borrowings 25,163.5 (39.7) 25,123.8
Lease liabilities - 712.7 712.7
Provisions 551.9 (17.0) 534.9
Current liabilities
Trade and other payables 5,251.4 (6.6) 5,244.8
Short term borrowings 4,061.0 (10.9) 4,050.1
Lease liabilities - 81.7 81.7
Equity
Foreign exchange and other reserves (1,314.8) (0.1) (1,314.9)
Retained earnings 33,057.3 (1.6) 33,055.7
Non-controlling interests 23,114.5 (1.6) 23,112.9
There is no impact to the statement of financial position of the Company as at 1 January 2019 following the application of
the practical expedient on short term leases.
The impact on the Group’s and the Company’s financial performance upon adoption of MFRS 16 in the current financial year is
as follows:
(a) Income Statements
Expenses which had included operating lease rental are now replaced by interest expense on lease liabilities (included
within “finance cost”) and depreciation of ROU of lease assets (included within “depreciation and amortisation”); and
(b) Statements of Cash Flows
Operating lease rental outflow for repayment of lease liabilities other than short term and low value leases which were
previously recorded within “net cash flow from operating activities” are now classified as “net cash flow from financing
activities”.

31 December 2019
44. EFFECTS OF ADOPTION OF MFRS 16 (cont’d)
Reconciliation for the differences between operating lease commitments disclosed as at 31 December 2018 and lease liabilities
recognised at the date of initial application of 1 January 2019 is as follows:
Group
2019
Operating lease commitments as disclosed at 31 December 2018 600.3
Discounted using the lessee’s incremental borrowing rate at the date of initial application 410.2
Add:
Finance lease liabilities recognised as at 31 December 2018 50.6
Adjustments as a result of different treatment of extension and termination options 281.7
Additional lease liabilities recognised based on initial application of MFRS 16 73.4
Adjustments relating to changes in the index or rate affecting variable payments 10.9
Less:
Short term and low value leases recognised on a straight line basis as expense (32.4)
Lease liabilities recognised as at 1 January 2019 794.4
Lease liabilities recognised as at 1 January 2019 of which are:

Current lease liabilities 81.7
Non-current lease liabilities 712.7
794.4
The incremental borrowing rates of the Group applied to the lease liabilities as at 1 January 2019 ranges between 1.55%
and 10.34%.
The Group as lessor
The Group did not need to make any adjustments to the accounting for assets held as lessor under operating leases as a
result of the adoption of MFRS 16.
45. COMMITMENTS
(a) Capital Commitments
Group
2019 2018
Authorised capital expenditure not provided for in the financial statements:
- contracted 23,172.7 5,076.3
- not contracted 8,198.7 17,113.6
31,371.4 22,189.9
- Property, plant and equipment 30,996.0 21,528.6
- Rights of use of oil and gas assets 197.7 59.9
- Investments* 84.2 566.3
- ROU of lease assets 74.2 15.3
- Intangible assets 19.3 19.8
31,371.4 22,189.9
* Includes commitment to invest in joint ventures amounting to RM24.4 million (2018: RM25.0 million).

31 December 2019
45. COMMITMENTS (cont’d)
(b) Operating Lease Commitments
(i) The Group as lessee
The future minimum lease payments under non-cancellable operating leases are payable as follows:
Group
2018
Not later than one year 119.2
Later than one year but not later than five years 162.4
600.3
The operating lease commitments mainly relate to leases of offices, land and buildings and equipments under
non-cancellable operating lease agreement. The leases have varying terms, escalation clauses and renewal rights.
From 1 January 2019, the Group has recognised right-of-use assets for these leases, except for short term leases
and leases of low value assets.
(ii) The Group as lessor
The future minimum lease receivables under non-cancellable operating lease are as follows:
Group
2018
Not later than one year 50.8
Later than one year but not later than five years 50.8
102.0
The Group leases out retail spaces and offices to non-related parties under non-cancellable operating leases.
The leases have varying terms, escalation clauses and renewal rights. Generally, the lessees are required to pay
contingent rents computed based on their turnover achieved during the lease period.
As explained in Note 44 to the financial statements, the Group has changed its accounting policies for leases. The new
policies are as described in Note 3. The impact of the change and the reconciliation for the differences between operating
lease commitments disclosed as at 31 December 2018 and lease liabilities recognised at the date of initial application
of 1 January 2019 are disclosed in Note 44 to the financial statements. The maturity analysis of undiscounted lease
payment received by the Group as lessor is disclosed in Note 22 to the financial statements.
46. CONTINGENT LIABILITY
As disclosed in the previous year, a counter claim of approximately USD46.4 million (equivalent to approximately RM191.7
million) was made against Genting Malaysia by Fox Entertainment Group, LLC, Twentieth Century Fox Film Corporation
and FoxNext, LLC (collectively referred to as “Fox”). Genting Malaysia was of the view that the obligation to pay was neither
remote nor probable as the litigation was in its initial phase and the outcome of the claim could not be predicted with
certainty. Therefore, this claim was disclosed as a contingent liability in accordance with MFRS 137 “Provisions, Contingent
Liabilities and Contingent Assets” as at 31 December 2018.
On 25 July 2019, Genting Malaysia and Fox, Twenty First Century Fox, Inc. and The Walt Disney Company (collectively
referred to as “Parties”) entered into a settlement agreement fully resolving their disputes against each other and
agreeing to dismiss all claims and counterclaims between the Parties in the pending legal action in the United States
District Court for the Central District of California. As such, there is no longer a contingent liability arising from the
dismissal of this counter claim as at 31 December 2019.

31 December 2019
47. SIGNIFICANT SUBSEQUENT EVENT
On 12 February 2020, Genting Plantations announced the proposed unwinding of the share sale and purchase agreement
between Genting Plantations and Elevance Renewables Sciences Singapore Pte Ltd (“ERS Singapore”) dated 11 July 2014
(“Share SPA”) for the disposal by Genting Plantations of 72 million fully paid-up ordinary shares representing 25% of the
entire share capital of Genting Biorefinery Sdn Bhd (“GIB”) to ERS Singapore for a cash consideration of RM72.0 million
(“Share Sale”).
Concurrently, other existing agreements between Genting Plantations and its subsidiaries and ERS Singapore and its
holding company, Elevance Renewables Sciences, Inc. (“Elevance”), will also be unwound, amended or terminated.
The unwinding, amendment or termination of the Share SPA and the aforesaid agreements, respectively, are collectively
referred to as “Proposed Transactions”.
The Proposed Transactions involved the following:

(a) The unwinding of the Share SPA whereby ERS Singapore will transfer the 72 million fully paid-up ordinary shares,
representing 25% equity interest in GIB, to Genting Plantations for a cash consideration of RM72.0 million. Genting
Plantations shall pay ERS Singapore a net amount of RM64.0 million after setting off RM8.0 million owing by
ERS Singapore for the initial Share Sale under the Share SPA against the said consideration of RM72.0 million;
(b) The unwinding of the Project Design and Consultancy Agreement (“PDC Agreement”) between Elevance and GIB,
whereby Elevance will refund RM64.0 million in cash, representing the entire sum of the design fee paid to date by GIB
to Elevance under the PDC Agreement;
(c) The termination of all ancillary agreements between Genting Plantations, GIB, GENP Services Sdn Bhd (a wholly owned
subsidiary of Genting Plantations), ERS Singapore and Elevance to facilitate the operations of the metathesis plant
covering offtake, marketing and the provision of management services as well as to set out the rights and obligations
of the shareholders of GIB; and
(d) The execution of a Supplemental Licensing and Catalyst Supply Agreement between Elevance and GIB for a final licence
fee of USD1.67 million, whereby Elevance will continue to grant the metathesis licence and provide catalyst supply to
GIB on the same terms and conditions as in the Licensing and Catalyst Supply Agreement.
The metathesis plant refers to GIB’s existing 200,000 metric tonnes biodiesel plant located at the Palm Oil Industrial
Cluster, Lahad Datu, Sabah which will be transformed to produce high value palm oil derivatives using Elevance’s metathesis
technology.
On 18 February 2020, Genting Plantations further announced that the Proposed Transactions have been completed.
48. SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES
In the normal course of business, the Group and the Company undertake on agreed terms and prices, transactions with its
related companies and other related parties.
In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant
related party transactions and balances. The related party transactions listed below were carried out on terms and
conditions negotiated and agreed between the parties.
Group Company
2019 2018 2019 2018
(a) Transactions with subsidiaries
(i) Licensing fees from the subsidiaries to the Company for the use of
name and accompanying logo of “Genting”, “Resorts World” and
“Awana” owned by the Company. - - 231.1 223.9
(ii) Management fees from Genting Hotel & Resorts Management Sdn
Bhd (“GHRM”), a wholly owned subsidiary of the Company, to the
Company for the provision of the necessary resort management
services to enable GHRM to perform its various obligations under the
Resort Management Agreement with Genting Malaysia. - - 446.3 476.0

31 December 2019
48. SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (cont’d)
Group Company
2019 2018 2019 2018
(a) Transactions with subsidiaries (cont’d)
(iii) Finance cost charged by subsidiaries to the Company on the interest
bearing portion of the amount due to subsidiaries. - - 173.8 180.0
(iv) Provision of information technology consultancy, development,

implementation, support and maintenance service, other management
services and rental of information technology equipment by
subsidiaries to the Company. - - 2.9 3.2
(v) Rental charges for office space and related services by a subsidiary of
Genting Malaysia to the Company. - - 2.7 2.7
(vi) Provision of management and/or support services by the Company to

its subsidiaries. - - 20.7 21.0
(b) Transactions with associates and joint ventures

(i) Licensing fee for the use of the name “Genting” charged by wholly
owned subsidiaries of the Company to Genting Simon and Genting
Highlands Premium Outlets Sdn Bhd (“GHPO”), joint ventures of the
Genting Plantations Group. 1.3 1.4 - -
(ii) Provision of services in connection with the clinical study by TauRx
Pharmaceuticals Ltd Group, an associate of the Group, to a subsidiary
of the Company. - 8.4 - -
(iii) Provision of management services by Genting Awanpura Sdn Bhd, a
wholly owned subsidiary of Genting Plantations, to Genting Simon
and GHPO. 1.4 1.1 - -
(iv) Provision of goods and/or services by DCP (Sentosa) Pte Ltd (“DCP
(Sentosa)”), a joint venture of Genting Singapore to Genting Singapore
Group. 64.3 59.5 - -
(v) Provision of goods and/or services by Genting Singapore Group to
DCP (Sentosa). 3.8 3.3 - -
(vi) Lease rental received from GHPO under the long term lease
arrangement by Genting Malaysia Group. - 33.9 - -
(vii) Provision of utilities, maintenance and security services by Genting
Malaysia Group to GHPO. 2.3 2.1 - -
(viii) Interest income earned by indirect subsidiaries from their associates. 0.3 2.8 - -
(c) Transactions with other related parties

(i) Purchase of electronic table games by Genting Malaysia Group
from RWI Group. RWI was a joint venture of the Group before it was
reclassified to an indirect subsidiary of the Company on 1 August
2019. - 3.3 - -
(ii) Licensing fee for the use of “Resorts World” and “Genting” intellectual
property in the US and Bahamas charged by RWI Group to Genting
Malaysia Group. 43.7 69.6 - -
(iii) Licensing fee for the use of gaming software charged by RWI Group to
Genting Malaysia Group. 2.1 2.9 - -
(iv) Licensing fee for the use of Dynamic Reporting System charged by
RWI Group to Genting Malaysia Group. 1.0 2.1 - -
(v) Rental of premises and provision of connected services by Genting
Malaysia to Warisan Timah Holdings Sdn Bhd (“Warisan Timah”).
Datuk Lim Chee Wah, a brother of Tan Sri Lim Kok Thay and an uncle
of Lim Keong Hui, has deemed interest in Warisan Timah. 2.3 2.4 - -

31 December 2019
Group Company
2019 2018 2019 2018
(c) Transactions with other related parties (cont’d)
(vi) Provision of information technology consultancy, development,
implementation, support and maintenance services and other
management services by Genting Malaysia Group to Genting Hong
Kong Limited (“Genting Hong Kong”) Group, a company in which
certain Directors of the Company have interests. 0.5 0.5 - -
(vii) Sale of refined palm oil products to Inter-Continental Oils & Fats
Pte Ltd, a wholly owned subsidiary of Musim Mas Holdings Pte Ltd,
the holding company of Musim Mas International (South Asia) Pte
Ltd, which in turn holds 28% equity interest in Genting MusimMas
Refinery Sdn Bhd. 555.9 704.9 - -
(viii) Sale of fresh fruit bunches by PT Agro Abadi Cemerlang (“PT AAC”)
to Sepanjang Group, which vide PalmIndo Holdings Pte Ltd and PT
Bintang Harapan Desa, holds an effective 30% equity interest in PT
AAC. 5.2 5.8 - -
(ix) Licensing fees charged by RWI Group to Genting Hong Kong Group
and Empire Group. 6.6 - - -
(x) Purchase of holiday packages by Genting Malaysia Group from
Genting Hong Kong Group. 1.4 1.4 - -
(xi) Provision of onboard entertainment services by Genting Hong Kong
Group to Genting Malaysia Group. 3.1 - - -
(xii) Provision of management and consultancy services on theme park
and resort development and operations by International Resort
Management Services Pte Ltd (“IRMS”), an entity connected with
certain Directors of the Company and Genting Malaysia, to Genting
Malaysia Group and an indirect wholly owned subsidiary of the
Company. 0.4 5.4 - -
(xiii) Provision of water supply services by Bimini Bay Water Ltd., an entity
connected with shareholder of BB Entertainment Ltd (“BBEL”) to
Genting Malaysia Group. 1.5 2.3 - -
(xiv) Provision of maintenance services by entities connected with
shareholder of BBEL to Genting Malaysia Group. 6.9 6.8 - -
(xv) Rental charges for office space by Genting Malaysia Group to
(xvi) Provision of construction services by an entity connected with
shareholder of BBEL to Genting Malaysia Group. 79.5 58.5 - -
(xvii) Provision of aviation related services by Genting Malaysia Group to
(xviii) Provision of support services by Genting Hong Kong Group to
Genting Malaysia Group. 4.1 - - -
(xix) Acquisition of shares of Common Stock in Empire by Genting
Malaysia Group from Kien Huat Realty III Limited (“KH”). 573.2 - - -
(xx) Acquisition of shares of Common Stock in Empire by Genting
Malaysia Group from the shareholders of Empire unaffiliated with
KH. 109.5 - - -
(xxi) Purchase of building improvement by Genting Malaysia Group from
Genting Hong Kong Group. 20.2 - - -
(xxii) Air ticketing services and provision of reservation and booking
services rendered by Genting Hong Kong to Genting Singapore
Group. 0.9 8.0 - -

31 December 2019
Group Company
2019 2018 2019 2018
(c) Transactions with other related parties (cont’d)
(xxiii) Provision of information technology, implementation, support and
maintenance services, hotel accommodation, food and beverage
and theme park charges by Genting Singapore Group to Genting
Hong Kong Group. 3.2 3.2 - -
(xxiv) Leasing of office space and related expenses by IRMS from Genting
Singapore Group. 0.7 0.7 - -
(xxv) Provision of consultancy services by IRMS to Genting Singapore
Group. 0.7 0.1 - -
(d) Directors and key management personnel

The remuneration of Directors and other
key management personnel is as follows:
Fees, salaries and bonuses 136.0 124.8 54.3 52.5
Other short term employee benefits 0.4 0.4 - -
Share-based payments 33.7 29.3 - -
Estimated money value of benefits-in-kind
(not charged to the income statements) 1.8 2.0 0.1 0.1
The outstanding balances as at 31 December 2019 and 31 December 2018, arising from sale/purchase of services, and
payments made on behalf/receipts from the subsidiaries, associates and joint ventures are disclosed in Notes 23, 24
and 25. The outstanding balances arising from other related sales/purchases are not material as at reporting date.
49. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
Effective
Percentage of Country of
Ownership Incorporation Principal Activities
2019 2018
Direct Subsidiaries of the Company:
GB Services Berhad 100.0 100.0 Malaysia Issuance of private debt
securities
Genting Bio Cellular Sdn Bhd 100.0 100.0 Malaysia Investments
Genting Capital Berhad 100.0 100.0 Malaysia Issuance of private debt
securities
Genting Capital Limited 100.0 100.0 Labuan, Offshore financing
Malaysia
(“Labuan”)
Genting Dementia Centre Sdn Bhd 100.0 100.0 Malaysia Operator of dementia care
centre
+ Genting Energy Limited 100.0 100.0 Isle of Man Investment holding
(“IOM”)
+ Genting Equities (Hong Kong) Limited 100.0 100.0 Hong Kong, SAR Investments
(“HK”)
+ Genting Games Pte Ltd 100.0 100.0 Singapore Investments
Genting Genomics Limited 100.0 100.0 IOM Investment holding
Genting Hotel & Resorts Management Sdn Bhd 100.0 100.0 Malaysia Provision of resort management
services

31 December 2019
49. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (cont’d)
Effective
2019 2018
Direct Subsidiaries of the Company: (cont’d)
+ Genting Intellectual Property Pte Ltd 100.0 100.0 Singapore Investments
Genting Intellectual Property Sdn Bhd 100.0 100.0 Malaysia Licensing of intellectual
property and provision of
related services
Genting (Labuan) Limited 100.0 100.0 Labuan Rent-A-Captive Offshore
insurance business
Genting Malaysia Berhad (see Note 23) 49.5 49.5 Malaysia Involved in an integrated resort
business at Genting Highlands
and its principal activities cover
leisure and hospitality services,
which comprise gaming, hotels,
food and beverage, theme
parks, retail and entertainment
attractions
Genting Management and Consultancy 100.0 100.0 Malaysia Management services
Services Sdn Bhd
+ Genting Management (Singapore) Pte Ltd 100.0 100.0 Singapore Investments
Genting Oil & Gas Sdn Bhd 100.0 100.0 Malaysia Provision of advisory, technical
and administrative services to oil
and gas companies
+ Genting Overseas Holdings Limited 100.0 100.0 IOM Investment holding
+ Genting Overseas Investments Limited 100.0 100.0 IOM Investments
Genting Plantations Berhad 55.4 51.4 Malaysia Plantation and provision of
management services to its
subsidiaries
Genting Risk Solutions Sdn Bhd 100.0 100.0 Malaysia Provision of risk and insurance
management consultancy
services
Genting RMTN Berhad 100.0 - Malaysia Issuance of private debt
securities
+ Genting Strategic Investments (Singapore) 100.0 100.0 Singapore Investments
Pte Ltd
Genting TauRx Diagnostic Centre Sdn Bhd 80.0 80.0 Malaysia Creation of a service and
technology platform for early
diagnosis and treatment of
Alzheimer’s disease and other
neurodegenerative diseases
+ Logan Rock Limited 100.0 100.0 IOM Investments
Peak Avenue Limited 100.0 100.0 IOM Investment holding
Peak Hill Limited 100.0 100.0 IOM Investment holding
Phoenix Spectrum Sdn Bhd 100.0 100.0 Malaysia Investments
Prime Offshore (Labuan) Limited 100.0 100.0 Labuan Offshore financing
Setiacahaya Sdn Bhd @ 50.0 50.0 Malaysia Property investment
Suasana Cergas Sdn Bhd 100.0 100.0 Malaysia Financing
Suasana Duta Sdn Bhd 100.0 100.0 Malaysia Investment
Suasana Muhibbah Sdn Bhd 100.0 100.0 Malaysia Financing
+ Vista Knowledge Pte Ltd 100.0 100.0 Singapore Investments
+ Resorts World Bhd (Hong Kong) Limited 100.0 100.0 HK Dormant
+ Resorts World (Singapore) Pte Ltd 100.0 100.0 Singapore Dormant
+ Genting Bhd (Hong Kong) Limited 100.0 100.0 HK Pre-operating
Genting Digital Sdn Bhd 100.0 100.0 Malaysia Pre-operating

31 December 2019
Effective
2019 2018
Direct Subsidiaries of the Company: (cont’d)
+ Genting Gaming Solutions Pte Ltd 100.0 100.0 Singapore Pre-operating
+ Genting Global Pte Ltd 100.0 100.0 Singapore Pre-operating
Genting Group Sdn Bhd 100.0 100.0 Malaysia Pre-operating
+ Genting Innovation Pte Ltd 100.0 100.0 Singapore Pre-operating
Genting Intellectual Ventures Limited 100.0 100.0 IOM Pre-operating
Genting Strategic Holdings Sdn Bhd 100.0 100.0 Malaysia Pre-operating
Genting Strategic Sdn Bhd 100.0 100.0 Malaysia Pre-operating
+ Genting Strategic (Singapore) Pte Ltd 100.0 100.0 Singapore Pre-operating
# Prime International Labuan Limited 100.0 100.0 Labuan Pre-operating
+ Resorts World Limited 100.0 100.0 HK Pre-operating
Sri Highlands Express Sdn Bhd 100.0 100.0 Malaysia Pre-operating
Indirect Subsidiaries of the Company:
Awana Hotels & Resorts Management Sdn Bhd 100.0 100.0 Malaysia Provision of hotels and resorts
management services
* DNA Electronics, Inc 93.1 82.1 United States of Research & development on
America (“US”) technologies for genetic analysis
and sequencing
* DNAe Diagnostic Limited 93.1 82.1 United Kingdom Research & development on
(“UK”) technologies for genetic analysis
and sequencing
* DNAe Group Holdings Limited 93.1 82.1 UK Research & development on
technologies for genetic analysis
and sequencing
* DNAe Oncology Limited 93.1 82.1 UK Research & development on
technologies for genetic analysis
and sequencing for oncology
applications
Dragasac Limited 100.0 100.0 IOM Investments
E-Genting Sdn Bhd^ 50.0 50.0 Malaysia Research in software
development, provision of
information technology and
consultancy services
Edith Grove Limited 100.0 100.0 IOM Investment holding
+ FreeStyle Gaming Limited^ 50.0 50.0 HK Provision of interactive and
gaming software solutions
including intranet solutions
+ FreeStyle Gaming Pte Ltd^ 50.0 50.0 Singapore Provision of interactive gaming
solutions including intranet
gaming solutions
# Fujian Electric (Hong Kong) LDC 100.0 100.0 Cayman Islands Investment holding
(“Cayman”)
# Genting Assets, INC 100.0 100.0 US Investment holding
+ Genting CDX Singapore Pte Ltd 95.0 95.0 Singapore Oil & gas development and
production
+ Genting Energy Property Pte Ltd 95.0 95.0 Singapore Investment holding
Genting Industrial Holdings Limited 97.7 97.7 IOM Investment holding
+ Genting Lanco Power (India) Private Limited 74.0 74.0 India Provision of operation and
maintenance services for power
plant
+ Genting MultiModal Imaging Pte Ltd 100.0 100.0 Singapore Investment holding, licensing
of intellectual property and
provision of related services
31 December 2019
Effective
2019 2018
Indirect Subsidiaries of the Company: (cont’d)
+ Genting MZW Pte Ltd 100.0 100.0 Singapore Investment holding
+ Genting Oil & Gas Limited 95.0 95.0 IOM Investment holding
+ Genting Oil Kasuri Pte Ltd 95.0 95.0 Singapore Oil and gas exploration and
development
Genting Power China Limited 100.0 100.0 Bermuda Investment holding
+ Genting Power Holdings Limited 100.0 100.0 IOM Investment holding
+ Genting Power (India) Limited 100.0 100.0 Mauritius Investment holding
Genting Power Indonesia Limited 100.0 100.0 IOM Investment holding
+ Genting Sanyen Enterprise Management 100.0 100.0 China Provision of management
Services (Beijing) Co Ltd services
Genting Sanyen (Malaysia) Sdn Bhd 97.7 97.7 Malaysia Investment holding and
provision of management
services
Genting Sanyen Power (Labuan) Limited 100.0 100.0 Labuan Investment holding
+ Genting Singapore Limited 52.7 52.7 Registered in Investment holding
Singapore
# Genting U.S. Interactive Gaming Inc^ 50.0 50.0 US Investment holding
# Genting Ventures Fund I L.P. ^~ 50.0 - Cayman Investment fund
+ Genting Ventures Fund I Pte Ltd^ 50.0 - Singapore Investment holding – investment
into tech startups and funds
# Genting Ventures GP^ 50.0 - Cayman General Partner to an
Investment Fund
+ Genting Ventures Management Pte Ltd^ 50.0 - Singapore Fund Management Company
for impending Genting Venture
Fund
GOHL Capital Limited 100.0 100.0 IOM Financingvsjk
+ GP Renewables Pte Ltd 100.0 100.0 Singapore Investment holding
+ GP Wind (Jangi) Private Limited 100.0 100.0 India Generation and supply of
electric power
+ Green Synergy Holdings Pte Ltd 100.0 100.0 Singapore Investment holding
Lacustrine Limited 100.0 100.0 IOM Investments
+ Lestari Listrik Pte Ltd 57.9 57.9 Singapore Investment holding and
provision of investment
management services
+ LLPL Capital Pte Ltd 57.9 57.9 Singapore Investment holding
+ LLPL Management Pte Ltd 57.9 57.9 Singapore Investment holding
# Meizhou Wan Power Production Holding 100.0 100.0 Cayman Investment holding
Company, Ltd
Newquest Limited 100.0 100.0 IOM Investments
+ Newquest Resources Pte Ltd 100.0 100.0 Singapore Investment holding
Newquest Ventures Sdn Bhd 100.0 100.0 Malaysia Investment holding
+ Oriental Explorer Pte Ltd 95.0 95.0 Singapore Leasing of land rig
+ PT Lestari Banten Energi 55.0 55.0 Indonesia Generation and supply of
electric power
+ PT Lestari Properti Investama 95.0 95.0 Indonesia Property investment
+ PT Varita Majutama 95.0 95.0 Indonesia Oil palm plantation
+ Resorts World Inc Pte Ltd^ 50.0 50.0 Singapore Investment holding
+ Resorts World Las Vegas LLC 100.0 100.0 US Development of Resorts World
Las Vegas
# RW EB-5 RC, LLC 100.0 100.0 US Investment holding

31 December 2019
Effective
2019 2018
# RWLV Capital Inc (formerly known as 100.0 100.0 US Financing
RWLV Hotels EB-5 Fund 7, LLC)
# RWLV EB-5, LLC 100.0 100.0 US Investment holding
# RWLV Holdings, LLC (formerly known as RWLV, 100.0 100.0 US Investment holding
LLC)
# RWLV Hotels EB-5, LLC 100.0 100.0 US Investment holding
# RWLV Hotels, LLC 100.0 100.0 US Investment holding
# RW Services Inc^ 50.0 50.0 US Provision of technical and
consulting services and
programme management
+ RW Services Pte Ltd^ 50.0 50.0 Singapore Provision of technical and
consulting services and
programme management and
licensing of intellectual property
and provision of related services
RW Tech Labs Sdn Bhd ^ 50.0 50.0 Malaysia Provision of management
services
# RWI International Investments Limited^ 50.0 50.0 British Virgin Investment holding company
Islands (“BVI”) and provisions of software
licensing rights
+ Swallow Creek Limited 95.0 95.0 IOM Investment holding
+ WEB Energy Ltd 100.0 100.0 Mauritius Investment holding
Dasar Pinggir (M) Sdn Bhd 100.0 97.7 Malaysia Dormantjkvbfj
Genting Energy Sdn Bhd 100.0 97.7 Malaysia Dormantjkvbfj
Genting Laboratory Services Sdn Bhd 100.0 100.0 Malaysia Dormantjkvbfj
+ Genting Power (M) Limited 100.0 100.0 IOM Dormantjkvbfj
+ Genting Property Limited 100.0 100.0 IOM Dormantjkvbfj
+ Lestari Energi Pte Ltd 100.0 100.0 Singapore Dormantjkvbfj
Roundhay Limited 95.0 95.0 IOM Dormantjkvbfj
# DNAe Thermal Limited 93.1 82.1 UK Pre-operating
# Genting Leisure LLC 100.0 100.0 US Pre-operating
# Genting Nevada Interactive Gaming LLC^ 50.0 50.0 US Pre-operating
+ Genting Petrochemical Pte Ltd 95.0 - Singapore Pre-operating
Genting Petroleum Ventures Limited 95.0 95.0 IOM Pre-operating
Genting Power International Limited 100.0 100.0 IOM Pre-operating
+ Haiyi Chemical Industry Pte Ltd 95.0 - Singapore Pre-operating
# NanoMR, LLC 93.1 82.1 US Pre-operating
+ PT Haiyi Industri Kimia 95.0 - Indonesia Pre-operating
+ PT Lestari Banten Listrik 55.0 55.0 Indonesia Pre-operating
# Resorts World Las Vegas Hotels, LLC 100.0 100.0 US Pre-operating
# RW EB-5 Regional Center, LLC 100.0 100.0 US Pre-operating
# RW Las Vegas EB-5, LLC 100.0 100.0 US Pre-operating
# RW Las Vegas Hotels EB-5, LLC 100.0 100.0 US Pre-operating
# RWLV CUP LLC (formerly known as 100.0 100.0 US Pre-operating
# RWLV East Tower LLC (formerly known as 100.0 100.0 US Pre-operating
# RWLV EB-5 Fund 1, LLC 100.0 100.0 US Pre-operating

31 December 2019
Effective
2019 2018
# RWLV Future Land LLC (formerly known as 100.0 100.0 US Pre-operating
# RWLV GL LLC (formerly known as 100.0 100.0 US Pre-operating
# RWLV Hotels EB-5 Fund 1, LLC 100.0 100.0 US Pre-operating
# RWLV IP LLC (formerly known as 100.0 100.0 US Pre-operating
# RWLV North Tower LLC (formerly known as 100.0 100.0 US Pre-operating
# RWLV PC24-1, LLC (formerly known as 100.0 100.0 US Pre-operating
RWLV EB-5 Fund 9, LLC)
# RWLV Services LLC (formerly known as 100.0 100.0 US Pre-operating
# RWLV West Tower LLC (formerly known as 100.0 100.0 US Pre-operating
Genting Bio-Oil Sdn Bhd 97.7 97.7 Malaysia In liquidation
(In Member’s Voluntary Liquidation)
Genting International Paper Limited - 100.0 IOM Dissolved
Genting Overseas Management Limited - 100.0 IOM Dissolved
Genting Power Philippines Limited - 100.0 IOM Dissolved
Genting Sanyen Indonesia Limited - 95.0 IOM Dissolved
GP (Raigad) Pte Ltd - 100.0 Singapore Dissolved
Green Synergy Limited - 100.0 HK Dissolved
North Crest Limited - 100.0 IOM Dissolved
Oxalis Limited - 100.0 IOM Dissolved
Subsidiaries of Genting Malaysia:
* ABC Biscayne LLC 49.5 49.5 US Letting of property
Aliran Tunas Sdn Bhd 49.5 49.5 Malaysia Provision of water services at
Genting Highlands
Ascend Solutions Sdn Bhd 49.5 49.5 Malaysia Provision of IT and consultancy
services
+ Authentic Gaming Limited 49.5 - Malta Live casino provider
+ Authentic Gaming Malta Limited 49.5 - Malta Live casino provider
Awana Vacation Resorts Development Berhad 49.5 49.5 Malaysia Proprietary time share
ownership scheme
# Bayfront 2011 Development, LLC 49.5 49.5 US Property development
+ BB Entertainment Ltd 38.6 38.6 Commonwealth Owner and operator of casino
of The Bahamas and hotel
(“Bahamas”)
# BB Investment Holdings Ltd 49.5 49.5 Bahamas Investment holding
# Bimini SuperFast Charter Limited 49.5 49.5 IOM Investment holding
# Bimini SuperFast Limited 49.5 49.5 IOM Investment holding
# Bimini SuperFast Operations LLC 49.5 49.5 US Provision of support services
Bromet Limited 49.5 49.5 IOM Investment holding
# Chelsea Court Limited 49.5 49.5 IOM Investment holding

31 December 2019
Effective
2019 2018
Subsidiaries of Genting Malaysia: (cont’d)
# Digital Tree (USA) Inc 49.5 49.5 US Investment holding
Eastern Wonder Sdn Bhd 49.5 49.5 Malaysia Support services to the leisure
and hospitality and transport
industry
E-Genting Holdings Sdn Bhd 49.5 49.5 Malaysia Investment holding
First World Hotels & Resorts Sdn Bhd 49.5 49.5 Malaysia Hotel business
+ Freeany Enterprises Limited 49.5 49.5 UK Administrative services
Genasa Sdn Bhd 49.5 49.5 Malaysia Property development, sale and
letting of apartment units
GENM Capital Berhad 49.5 49.5 Malaysia Issuance of private debt
securities
Genmas Sdn Bhd 49.5 49.5 Malaysia Sale and letting of land
Gensa Sdn Bhd 49.5 49.5 Malaysia Sale and letting of land and
property
Genting Administrative Services Sdn Bhd 49.5 49.5 Malaysia Investment holding
* Genting Americas Holdings Limited 49.5 49.5 UK Investment holding
+ Genting Americas Inc 49.5 49.5 US Investment holding
+ Genting Casinos Egypt Limited 49.5 49.5 UK Casino operator
+ Genting Casinos UK Limited 49.5 49.5 UK Casino operator
Genting Centre of Excellence Sdn Bhd 49.5 49.5 Malaysia Provision of training services
Genting CSR Sdn Bhd 49.5 49.5 Malaysia Investment holding
Genting East Coast USA Limited 49.5 49.5 IOM Investment holding
Genting Entertainment Sdn Bhd 49.5 49.5 Malaysia Show agent
# Genting ER Limited 49.5 - IOM Investment holding
# Genting Florida LLC 49.5 49.5 US Investment holding
Genting Golf Course Bhd 49.5 49.5 Malaysia Condotel and hotel business,
golf resort and property
development
Genting Highlands Berhad 49.5 49.5 Malaysia Land and property development
Genting Information Knowledge Enterprise 49.5 49.5 Malaysia Research in software
Sdn Bhd development, provision of IT and
consultancy services
+ Genting International Investment Properties 49.5 49.5 UK Property investment company
(UK) Limited
+ Genting International Investment (UK) Limited 49.5 49.5 UK Investment holding
# Genting International (UK) Limited 49.5 49.5 UK Investment holding
+ Genting Malta Limited 49.5 49.5 Malta Online casino and sportsbook
operator
# Genting Massachusetts LLC 49.5 49.5 US Investment holding
# Genting Nevada Inc 49.5 49.5 US Investment holding
+ Genting New York LLC 49.5 49.5 US Operator of a video lottery
facility
# Genting North America Holdings LLC 49.5 49.5 US Investment holding
Genting Project Services Sdn Bhd 49.5 49.5 Malaysia Provision of project
management and construction
management services
+ Genting Properties (UK) Pte Ltd 49.5 49.5 Singapore Property investment
Genting Skyway Sdn Bhd 49.5 49.5 Malaysia Provision of cable car services
and related support services
+ Genting Spain PLC 49.5 49.5 Malta Online casino and sportsbook
operator

31 December 2019
Effective
2019 2018
+ Genting Solihull Limited 49.5 49.5 UK Property investment and
development, investment
holding and hotel and leisure
facilities operator
Genting Studios Sdn Bhd 49.5 49.5 Malaysia Investment holding; and
creative, arts and entertainment
activities
+ Genting UK Plc 49.5 49.5 UK Investment holding
Genting (USA) Limited 49.5 49.5 IOM Investment holding
Genting Utilities & Services Sdn Bhd 49.5 49.5 Malaysia Provision of electricity supply
services at Genting Highlands
and investment holding
Genting World Sdn Bhd 49.5 49.5 Malaysia Leisure and entertainment
business
Genting WorldCard Services Sdn Bhd 49.5 49.5 Malaysia Provision of loyalty programme
services
Genting Worldwide (Labuan) Limited 49.5 49.5 Labuan Offshore financing
Genting Worldwide Limited 49.5 49.5 IOM Investment holding
+ Genting Worldwide Services Limited 49.5 49.5 UK Investment holding
Genting Worldwide (UK) Limited 49.5 49.5 IOM Investment holding
Gentinggi Sdn Bhd 49.5 49.5 Malaysia Investment holding
GHR Risk Management (Labuan) Limited 49.5 49.5 Labuan Offshore captive insurance
+ Golden Site Pte Ltd 49.5 49.5 Singapore International sales and
marketing services
# Hill Crest LLC 49.5 49.5 US Investment holding
Kijal Facilities Services Sdn Bhd 49.5 49.5 Malaysia Letting of its apartment unit
Kijal Resort Sdn Bhd 49.5 49.5 Malaysia Property development and
property management
Lafleur Limited 49.5 49.5 IOM Investment holding
Leisure & Cafe Concept Sdn Bhd 49.5 49.5 Malaysia Karaoke business
Lingkaran Cergas Sdn Bhd 49.5 49.5 Malaysia Providing liquefied petroleum
gas services at Genting
Highlands
# MLG Investments Limited 49.5 49.5 UK Investment holding
Nature Base Sdn Bhd 49.5 49.5 Malaysia Providing collection and disposal
of garbage services at Genting
Highlands
Nedby Limited 49.5 49.5 IOM Investment holding
Netyield Sdn Bhd 49.5 49.5 Malaysia Provision of sewerage services
at Genting Highlands
Oakwood Sdn Bhd 49.5 49.5 Malaysia Property investment and
management
Orient Peace Limited 49.5 - Cayman Islands Owner and charterer of vessel
Orient Peace Operations Limited 49.5 - HK Operator of vessel
Orient Wonder International Limited 49.5 49.5 Bermuda Owner and operator of aircraft
Papago Sdn Bhd 49.5 49.5 Malaysia Resort and hotel business
+ Park Lane Mews Hotel London Limited 49.5 49.5 UK Hotel operator
Possible Wealth Sdn Bhd 49.5 49.5 Malaysia International sales and
marketing services; and
investment holding
Resorts Facilities Services Sdn Bhd 49.5 49.5 Malaysia Provision of support services
to the leisure and hospitality
industry
31 December 2019
Effective
2019 2018
Resorts Tavern Sdn Bhd 49.5 49.5 Malaysia Land and property development
* Resorts World Aviation LLC 49.5 49.5 US Owner and lessor of aeroplanes
Resorts World Capital Limited 49.5 49.5 IOM Investment holding
Resorts World Limited 49.5 49.5 IOM Investment holding and
investment trading
* Resorts World Miami LLC 49.5 49.5 US Property investment
* Resorts World Omni LLC 49.5 49.5 US Hotel business, property
management and property
investment
Resorts World Properties Sdn Bhd 49.5 49.5 Malaysia Investment holding
Resorts World Tours Sdn Bhd 49.5 49.5 Malaysia Provision of tour and travel
related services
* Resorts World Travel Services Private Limited 49.5 49.5 India Travel agency
* RWBB Management Ltd 49.5 49.5 Bahamas Provision of casino management
services
* RWBB Resorts Management Ltd 49.5 49.5 Bahamas Provision of resort management
services
Seraya Mayang Sdn Bhd 49.5 49.5 Malaysia Investment holding
Setiaseri Sdn Bhd 49.5 49.5 Malaysia Letting of its apartment units
Sierra Springs Sdn Bhd 49.5 49.5 Malaysia Investment holding
# Stanley Casinos Holdings Limited 49.5 49.5 UK Investment holding
# Stanley Overseas Holdings Limited 49.5 49.5 UK Investment holding
# Two Digital Trees LLC 49.5 49.5 US Investment holding
+ Vestplus (Hong Kong) Limited 49.5 49.5 HK Payment and collection agent
Vestplus Sdn Bhd 49.5 49.5 Malaysia Sale and letting of apartment
units; and payment and
collection agent
Widuri Pelangi Sdn Bhd 49.5 49.5 Malaysia Golf resort and hotel business
Worldwide Leisure Limited 49.5 - IOM Leisure and entertainment
activities (including gaming
operations) onboard vessel
+ Xi’an Ascend Software Technology Co., Ltd 49.5 49.5 China Research and development and
provision of IT related services
# Advanced Technologies Ltd 49.5 49.5 Dominica Dormantjkvbfj
+ Ascend International Holdings Limited 49.5 49.5 HK Dormantjkvbfj
# Big Apple Regional Center, LLC 49.5 49.5 US Dormantjkvbfj
# Capital Casinos Group Limited 49.5 49.5 UK Dormantjkvbfj
# Capital Corporation (Holdings) Limited 49.5 49.5 UK Dormantjkvbfj
# Capital Corporation Limited 49.5 49.5 UK Dormantjkvbfj
# Crockfords Investments Limited 49.5 49.5 Guernsey Dormantjkvbfj
# Digital Tree LLC 49.5 49.5 US Dormantjkvbfj
Genas Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
Genawan Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
Gentas Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
Gentasa Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
# Genting Alderney Limited 49.5 49.5 Alderney, Dormantjkvbfj
Channel Islands
# Genting Empire LLC (formerly known as 49.5 49.5 US Dormantjkvbfj
Ocean Front Acquisition, LLC)
Genting ePay Services Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj

31 December 2019
Effective
2019 2018
Genting Highlands Tours and Promotion 49.5 49.5 Malaysia Dormantjkvbfj
Sdn Bhd
# Genting Las Vegas LLC 49.5 49.5 US Dormantjkvbfj
Gentinggi Quarry Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
+ Golden Site Limited 49.5 49.5 HK Dormantjkvbfj
Ikhlas Tiasa Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
Jomara Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
Merriwa Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
Orient Star International Limited 49.5 49.5 Bermuda Dormantjkvbfj
# Palomino World (UK) Limited 49.5 49.5 UK Dormantjkvbfj
Space Fair Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
# Stanley Leisure Group (Malta) Limited 49.5 49.5 Malta Dormantjkvbfj
# Stanley Leisure (Ireland) Unlimited Company 49.5 49.5 Ireland Dormantjkvbfj
Sweet Bonus Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
Twinkle Glow Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
Twinmatics Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
Vintage Action Sdn Bhd 49.5 49.5 Malaysia Dormantjkvbfj
# Westcliff Casino Limited 49.5 49.5 UK Dormantjkvbfj
WorldCard Services Sdn Bhd 49.5 49.5 Malaysia Dormant
# Genting (Gibraltar) Limited 49.5 - Gibraltar Pre-operating
# Genting Management Services LLC 49.5 49.5 US Pre-operating
# GTA Holding, Inc 49.5 49.5 US and Pre-operating
continued
into British
Columbia
# Waters Solihull Limited 49.5 49.5 UK In liquidation
(In Member’s Voluntary Liquidation)
Cotedale Limited - 49.5 UK Dissolved
Crockfords Club Limited - 49.5 UK Dissolved
Cromwell Sporting Enterprises Limited - 49.5 UK Dissolved
Gameover Limited - 49.5 UK Dissolved
Genting Ibico Holdings Limited - 49.5 IOM Dissolved
Harbour House Casino Limited - 49.5 UK Dissolved
The Colony Club Limited - 49.5 UK Dissolved
Tower Casino Group Limited - 49.5 UK Dissolved
Westcliff (CG) Limited - 49.5 UK Dissolved
Genting Irama Sdn Bhd - 49.5 Malaysia Struck-off
Coastbright Limited - 49.5 UK Disposed
Subsidiaries of Genting Plantations:
# ACGT Intellectual Limited 55.2 49.1 BVI Genomics research and
development
ACGT Sdn Bhd 55.2 49.1 Malaysia Genomics research and
development and providing
plant screening services
+ Asian Palm Oil Pte Ltd 55.4 51.4 Singapore Investment holding
+ AsianIndo Agri Pte Ltd 55.4 51.4 Singapore Investment holding
+ AsianIndo Holdings Pte Ltd 55.4 51.4 Singapore Investment holding
+ AsianIndo Palm Oil Pte Ltd 55.4 51.4 Singapore Investment holding
Asiaticom Sdn Bhd 55.4 51.4 Malaysia Oil palm plantation

31 December 2019
Effective
2019 2018
Subsidiaries of Genting Plantations:
Aura Empire Sdn Bhd 55.4 51.4 Malaysia Provision of property
management services
# Azzon Limited 55.4 51.4 IOM Investment holding
Benih Restu Berhad 55.4 51.4 Malaysia Issuance of debt securities
under Sukuk programme
+ Borneo Palma Mulia Pte Ltd 40.8 37.9 Singapore Investment holding
+ Cahaya Agro Abadi Pte Ltd 40.8 37.9 Singapore Investment holding
# Degan Limited 55.2 49.1 IOM Investment holding
Esprit Icon Sdn Bhd 55.4 51.4 Malaysia Property development and
property investment
# GBD Holdings Limited 55.4 51.4 Cayman Investment holding
GENP Services Sdn Bhd 55.4 51.4 Malaysia Provision of management
services
Genting AgTech Sdn Bhd 55.4 51.4 Malaysia Research and development and
production of superior oil palm
planting materials
Genting Awanpura Sdn Bhd 55.4 51.4 Malaysia Provision of technical and
management services
Genting Biodiesel Sdn Bhd 55.4 51.4 Malaysia Manufacture and sale of
biodiesel
Genting Biorefinery Sdn Bhd 41.5 38.6 Malaysia Manufacture and sale of
downstream palm oil derivatives
# Genting Bioscience Limited 55.4 51.4 IOM Investment holding
Genting Biotech Sdn Bhd 55.4 51.4 Malaysia Investment holding
Genting Indahpura Development Sdn Bhd 55.4 51.4 Malaysia Property development
Genting Indonesia Property Development 55.4 - Malaysia Investment holding
Sdn Bhd
Genting Land Sdn Bhd 55.4 51.4 Malaysia Property investment
Genting MusimMas Refinery Sdn Bhd 39.9 37.0 Malaysia Refining and selling of palm oil
products
Genting Oil Mill Sdn Bhd 55.4 51.4 Malaysia Processing of fresh fruit bunches
Genting Plantations (WM) Sdn Bhd 55.4 51.4 Malaysia Oil palm plantation
Genting Property Sdn Bhd 55.4 51.4 Malaysia Property development
Genting SDC Sdn Bhd 55.4 51.4 Malaysia Oil palm plantation and
processing of fresh fruit bunches
Genting Tanjung Bahagia Sdn Bhd 55.4 51.4 Malaysia Oil palm plantation
+ Global Agri Investment Pte Ltd 35.0 32.5 Singapore Investment holding
+ GlobalIndo Holdings Pte Ltd 35.0 32.5 Singapore Investment holding
# GP Overseas Limited 55.4 51.4 IOM Investment holding
GProperty Construction Sdn Bhd 55.4 51.4 Malaysia Provision of project
management services
+ Kara Palm Oil Pte Ltd 55.4 51.4 Singapore Investment holding
+ Ketapang Agri Holdings Pte Ltd 40.8 37.9 Singapore Investment holding
+ Knowledge One Investment Pte Ltd 55.4 51.4 Singapore Investment holding
Landworthy Sdn Bhd 46.5 43.2 Malaysia Oil palm plantation
Mediglove Sdn Bhd 55.4 51.4 Malaysia Investment holding
Orbit Crescent Sdn Bhd 55.4 51.4 Malaysia Investment holding
+ Palm Capital Investment Pte Ltd 40.8 37.9 Singapore Investment holding

31 December 2019
Effective
2019 2018
Subsidiaries of Genting Plantations: (cont’d)
+ Palma Citra Investama Pte Ltd 40.8 37.9 Singapore Investment holding
Palma Ketara Sdn Bhd 55.4 51.4 Malaysia Investment holding
+ PalmIndo Holdings Pte Ltd 40.8 37.9 Singapore Investment holding
PalmIndo Sdn Bhd 55.4 51.4 Malaysia Investment holding
+ Property Indonesia Holdings Pte Ltd 55.4 51.4 Singapore Investment holding
(fka ACGT Singapore Pte Ltd)
+ Property Indonesia Pte Ltd 55.4 - Singapore Investment holding
+ PT Agro Abadi Cemerlang 38.8 36.0 Indonesia Oil palm plantation
+ PT Citra Sawit Cemerlang 38.8 36.0 Indonesia Oil palm plantation
+ PT Dwie Warna Karya 52.6 48.8 Indonesia Oil palm plantation and
+ PT Genting Plantations Nusantara 55.4 51.4 Indonesia Provision of management
services
# PT Genting Properti Nusantara 55.4 - Indonesia Property development and
property investment
+ PT GlobalIndo Agung Lestari 33.3 30.9 Indonesia Oil palm plantation and
+ PT Kapuas Maju Jaya 52.6 48.8 Indonesia Oil palm plantation
+ PT Kharisma Inti Usaha 47.1 43.7 Indonesia Oil palm plantation and
+ PT Palma Agro Lestari Jaya 38.8 36.0 Indonesia Oil palm plantation
+ PT Sawit Mitra Abadi 38.8 36.0 Indonesia Oil palm plantation
+ PT Sepanjang Intisurya Mulia 38.8 36.0 Indonesia Oil palm plantation and
+ PT Surya Agro Palma 38.8 36.0 Indonesia Oil palm plantation
+ PT Susantri Permai 52.6 48.8 Indonesia Oil palm plantation
+ PT United Agro Indonesia 33.3 30.9 Indonesia Oil palm plantation
+ Sandai Maju Pte Ltd 40.8 37.9 Singapore Investment holding
+ Sanggau Holdings Pte Ltd 40.8 37.9 Singapore Investment holding
Sawit Sukau Usahasama Sdn Bhd 31.0 28.7 Malaysia Oil palm plantation
Setiamas Sdn Bhd 55.4 51.4 Malaysia Oil palm plantation and property
development
SPC Biodiesel Sdn Bhd 55.4 51.4 Malaysia Manufacture and sale of
biodiesel
+ Sri Nangatayap Pte Ltd 40.8 37.9 Singapore Investment holding
Sunyield Success Sdn Bhd 55.4 51.4 Malaysia Investment holding
Technimode Enterprises Sdn Bhd 55.4 51.4 Malaysia Property investment
Trushidup Plantations Sdn Bhd 55.4 51.4 Malaysia Investment holding
+ Universal Agri Investment Pte Ltd 35.0 32.5 Singapore Investment holding
Wawasan Land Progress Sdn Bhd 55.4 51.4 Malaysia Oil palm plantation
Cengkeh Emas Sdn Bhd 55.4 51.4 Malaysia Dormantjkvbfj
Dianti Plantations Sdn Bhd 55.4 51.4 Malaysia Dormantjkvbfj
Genting Commodities Trading Sdn Bhd 55.4 51.4 Malaysia Dormantjkvbfj
Genting Vegetable Oils Refinery Sdn Bhd 55.4 51.4 Malaysia Dormantjkvbfj
Global Bio-Diesel Sdn Bhd 55.4 51.4 Malaysia Dormant
Glugor Development Sdn Bhd 55.4 51.4 Malaysia Dormantjkvbfj
# Grosmont Limited 55.4 51.4 IOM Dormantjkvbfj
Hijauan Cergas Sdn Bhd 55.4 51.4 Malaysia Dormantjkvbfj

31 December 2019
Effective
2019 2018
Subsidiaries of Genting Plantations: (cont’d)
Kenyalang Borneo Sdn Bhd 55.4 51.4 Malaysia Dormantjkvbfj
Kinavest Sdn Bhd 55.4 51.4 Malaysia Dormantjkvbfj
Larisan Prima Sdn Bhd 55.4 51.4 Malaysia Dormantjkvbfj
Profile Rhythm Sdn Bhd 55.4 51.4 Malaysia Dormant
Unique Upstream Sdn Bhd 55.4 51.4 Malaysia Dormant
Zillionpoint Project Sdn Bhd 55.4 51.4 Malaysia Dormant
Zillionpoint Vision Sdn Bhd 55.4 51.4 Malaysia Dormant
# ACGT Global Pte Ltd 55.4 51.4 Singapore Pre-operating
# GP Equities Pte Ltd 55.4 51.4 Singapore Pre-operating
# Ketapang Holdings Pte Ltd 40.8 37.9 Singapore Pre-operating
# Sri Kenyalang Pte Ltd 55.4 51.4 Singapore Pre-operating
+ Full East Enterprise Limited 55.4 51.4 HK Pending deregistration
# Genting AgTech Singapore Pte Ltd 55.4 51.4 Singapore Pending deregistration
Subsidiaries of Genting Singapore:
# Acorn Co., Ltd 52.7 52.7 Japan Development and management
of integrated resort and leisure
destinations; Marketing and
promotion of integrated resort
and leisure destinations;
Investments and management of
real estate and trust beneficiary
interests
+ Adriana Limited 52.7 52.7 IOM Sales co-ordinator for the leisure
and hospitality related business
# BayCity Co., Ltd 52.7 52.7 Japan Development and management
interests
# BlueBell Co., Ltd 52.7 52.7 Japan Development and management
interests
+ Bradden Pte Ltd 52.7 52.7 Singapore Investment holding
+ Calidone Limited 52.7 52.7 IOM Investment holding and sales
co-ordinator for the leisure and
hospitality related business
# Dynamic Sales Investments Limited 52.7 52.7 BVI Investment holding
+ Genting Integrated Resorts Management 52.7 52.7 Singapore Provision of management
Pte Ltd and operations services for
integrated resort
+ Genting Integrated Resorts Operations 52.7 52.7 Singapore Provision of resort management
Management Pte Ltd and consultancy services
+ Genting Integrated Resorts (Singapore) II 52.7 52.7 Singapore Provision of management
integrated resort

31 December 2019
Effective
2019 2018
Subsidiaries of Genting Singapore: (cont’d)
+ Genting Integrated Resorts (Singapore) III 52.7 52.7 Singapore Provision of management
integrated resort
+ Genting International Gaming & Resort 52.7 52.7 Singapore Information technology system
Technologies Pte Ltd design and development
and project consultancy, and
information technology services
management related to gaming
and resort industries
+ Genting International Japan Co., Ltd 52.7 52.7 Japan Marketing and promotion of
resort destinations; Advertising
and publicity and market surveys
relating to the foregoing; Any
and all businesses related to
each of the foregoing
+ Genting International Management Limited 52.7 52.7 IOM Investment holding and
ownership of intellectual
property rights
+ Genting International Resorts Management 52.7 52.7 IOM Investment holding
Limited
Genting International Sdn Bhd 52.7 52.7 Malaysia Provision of management
services
+ Genting International Services (HK) Limited 52.7 52.7 HK Sales co-ordinator for leisure &
hospitality related business
+ Genting International Services Singapore 52.7 52.7 Singapore Provision of international sales
Pte Ltd and marketing services and
corporate services
* Genting International Services (Thailand) 48.0 48.0 Thailand Carrying on the activities of
Limited marketing, public relations and
promoting the business relating
to the leisure and hospitality
sector, excluding direct sales to
customers
# Genting Japan Co., Ltd 52.7 52.7 Japan Development and management
Investment and management of
interests
# Genting Osaka Co., Ltd 52.7 52.7 Japan Development and management
interests
# Genting Singapore Aviation 52.7 52.7 Cayman Purchasing, owning and
operating of aircrafts for
passenger air transportation

31 December 2019
Effective
2019 2018
# Genting Tokyo Co., Ltd 52.7 52.7 Japan Development and management
interests
# Genting Yokohama Co., Ltd 52.7 52.7 Japan Development and management
interests
# Grand Knight International Limited 52.7 52.7 BVI Investment holding
# Greenfield Resources Capital Limited 52.7 52.7 BVI Investment holding
+ GSHK Capital Limited 52.7 52.7 HK Provision of marketing
coordination and promotion
services for resorts, hotels and
other facilities owned by related
companies
+ Landsdale Pte Ltd 52.7 52.7 Singapore Investment holding
+ Legold Pte Ltd 52.7 52.7 Singapore Investment holding
# MoonLake Co., Ltd 52.7 52.7 Japan Development and management
interests
+ North Spring Capital Blue LLC 52.7 52.7 Mongolia Real estate activities and
management consulting
+ North Spring Capital Mongolia LLC 52.7 52.7 Mongolia Buying, leasing, selling, renting
immovable properties, foreign
trading activities and business
consulting
# Northspring Capital Ltd 52.7 52.7 BVI Investment holding
+ PineGlory Pte Ltd 52.7 52.7 Singapore Investment holding
+ Prestelle Pte Ltd 52.7 52.7 Singapore Investment holding
+ Prospero Global Holding Pte Ltd 52.7 52.7 Singapore Investment holding
+ Resorts World at Sentosa Pte Ltd 52.7 52.7 Singapore Development and operation of
an Integrated Resort at Sentosa
Resorts World at Sentosa Sdn Bhd 52.7 52.7 Malaysia Hotel, resort and leisure related
activities
# Resorts World Japan Co., Ltd 52.7 52.7 Japan Investment holding;
Development and management
interests

31 December 2019
Effective
2019 2018
# Resorts World Osaka Co., Ltd 52.7 52.7 Japan Development and management
interests
+ Resorts World Properties Pte Ltd 52.7 52.7 Singapore Investment holding
+ Resorts World Properties II Pte Ltd 52.7 52.7 Singapore Constructing and operating a
fish farm
# Resorts World Tokyo Co., Ltd 52.7 52.7 Japan Investment holding;
Development and management
interests
# Resorts World Yokohama Co., Ltd 52.7 52.7 Japan Development and management
interests
+ Star Eagle Holdings Limited 52.7 52.7 BVI Investment holding
# StarLight Co., Ltd 52.7 52.7 Japan Development and management
interests
# SunLake Co., Ltd 52.7 52.7 Japan Development and management
interests
+ Tamerton Pte Ltd 52.7 52.7 Singapore Hotel developer and owner
Algona Pte Ltd - 52.7 Singapore Struck-off
Genting International (Singapore) Pte Ltd - 52.7 Singapore Struck-off
Phoenix Express Limited - 52.7 BVI Struck-off
Poppleton Limited - 52.7 BVI Struck-off
Trevena Limited - 52.7 BVI Struck-off

31 December 2019
Effective
2019 2018
Joint Ventures
Joint ventures of the Company:
* Elevance Renewable Sciences, Inc 47.8 47.8 US Produces high performance
specialty chemicals from natural
oils for use in personal care
products, detergents, lubricants
and fuel markets
* SDIC Genting Meizhou Wan Electric 49.0 49.0 China Generation and supply of
Power Company Limited electric power
Fujian Pacific Electric Company Limited - 49.0 China Deregistered and ceased to be in
existence
Joint ventures of Genting Plantations:
Genting Highlands Premium Outlets Sdn Bhd 27.7 25.7 Malaysia Development, ownership and
management of outlet shopping
centres
Genting Simon Sdn Bhd 27.7 25.7 Malaysia Development, ownership and
management of outlet shopping
centres
# Simon Genting Limited 27.7 25.7 IOM Investment holding
Joint ventures of Genting Singapore:
+ DCP (Sentosa) Pte Ltd 42.2 42.2 Singapore Construction, development and
operation of a district cooling
plant supplying chilled water
for air-conditioning needs at
Sentosa
Associates
Associates of the Company:
# CorTechs Labs, Inc. 23.4 23.4 US Develop and market medical
device software and web-based
teleradiology applications and
services
* Lanco Tanjore Power Company Limited 41.6 41.6 India Generation and supply of
electric power
# MultiModal Imaging Services Corporation 22.8 22.8 US Analysis of multimodal imaging
* Nova Satra Dx Pte Ltd -## 33.4 Singapore Manufacture of medical
research and clinical diagnostic
instruments and supplies
* TauRx Pharmaceuticals Ltd 20.6 20.6 Singapore Development of novel
treatments and diagnostics for
Alzheimer’s disease and other
neurodegenerative diseases
Associate of Genting Malaysia:
# Genting Empire Resorts LLC 24.2 - US Investment holding
(formerly known as Hercules Topco LLC)
Associates of Genting Plantations:
* Serian Palm Oil Mill Sdn Bhd 19.4 18.0 Malaysia Processing of fresh fruit bunches
Setiacahaya Sdn Bhd@ 27.7 25.7 Malaysia Property investment
* Sri Gading Land Sdn Bhd 27.1 25.2 Malaysia Dormant
Asiatic Ceramics Sdn Bhd (In Liquidation) 27.1 25.2 Malaysia In liquidation

31 December 2019
* The financial statements of these companies are audited by firms other than the auditors of the Company.
+ The financial statements of these companies are audited by member firms of PricewaterhouseCoopers International
Limited which are separate and independent legal entities from PricewaterhouseCoopers PLT, Malaysia.
# These entities are either exempted or have no statutory audit requirement.
@
This entity is a subsidiary of the Company with an effective percentage of ownership of 77.7%. It is held by the Company as
a direct subsidiary and Genting Plantations as an associate with the effective percentage of ownership of 50.0% and 27.7%
respectively.
^ Became indirect 50% owned subsidiaries of the Company with effect from 1 August 2019.
~ An Exempted Limited Partnership.
##
No longer an associate company.
50. APPROVAL OF FINANCIAL STATEMENTS
The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on
27 February 2020.

STATEMENT ON DIRECTORS’ RESPONSIBILITY 199
PURSUANT TO PARAGRAPH 15.26(a) OF THE LISTING
REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD
As required under the Companies Act 2016 (“Act”) in Malaysia, the Directors of Genting Berhad have made a statement
expressing an opinion on the financial statements. The Board is of the opinion that the financial statements have been
drawn up in accordance with the Malaysian Financial Reporting Standards, International Financial Reporting Standards and
comply with the provisions of the Act so as to give a true and fair view of the financial position of the Group and of the
Company as at 31 December 2019 and of the financial performance of the Group and of the Company for the financial year
then ended on that date.
In the process of preparing these financial statements, the Directors have reviewed the accounting policies and practices
to ensure that they were consistently applied throughout the financial year. In cases where judgement and estimates were
made, they were based on reasonableness and prudence.
Additionally, the Directors have relied on the systems of risk management and internal control to ensure that the
information generated for the preparation of the financial statements from the underlying accounting records is accurate
and reliable.
This statement is made in accordance with a resolution of the Board dated 27 February 2020.
STATUTORY DECLARATION
PURSUANT TO SECTION 251(1)(B) OF THE COMPANIES
ACT 2016
I, WONG YEE FUN (MIA 12108), the Officer primarily responsible for the financial management of GENTING BERHAD,
do solemnly and sincerely declare that the financial statements set out on pages 84 to 198 are, to the best of my knowledge
and belief, correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the
provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the abovenamed )

WONG YEE FUN at KUALA LUMPUR in the State ) WONG YEE FUN
of FEDERAL TERRITORY on 27 February 2020 )
Before me,
TAN SEOK KETT

Commissioner for Oaths
Kuala Lumpur

200 INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF GENTING BERHAD
(Incorporated in Malaysia)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Our opinion
In our opinion, the financial statements of Genting Berhad (“the Company”) and its subsidiaries (“the Group”)
give a true and fair view of the financial position of the Group and of the Company as at 31 December 2019, and
of their financial performance and their cash flows for the financial year then ended in accordance with Malaysian
Financial Reporting Standards, International Financial Reporting Standards and the requirements of the
Companies Act 2016 in Malaysia.
What we have audited
We have audited the financial statements of the Group and of the Company, which comprise the statements
of financial position as at 31 December 2019 of the Group and of the Company, and the income statements,
statements of comprehensive income, statements of changes in equity and statements of cash flows of the Group
and of the Company for the financial year then ended, and notes to the financial statements, including a summary
of significant accounting policies, as set out on pages 84 to 198.
Basis for opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International
Standards on Auditing. Our responsibilities under those standards are further described in the “Auditors’
responsibilities for the audit of the financial statements” section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence and other ethical responsibilities
We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics,
Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards
Board for Accountants’ Code of Ethics for Professional Accountants (“IESBA Code”), and we have fulfilled our
other ethical responsibilities in accordance with the By-Laws and the IESBA Code.
Our audit approach
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in
the financial statements of the Group and of the Company. In particular, we considered where the Directors
made subjective judgements; for example, in respect of significant accounting estimates that involved making
assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed
the risk of management override of internal controls, including among other matters, consideration of whether
there was evidence of bias that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on
the financial statements as a whole, taking into account the structure of the Group and of the Company, the
accounting processes and controls, and the industry in which the Group and the Company operate.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the Group and of the Company for the current financial year. These matters were
addressed in the context of our audit of the financial statements of the Group and of the Company as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matters How our audit addressed the key audit matters
Impairment assessment of the exploration
and development costs (including goodwill) in
Indonesia
As at 31 December 2019, the Group’s carrying amount We performed the following audit procedures for each of the
of exploration and development costs and goodwill CGU:
arising from the Kasuri block operation in Indonesia
amounted to RM2,912.2 million and RM119.8 million, (i) AMK CGU
respectively.
• Agreed the cash flows used in the value in use (“VIU”)
The exploration and development costs and the calculation to the cash flow forecast for impairment
goodwill are allocated to two cash generating units assessment approved by the Directors.
(“CGU”) – Asap, Merah and Kido (“AMK”) fields and
other fields (“Others”). • ● Compared the gas price and price escalation to
available data and externally available benchmarks.
PricewaterhouseCoopers PLT (LLP0014401-LCA & AF 1146), Chartered Accountants,

Level 10, 1 Sentral, Jalan Rakyat, Kuala Lumpur Sentral, P.O. Box 10192, 50706 Kuala Lumpur, Malaysia
T: +60 (3) 2173 1188, F: +60 (3) 2173 1288, www.pwc.com/my

INDEPENDENT AUDITORS’ REPORT 201
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (cont’d)
Key audit matters (cont’d)
Impairment assessment of the exploration
and development costs (including goodwill) in
Indonesia (cont’d)
We focused on this area due to the magnitude of the We performed the following audit procedures for each of
carrying amount of the exploration and development the CGU: (cont’d)
costs and goodwill, which represented 4.6% of the
Group’s total non-current assets and the significant (i) AMK CGU (cont’d)
assumptions used by the Group in their impairment
assessment on the recoverability of exploration and • Checked the reasonableness of the discount rate
development costs specifically the gas price and price with assistance from our valuation experts by
escalation, discount rate and gas reserves for the benchmarking to similar oil and gas companies and
AMK CGU and significant judgement on existence of recalculating the discount rates independently.
impairment indicators for the Others CGU.
• Agreed the reserve volume to the reserve estimates
Refer to Notes 2(a), 20 and 21 to the financial prepared by independent oil and gas reserve
statements. experts.
• Assessed the competency and objectivity of the

independent oil and gas reserve experts who
computed the gas reserve estimates by considering
their professional qualifications and experience.
• Checked the sensitivity analysis performed by

management on the discount rate and gas price
assumption to determine whether reasonable
changes on these key assumptions would result
in the carrying amounts of the CGU to exceed its
recoverable amount.
(ii) Others CGU
• Checked that the right to explore does not expire in

the near future.
• Agreed management’s assessment to the gas

reserve estimates prepared by independent oil and
gas reserve experts.
• Assessed the competency and objectivity of the

independent oil and gas reserve experts who
computed the gas reserve estimates by considering
their professional qualifications and experience.
• Discussed with management the planned activities

for this CGU and compared that to budgeted capital
expenditures for this CGU.
Based on the above procedures performed, we did not

find any material exceptions to the assumptions made by
the Directors.
Impairment assessment of property, plant and
equipment and intangible assets related to the
Group’s leisure and hospitality segment in Bimini
The Group has property, plant and equipment and With respect to the reliability of management’s use of key
casino licenses (definite life) related to its Bimini assumptions in the cash flow projections to determine the
operations of RM1,544.4 million as at 31 December VIU calculations, we performed the following procedures:
2019.
•
Assessed the reliability of management’s forecast by
We focused on this area due to the continued losses comparing their previous years’ forecasted results
recorded since the commencement of the Bimini against past trends of actual results.
operations in 2013 which is an impairment indicator.
•
Assessed the growth rates used by management by
The impairment assessment performed by comparing to industry trends.
management based on the VIU method involved
significant estimates of the future results of the • Checked the discount rates used by comparing the rate
business, in particular, the key assumptions on growth used to comparable industry and market information.
rate and discount rates used in the future cash flow
forecasts.
Refer to Notes 2, 16 and 20 to the financial
statements.

Impairment assessment of property, plant and
equipment and intangible assets related to the
Group’s leisure and hospitality segment in Bimini
(cont’d):
With respect to the reliability of management’s use of

key assumptions in the cash flow projections to determine
the VIU calculations, we performed the following
procedures (cont’d):
•
Independently performed sensitivity analysis on the
growth rate and discount rates to corroborate that
any reasonable changes on these key assumptions
would not give rise to an impairment loss.
Based on the above procedures performed, we noted the

results of management’s impairment assessment to be
consistent with the outcome of our procedures.
Impairment assessment of intangible assets
(including goodwill) with indefinite useful lives
relating to the Group’s leisure and hospitality
segment in United Kingdom
The aggregate carrying value of the Group’s With respect to the appropriateness of the key
intangible assets with indefinite useful lives which assumptions used in the VIU calculations, we performed
included goodwill, casino licences and trademarks the following procedures:
in relation to its United Kingdom (“UK”) operations
amounted to RM2,187.3 million as at 31 December • Assessed the reliability of management’s forecast by
2019. comparing their previous years’ forecasted results
against past trends of actual results.
We focused on this area due to the magnitude of
the carrying amount of these UK intangible assets ●• Assessed management’s basis for the VIU cash flows by
(including goodwill) with indefinite useful lives as reference to the approved 2020 budget.
they comprised 38.1% of the total intangible assets
of the Group which are subject to annual impairment ●• Checked that the growth rate did not exceed the growth
assessment. rates for leisure and hospitality industry in which the
CGUs operate and are consistent with the forecasts
The impairment assessment performed by included in industry reports.
management involved significant degree of
judgements and assumptions on growth rate and ●• Checked that discount rate used by comparing the rate
discount rate used. used to comparable industries and market information in
UK.
Arising from the impairment assessment, an
impairment loss of RM56.2 million was recorded for ●• Checked sensitivity analysis performed by management
intangible assets with indefinite lives in the current on the discount rate and EBITDA to determine whether
financial year. reasonable changes on these key assumptions would
result in the carrying amounts of individual CGUs to
Refer to Notes 2(a) and 20 to the financial exceed their recoverable amounts.
statements.
In testing the recoverable amount based on fair value less
costs to sell, we performed the following procedures:
●• Assessed the competency and objectivity of the

independent external valuer by considering their
professional qualifications and experience.
• Evaluated the methodology and key assumptions used

by an independent external valuer in the valuation
based on our knowledge of the industry and checked the
comparability of the input data used to current industry
data.
Based on the above procedures performed, we noted the

results of management’s impairment assessment to be
consistent with the outcome of our procedures.

Fair value of unquoted equity investments in
foreign operations through other comprehensive
income and assessing for impairment indicators
and recoverability of investment in an associate
I. Fair value of unquoted equity investments in foreign We performed the following audit procedures:
operations through other comprehensive income
• Discussed with management on the stage of development
The Group’s carrying amount of unquoted equity and activities performed to date against the planned
investments amounts to RM960.5 million of which activities for the investment.
a significant amount relates to investments in life
sciences companies. ●• Discussed and evaluated management’s key assumptions
used in the fair valuation model.
We focused on this area due to the magnitude
of the carrying amount of the investment in a life ●• Compared the sales projections used in the fair value model
sciences company and significant assumptions to that discussed and approved by the investee’s board of
used by management in computing the fair value of directors.
the investment in the life sciences company.
●• Checked the multiple used in the fair valuation model by
Refer to Notes 2(a), 4(c) and 26 to the financial comparing the rate to comparable industry and market
statements. information.
Based on the above procedures performed, we did not find

any material exceptions to the assumptions made by the
Directors.
II.
Assessing for impairment indicators and We performed the following audit procedures:
recoverability of an investment in an associate
●• Discussed with management on the development of the
The Group’s carrying amount in associates study and planned activities for this associate.
amounts to RM1,322.5 million of which a significant
amount relates to an investment in a life sciences ●• Considered the adequacy of the associate’s funding to
corporation which develops novel treatments and continue and complete its planned study.
diagnostics for Alzheimer’s disease and other
neurodegenerative diseases. ●• Compared the carrying amount per share to the adjusted
share price of an ongoing share issuance exercise.
We focused on this area due to the magnitude of the
carrying amount and continued losses recorded by Based on the procedures performed above, we did not find
the associate as the associate is still in the research any material exceptions to the Directors assessment that
and development phase and inherent uncertainty of there were no impairment indicators for the investment in the
the outcome of the research. associate.
Refer to Note 25 to the financial statements.
There are no key audit matters to report for the Company.
Information other than the financial statements and auditors’ report thereon
The Directors of the Company are responsible for the other information. The other information comprises
the Directors’ Report, Statement of Risk Management and Internal Control, Corporate Governance Overview
Statement, Audit Committee Report, Management’s Discussion and Analysis of Business Operations and
Financial Performance, Sustainability Statement and other sections of the 2019 Annual Report, but does not
include the financial statements of the Group and of the Company and our auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to
read the other information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements of the Group and of the Company or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the financial statements
The Directors of the Company are responsible for the preparation of the financial statements of the Group and of the
Company that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International
Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. The Directors are also
responsible for such internal control as the Directors determine is necessary to enable the preparation of financial
statements of the Group and of the Company that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing
the Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the
Group or the Company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the
Company as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with approved standards on auditing in Malaysia and International Standards on
Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on
Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
(a) Identify and assess the risks of material misstatement of the financial statements of the Group and of the
Company, whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s and of the Company’s internal control.
(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Directors.
(d) Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Group’s or on the Company’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related
disclosures in the financial statements of the Group and of the Company or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date
of our auditors’ report. However, future events or conditions may cause the Group or the Company to cease
to continue as a going concern.
(e) Evaluate the overall presentation, structure and content of the financial statements of the Group and of the
Company, including the disclosures, and whether the financial statements of the Group and of the Company
represent the underlying transactions and events in a manner that achieves fair presentation.
(f) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial statements of the Group. We are responsible
for the direction, supervision and performance of the group audit. We remain solely responsible for our audit
opinion.

Auditors’ responsibilities for the audit of the financial statements (cont’d)
We communicate with the Directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Directors, we determine those matters that were of most
significance in the audit of the financial statements of the Group and of the Company for the current financial
year and are therefore the key audit matters. We describe these matters in our auditors’ report unless law
or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of
which we have not acted as auditors, are disclosed in Note 49 to the financial statements.
OTHER MATTERS
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of
the Companies Act 2016 in Malaysia and for no other purpose. We do not assume responsibility to any other
person for the content of this report.
PRICEWATERHOUSECOOPERS PLT PAULINE HO

LLP0014401-LCA & AF 1146 02684/11/2021 J
Chartered Accountants Chartered Accountant
Kuala Lumpur
27 February 2020

206 LIST OF PROPERTIES HELD
NET BOOK
VALUE AS AT AGE OF YEARS OF
APPROXIMATE 31 DEC 2019 BUILDING ACQUISITION (A)/
LOCATION TENURE AREA DESCRIPTION (RM’million) (Years) REVALUATION (R)
MALAYSIA
STATE OF PAHANG
DARUL MAKMUR
1 Genting Highlands, Bentong Freehold Built-up : 100,952 sq.metres 18-storey Genting Grand Complex 171.8 38 1982 (R)
2 Genting Highlands, Bentong Freehold Built-up : 95,485 sq.metres 23-storey Resort Hotel & Car Park 104.0 27 1992 (A)
3 Genting Highlands, Bentong Freehold Built-up : 471,406 sq.metres 22-storey First World Hotel & Car 955.2 5 & 20 2000 & 2014 (A)
Park
4 Genting Highlands, Bentong Freehold Built-up : 19,688 sq.metres 10-storey Theme Park Hotel 70.7 48 1989 (R)
5 Genting Highlands, Bentong Freehold Built-up : 11,902 sq.metres 10-storey Theme Park Hotel-Valley 11.2 44 1989 (R)
Wing
6 Genting Highlands, Bentong Freehold Built-up : 88,794 sq.metres 7-storey Sky Avenue Complex 1,496.2 4 2016 (A)
7 Genting Highlands, Bentong Freehold Built-up : 29,059 sq.metres 16-storey Residential Staff Complex I 21.7 36 1989 (R)
8 Genting Highlands, Bentong Freehold Built-up : 28,804 sq.metres 19-storey Residential Staff Complex II 10.2 27 1992 (A)
9 Genting Highlands, Bentong Freehold Built-up : 89,392 sq.metres 16-storey Residential Staff Complex 40.2 27 1992 (A)
III & Car Park
V
VIII & Car Park
IX & Car Park
13 Genting Highlands, Bentong Freehold Built-up : 4,109 sq.metres 5-storey Sri Layang Staff Residence 9.9 25 1989 (R)
14 Genting Highlands, Bentong Freehold Built-up : 18,397 sq.metres 8-level Car Park I 1.0 36 1989 (R)
15 Genting Highlands, Bentong Freehold Built-up : 1,086 sq.metres 5-storey Bomba building 0.5 36 1989 (A)
16 Genting Highlands, Bentong Freehold Built-up : 1,503 sq.metres Petrol Station 1.7 21 1999 (A)
17 Genting Highlands, Bentong Freehold Built-up : 2,769 sq.metres 4-storey Staff Recreation Centre 2.2 27 1992 (A)
18 Genting Highlands, Bentong Freehold Built-up : 540 sq.metres 2 units of of Kayangan Apartments 0.2 39 1989 (A) & 1990 (A)
19 Genting Highlands, Bentong Freehold Built-up : 7,666 sq.metres Awana @ Resorts World Genting 14.8 33 1989 (R)
Complex
20 Genting Highlands, Bentong Freehold Built-up : 20,516 sq.metres 23-storey Awana Tower Hotel 21.5 26 1993 (A)
21 Genting Highlands, Bentong Freehold Built-up : 17,010 sq.metres 174 units of Awana Condominium 13.7 33 1989 (R)
22 Genting Highlands, Bentong Freehold Built-up : 8,756 sq.metres 79 units of Ria Apartments (Pahang 8.2 33 1989 (R)
Tower)
23 Genting Highlands, Bentong Freehold Built-up : 39,260 sq.metres Awana Sky Central 155.8 4 2016 (A)
24 Genting Highlands, Bentong Freehold Built-up : 191,658 sq.metres 8-level GHPO Car Park 186.1 4 2016 (A)
25 Genting Highlands, Bentong Freehold Land : 3,295 hectares 7 plots of land & improvements 394.4 - 1989 (R)
1 plot of land & improvements 6.0 - 1996 (A)
10 plots of land & improvements 66.5 - 1989 (R)
1 plot of land & improvements 0.1 - 1991 (A)
3 plots of land & improvements 24.9 - 2002 (A)
26 Genting Highlands, Bentong Leasehold (unexpired Land : 6 hectares 2 plots of land & improvements 0.4 - 1994 (A)
lease period of 74 years)
27 Genting Highlands, Bentong Leasehold (unexpired Land : 5 hectares 3 plots of land 0.5 - 1995 (A)
28 Genting Highlands, Bentong Leasehold (unexpired Land : 3 hectares 1 plot of educational land 1.2 - 2000 (A)
29 Bukit Tinggi, Bentong Leasehold (unexpired Built-up : 49 sq.metres 1 unit of Meranti Park Apartment 0.1 20 1999 (A)
30 Beserah, Kuantan Freehold Land : 3 hectares 2 plots of agriculture land with 1.1 33 1987 (A)
Built-up : 713 sq.metres residential bungalow
31 Beserah, Kuantan Freehold Land : 4 hectares 4 plots of vacant agriculture land 0.9 - 1989/1991 (A)
STATE OF SELANGOR
DARUL EHSAN
1 Genting Highlands, Freehold Built-up : 149,941 sq.metres 28-storey Maxims Hotel & Car Park IV 351.4 23 1997 (A)
Hulu Selangor
2 Genting Highlands, Freehold Land : 6 hectares 2 plots of building land 6.1 - 1993 (A)
Hulu Selangor Built-up : 47,715 sq.metres 5-storey Genting Skyway Station 47.5 23 1997 (A)
Complex & Carpark
3 Genting Highlands, Freehold Built-up : 3,008 sq.metres 2 & 4-storey Gohtong Jaya security 4.0 22 1998 (A)
Hulu Selangor building
4 Genting Highlands, Freehold Built-up : 5,406 sq.metres 47 units of Ria Apartments (Selangor 5.3 33 1989 (R)
Hulu Selangor Tower)
5 Genting Highlands, Freehold Land : 596 hectares 3 plots of building land 12.3 - 1989 (R)
Hulu Selangor 18 plots of building land 40.5 - 1995 (R)
7 plots of building land 10.4 - 1993 (A)
6 Genting Highlands, Gombak Freehold Land : 394 hectares 2 plots of vacant building land 28.8 - 1995 (R)
7 Batang Kali, Hulu Selangor Freehold Land : 10 hectares 1 plot of vacant agriculture land 2.1 - 1994 (A)

LIST OF PROPERTIES HELD (cont’d) 207
NET BOOK
STATE OF SELANGOR
DARUL EHSAN
8 Ulu Yam, Hulu Selangor Freehold Land : 38 hectares 1 plot of vacant building land 15.0 - 1994 (A)
9 Ulu Yam, Hulu Selangor Freehold Land : 4 hectares 3 plots of vacant agriculture land 1.2 - 1994 (A)
10 Mukim Tanjung Dua Belas, Leasehold (unexpired Land : 0.5 hectare 1 plot of industrial land 0.1 - 1994 (A)
Kuala Langat lease period of 55 years)
11 Mukim Tanjung Dua Belas, Leasehold (unexpired Land : 1.5 hectares 5 plots of industrial land 0.3 - 1994 (A)
12 Mukim Tanjung Dua Belas, Leasehold (unexpired Land : 0.5 hectare 1 plot of industrial land 0.1 - 1994 (A)
13 Mukim Tanjung Dua Belas, Leasehold (unexpired Land : 0.6 hectare 1 plot of industrial land <0.1 - 1994 (A)
14 Mukim Tanjung Dua Belas, Leasehold (unexpired Land : 2 hectares 1 plot of industrial land 2.0 - 1994 (A)
15 Pulau Indah, Klang Leasehold (unexpired Land : 18 hectares 5 plots of vacant industrial land & 14.8 - 1997 (A)
lease period of 76 years) improvements
16 Bangi Factory, Selangor Leasehold (unexpired Land : 1.2 hectares 1 plot of industrial land with factory 1.8 38 1990 (A)
lease period of 67 years) Built-up : 12,140 sq.metres
FEDERAL TERRITORY OF
KUALA LUMPUR
1 Taman U Thant, Kuala Lumpur Freehold Built-up : 178 sq.metres 1 unit of Desa Angkasa Apartment 0.3 33 1988 (A)
2 Jalan Sultan Ismail, Freehold Land : 3,915 sq.metres Wisma Genting - 25-level office 66.6 34 1983/1991 (A)
Kuala Lumpur Built-up : 63,047 sq.metres building with 6-level of basement
carpark
3 Segambut, Kuala Lumpur Leasehold (unexpired lease Land : 4 hectares 1 plot of commercial land 13.7 44 1982 (A)
period of 55 years)
STATE OF TERENGGANU
DARUL IMAN
1 Kijal, Kemaman Leasehold (unexpired Land : 259 hectares 4 plots of resort/property 1.3 - 1996 (A)
lease period of 72 years) development land
Land : 51 hectares 18-hole Resorts World Kijal Golf Course 5.9 - 1997 (A)
Built-up : 35,563 sq.metres 7-storey Resorts World Kijal Hotel 47.7 23 1997 (A)
Built-up : 1,757 sq.metres 27 units of Baiduri Apartments 0.7 25 1995 (A)
Built-up : 7,278 sq.metres 96 units of Angsana Apartments 4.2 24 1996 (A)
Leasehold (unexpired lease Land : 18 hectares 17 plots of resort/property 1.4 - 2002 (A)
period of 72 years) development land
Leasehold (unexpired lease Land : 10 hectares 1 plot of resort/property 1.5 - 1995 (R)
period of 82 years) development land
STATE OF KEDAH DARUL AMAN

1 Tanjung Malai, Langkawi Leasehold (unexpired lease Land : 14 hectares 5 plots of building land 9.5 - 1997 (A)
period of 68 years) Built-up : 20,957 sq.metres 3-5 storey Resorts World Langkawi 52.6 22 1997 (A)
Hotel, Convention Centre &
Multipurpose Hall
ESTATES/PROPERTY
DEVELOPMENT (“PD”)
1 Genting Bukit Sembilan Estate, Freehold Estate : 1,241 hectares Oil palm estate 10.8 - 1981 (R)
Baling/Sg. Petani/Jitra, Kedah
2 Genting Selama Estate, Freehold Estate : 1,830 hectares Oil palm estate 25.2 - 1981 (R)
Serdang & Kulim, Kedah/
Selama, Perak
3 Genting Sepang Estate, Sepang Freehold Estate : 432 hectares Oil palm estate and The Gasoline Tree 18.5 - 1981 (R)
& Ulu Langat, Selangor Experimental Research Station
4 Genting Tebong Estate, Jasin & Freehold Estate : 2,217 hectares Oil palm estate 35.8 - 1981 (R)
Alor Gajah, Melaka/Tampin &
Kuala Pilah, Negeri Sembilan
5 Genting Cheng Estate, Melaka Freehold Estate : 792 hectares Oil palm estate and property 10.5 - 1981 (R)
Tengah, Alor Gajah & Kuala PD : 1 hectare development
Linggi, Melaka
6 Genting Tanah Merah Estate, Freehold Estate : 1,801 hectares Oil palm estate and Seed Garden 30.7 - 1981 (R)
Tangkak, Johor
7 Genting Sri Gading Estate, Batu Freehold Estate : 3,425 hectares Oil palm estate and property 138.5 - 1983 (A)
Pahat, Johor PD : 182 hectares development
8 Genting Sg. Rayat Estate, Batu Freehold Estate : 1,707 hectares Oil palm estate 29.9 - 1983 (A)
Pahat, Johor
9 Genting Sing Mah Estate, Air Freehold Estate : 669 hectares Oil palm estate and mill 14.1 39 1983 (A)
Hitam, Johor
10 Genting Kulai Besar Estate, Freehold Estate : 2,513 hectares Oil palm estate and property 195.3 - 1983 (A)
Kulai/Simpang Renggam, PD : 10 hectares development, Genting Indahpura
Johor Sports City, Car City and JPO
11 Genting Setiamas Estate, Freehold Estate : 71 hectares Oil palm estate and property 40.5 - 1996 (A)
Kulai & Batu Pahat, Johor PD : 48 hectares development
12 Genting Sabapalm Estate, Leasehold (unexpired lease Estate : 4,360 hectares Oil palm estate and mill 56.2 49 1991 (A)
Labuk Valley Sandakan, Sabah period of 66-868 years)
13 Genting Tanjung Estate, Leasehold (unexpired lease Estate : 4,345 hectares Oil palm estate and mill 52.6 25 1988 & 2001 (A)
Kinabatangan, Sabah period of 67-77 years)

208 LIST OF PROPERTIES HELD(cont’d)
NET BOOK
ESTATES/PROPERTY
DEVELOPMENT (“PD”)
14 Genting Bahagia Estate, Leasehold (unexpired lease Estate : 4,548 hectares Oil palm estate 36.3 - 1988 & 2003 (A)
Kinabatangan, Sabah period of 66-67 years)
15 Genting Tenegang Estate, Leasehold (unexpired lease Estate : 3,653 hectares Oil palm estate 22.9 - 1990 (A)
Kinabatangan, Sabah period of 69 years)
16 Genting Landworthy Estate, Leasehold (unexpired lease Estate : 4,039 hectares Oil palm estate 22.4 - 1992 (A)
17 Genting Layang Estate, Leasehold (unexpired lease Estate : 2,077 hectares Oil palm estate 17.2 - 1993 (A)
18 Genting Jambongan Estate, Leasehold (unexpired lease Land : 4,062 hectares Oil palm estate and mill 102.8 6 2001-2004, 2014,
Beluran, Sabah period of 14-81 years) 2015 & 2016 (A)
19 Genting Indah, Genting Permai Leasehold (unexpired lease Land : 8,182 hectares Oil palm estate and mill 149.9 11 2001 (A)
Estate & Genting Kencana period of 77 years)
Estate, Kinabatangan, Sabah
20 Genting Mewah Estate, Genting Leasehold (unexpired lease Land : 5,611 hectares Oil palm estate and mill 89.9 23 2002 (A)
Lokan Estate, Kinabatangan, period of 64-871 years)
Sabah
21 Genting Sekong Estate & Leasehold (unexpired lease Land : 6,755 hectares Oil palm estate and mill 137.3 23 2004 (A)
Genting Suan Lamba Estate period of 3-79 years)
Kinabatangan, Sabah
22 Wisma Genting Plantations, Leasehold (unexpired lease Built-up : 2,023 hectares Office 3.1 17 2004 (A)
Sandakan, Sabah period of 81 years)
23 Residential bungalow, Leasehold (unexpired lease Land : 1,206 sq.metres 2 units of 2-storey intermediate 0.1 35 1991 (A)
Sandakan, Sabah period of 868 years) detached house
Build-up : 374 sq.metres
24 Genting Vegetable Oils Leasehold (unexpired lease Land : 8 hectares Vacant land 1.8 - 1992 (A)
Refinery, Sandakan, Sabah period of 61 years)
25 Genting Integrated Biorefinery Leasehold (unexpired lease Land : 41.5 hectares Downstream Manufacturing 77.9 12 2011, 2014 &
Complex Lahad Datu, Sabah period of 85 years) 2015 (A)
INDONESIA
1 Ketapang, Kalimantan Barat Leasehold (unexpired lease Land : 38,787 hectares Oil palm estate and mill 624.2 7 2006, 2009, 2011,
period of 18-27 years) 2014 & 2016 (A)
2 Sanggau, Kalimantan Barat Yet to be determined Land : 25,596 hectares Oil palm estate 413.9 - 2010 & 2016 (A)
3 Sintang, Kalimantan Barat Yet to be determined Land : 11,727 hectares Oil palm estate 73.3 - 2016 (A)
4 Kapuas & Barito Selatan, Yet to be determined Land : 81,182 hectares Oil palm estate and mill 1,827.6 4&6 2008, 2012 &
Kalimantan Tengah 2015 (A)
5 Tapin, Kalimantan Selatan Leasehold (unexpired Land : 14,661 hectares Oil palm estate and mill 730.4 3 2017 (A)
6 Kalimantan Selatan Leasehold (unexpired Built-up : 349 sq.metres Office space 0.9 6 2017 (A)
Leasehold (unexpired Built-up : 75 sq.metres Office space 0.6 9 2018 (A)
7 West Java Leasehold (unexpired Land : 46.3 hectares Land with power plant complex 164.9 3 2013 (A)
Leasehold (unexpired Land : 9.8 hectares Land with power plant complex 32.0 3 2013 & 2014 (A)
Leasehold (unexpired Land : 10.8 hectares Land with power plant complex 6.8 3 2015 (A)
Leasehold (unexpired Land : 0.7 hectare Land with power plant complex 2.2 3 2016 (A)
Leasehold (unexpired Land : 0.1 hectare Land with power plant complex 0.6 3 2016 (A)
Leasehold (unexpired Land : 9.9 hectares Land for development 8.0 0 2019 (A)
8 South Jakarta Leasehold (unexpired Built-up : 1,923 sq.metres 1 level of office building at Ciputra 17.6 7 2013 (A)
lease period of 27 years) World Jakarta 1
Leasehold (unexpired Built-up : 1,884 sq.metres 1 level of office building at Ciputra 21.3 7 2014 (A)
Leasehold (unexpired Built-up : 1,923 sq.metres 1 level of office building at Ciputra 25.2 7 2017 (A)

LIST OF PROPERTIES HELD (cont’d) 209
NET BOOK
INDONESIA
9 West Papua Leasehold (unexpired Land : 17,270 hectares Oil palm estate and mill 30.1 10 2014 (A)
Yet to be determined Land : 35,371 hectares Vacant land 10.7 - 2014 (A)
UNITED KINGDOM
1 Hyde Park, London Leasehold (unexpired lease Built-up : 286 sq.metres 2 units of residential apartment at <0.1 40 1980/1996 (A)
period of 957 years) Hyde Park Towers
2 Newcastle Freehold Built-up : 1,464 sq.metres Casino Club 12.6 25 2010 (A)
3 Salford Freehold Built-up : 1,058 sq.metres Casino Club 7.6 22 2010 (A)
4 Wirral Freehold Built-up : 860 sq.metres Casino Club 6.3 40 2010 (A)
5 Leicester Freehold Built-up : 755 sq.metres Casino Club 8.1 40 2010 (A)
6 Bournemouth Freehold Built-up : 860 sq.metres Casino Club 6.7 120 2010 (A)
7 Southampton Freehold Built-up : 797 sq.metres Casino Club 11.1 120 2010 (A)
8 Bolton Freehold Built-up : 808 sq.metres Casino Club 4.3 120 2010 (A)
9 Glasgow Freehold Built-up : 3,402 sq.metres Casino Club 31.8 133 2010 (A)
10 Bristol Freehold Built-up : 873 sq.metres Casino Club 7.1 73 2010 (A)
11 Margate Freehold Built-up : 1,326 sq.metres Casino Club 10.8 63 2010 (A)
12 Torquay Freehold Built-up : 1,495 sq.metres Casino Club 3.2 30 2010 (A)
13 Crockfords Freehold Built-up : 1,907 sq.metres Casino Club 287.6 249 2010 (A)
14 31 Curzon Street next to Freehold Built-up : 307 sq.metres Office 36.6 243 2010 (A)
Crockfords
15 Cromwell Mint Freehold Built-up : 2,061 sq.metres Casino Club (include 11 residential flats) 46.6 108 2010 (A)
16 Brighton (9 Preston St) Freehold Built-up : 85 sq.metres Vacant retail building 0.3 53 2010 (A)
17 508 Sauchiehall St. Glasgow Freehold Built-up : 292 sq.metres Vacant retail building 1.6 133 2011 (A)
18 London - 2 Stanhope Row Freehold Built-up : 2,709 sq.metres Hotel 253.9 26 2011 (A)
19 London - 17A Market Mew Freehold Built-up : 244 sq.metres Residential apartment 13.3 55 2011 (A)
20 London - 36 Hertford Street Freehold Built-up : 747 sq.metres Residential apartment 62.2 85 2011 (A)
21 London - 37 Hertford Street Freehold Built-up : 471 sq.metres Residential apartment 41.8 245 2011 (A)
22 Luton (Luton Casino & Luton Leasehold (unexpired Built-up : 984 sq.metres 2 Casino Clubs 9.2 38 2010 (A)
Electric) lease period of 972 years)
23 Brighton Leasehold (unexpired Built-up : 458 sq.metres Casino Club 4.3 59 2010 (A)
24 Westcliff Electric Leasehold (unexpired Built-up : 836 sq.metres Casino Club 30.1 93 2010 (A)
25 Westcliff Leasehold (unexpired Built-up : 4,529 sq.metres Casino Club 2.8 93 2010 (A)
26 Derby Leasehold (unexpired Built-up : 2,150 sq.metres Casino Club <0.1 10 2010 (A)
27 Birmingham Edgbaston Leasehold (unexpired Built-up : 1,488 sq.metres Casino Club 15.0 111 2010 (A)
28 Liverpool Renshaw Street Leasehold (unexpired Built-up : 1,498 sq.metres Casino Club 14.7 118 2010 (A)
29 London - 16 Stanhope Row Leasehold (unexpired Built-up : 103 sq.metres Residential apartment 4.4 85 2011 (A)
30 Lytham St. Anne’s Leasehold (unexpired Built-up : 790 sq.metres Vacant <0.1 38 2010 (A)
31 Sheffield Leasehold (unexpired Built-up : 2,973 sq.metres Casino Club 32.1 12 2010 (A)
32 Resorts World Birmingham Leasehold (unexpired Built-up : 39,948 sq.metres Resort (Casino, hotel, restaurants 633.8 4 2015 (A)
lease period of 94 years) and shops)
33 AB Leicester/Cant St Leasehold (unexpired Built-up : 68 sq.metres Vacant <0.1 92 2010 (A)
(Leicester Electric) lease period of 0 year)
34 Liverpool Queen Square Leasehold (unexpired Built-up : 2,230 sq.metres Casino Club 16.8 31 2010 (A)
35 Palm Beach Leasehold (unexpired Built-up : 1,489 sq.metres Casino Club 11.9 26 2010 (A)
lease period of 0 year)
36 Coventry Leasehold (unexpired Built-up : 1,309 sq.metres Casino Club 4.9 27 2012 (A)
37 Edinburgh York Place Leasehold (unexpired Built-up : 767 sq.metres Casino Club <0.1 158 2010 (A)
38 Nottingham Leasehold (unexpired Built-up : 2,508 sq.metres Casino Club <0.1 26 2010 (A)
39 Stoke Leasehold (unexpired Built-up : 2,415 sq.metres Casino Club 4.3 41 2010 (A)
40 Colony Leasehold (unexpired Built-up : 1,594 sq.metres Casino Club 20.3 111 2010 (A)
41 Manchester Leasehold (unexpired Built-up : 3,003 sq.metres Casino Club 6.0 111 2010 (A)
42 Birmingham Star City Leasehold (unexpired Built-up : 6,503 sq.metres Casino Club <0.1 26 2010 (A)
43 Blackpool Leasehold (unexpired Built-up : 1,354 sq.metres Casino Club 8.5 111 2010 (A)
44 Birmingham Hurst Street Leasehold (unexpired Built-up : 1,181 sq.metres Casino Club <0.1 61 2010 (A)

210 LIST OF PROPERTIES HELD (cont’d)
NET BOOK
UNITED KINGDOM
45 Reading (Reading Club & Leasehold (unexpired Built-up : 1,682 sq.metres 2 Casino Clubs 8.7 41 2010 (A)
Reading Electric) lease period of 12 years)
46 Carlton Derby (Derby Maxims) Leasehold (unexpired Built-up : 546 sq.metres Vacant <0.1 111 2010 (A)
47 Edinburg Fountain Park Leasehold (unexpired Built-up : 2,415 sq.metres Casino Club 14.7 26 2010 (A)
48 Plymouth Leasehold (unexpired Built-up : 575 sq.metres Casino Club <0.1 78 2010 (A)
49 London China Town Leasehold (unexpired Built-up : 600 sq.metres Casino Club 0.4 58 2011 (A)
50 Plymouth Derry Cross Leasehold (unexpired Built-up : 2,137 sq.metres Vacant <0.1 13 2010 (A)
51 Portsmouth Electric Leasehold (unexpired Built-up : 120 sq.metres Casino Club 0.5 83 2010 (A)
52 Southampton Harbour House Leasehold (unexpired Built-up : 1,254 sq.metres Vacant <0.1 158 2010 (A)
53 Southport Floral Gardens Leasehold (unexpired Built-up : 1,580 sq.metres Casino Club 10.3 12 2010 (A)
UNITED STATES OF AMERICA

1 1601 Biscayne Boulevard, Miami Freehold Land : 0.1 hectare 1 plot of building land 52.9 - 2011 (A)
Built-up : 120,309 sq.metres 5-storey Omni office Building 292.7 45 2011 (A)
Built-up : 64,103 sq.metres 3-storey Omni retail Building 45 2011 (A)
Built-up : 78,968 sq.metres 29-storey Omni Hilton Hotel 296.3 43 2011 (A)
2 Downtown Miami, Miami Freehold Land : 0.9 hectare 1 plot of building land 68.5 - 2011 (A)
Built-up : 74 sq.metres Checkers Drive-In Restaurant 27 2011 (A)
Land : 5.6 hectares 1 plot of building land 961.8 - 2011 (A)
Built-up : 70,421 sq.metres 7-storey Miami Herald building 57 2011 (A)
Built-up : 2,388 sq.metres 2-storey boulevard shops 90 2011 (A)
Land : 0.5 hectare 10 plots of vacant land 16.3 - 2011 (A)
Built-up : 389 sq.metres 1 unit of Marquis Condominium 6.6 12 2011 (A)
3 Las Vegas, Nevada Freehold Land : 35.3 hectares 6 parcels of land & improvements 7,931.3 - 2013 (A)
BAHAMAS
1 North Bimini Freehold Land : 6.6 hectares 1 plot of building land 18.5 - 2013 (A)
Built-up : 929 sq.metres Casino 169.7 7 2013 (A)
Built-up : 12,295 sq.metres Jetty 203.3 6 2014 (A)
Land : 6.4 hectares Resort land with hotel 742.3 5 2015 (A)
Built-up : 17,130 sq.metres
2 Bimini, Bahamas Freehold Land : 0.5 hectare Warehouse 7.5 2 2018 (A)
Land : 5.2 hectare Beach Club 69.6 1 2019 (A)
Built-up : 2,323 sq.metres Warehouse building 6.9 2 2018 (A)
SINGAPORE
1 Genting Centre Freehold Land : 0.2 hectare 13-storey commercial building 442.2 9 2011 (A)
2 Sungei Tengah Leasehold (unexpired Land : 2.1 hectares Holding facilities 0.6 - 2011 (A)
3 Integrated Resort at Sentosa Leasehold (unexpired lease Land : 49 hectares 4 parcels of land for construction, 8,427.8 - 2007 (A)
period of 47 years) development and establishment of
integrated resort
4 Pandan Garden Warehouse Leasehold (unexpired Land : 2.2 hectares Warehouse 0.1 11 2009 (A)
5 Genting Jurong Hotel Leasehold (unexpired Land : 0.9 hectare 15-storey of hotel building 892.7 5 2013 (A)
INDIA
1 District of Kutch, Gujarat Freehold Land : 51.4 hectares Land with wind turbines 3.7 - 2011 (A)
MONGOLIA
1 Ulaanbaatar, Mongolia Leasehold (unexpired Built-up : 7,800 sq.metres 13-storey commercial building 9.8 9 2011 (A)

ANALYSIS OF SHAREHOLDINGS
Class of Shares : Ordinary shares 211
Voting Rights
• On a show of hands : 1 vote
• On a poll : 1 vote for each share held
As at 16 March 2020
No. of % of No. of % of
Size of Holdings Shareholders Shareholders Shares* Shares
Less than 100 3,426 4.783 22,377 0.001
100 - 1,000 24,406 34.075 18,354,479 0.476
1,001 - 10,000 34,640 48.363 142,048,925 3.689
10,001 - 100,000 7,889 11.014 221,355,153 5.749
100,001 to less than 5% of issued shares 1,259 1.758 1,840,194,555 47.790
5% and above of issued shares 5 0.007 1,628,600,610 42.295
Total 71,625 100.000 3,850,576,099 100.000
Note: * Excluding 26,320,000 shares bought back and retained by the Company as treasury shares.
THIRTY (30) LARGEST SECURITIES ACCOUNT HOLDERS AS PER RECORD OF DEPOSITORS AS AT 16 MARCH 2020
(without aggregating the securities from different securities accounts belonging to the same depositor)
Name No. of Shares % of Shares

1. CIMB Group Nominees (Tempatan) Sdn Bhd 550,000,000 14.284
Pledged Securities Account For Kien Huat Realty Sdn Bhd (CBC1)
2. Citigroup Nominees (Tempatan) Sdn Bhd 380,000,000 9.869
CB Spore GW For Kien Huat Realty Sdn Bhd
3. Kien Huat Realty Sdn Berhad 287,387,240 7.463
4. HSBC Nominees (Tempatan) Sdn Bhd 210,727,400 5.473
Exempt AN For Credit Suisse (SG BR-TST-TEMP)
5. Kien Huat Realty Sdn Berhad 200,485,970 5.207
Great Eastern Life Assurance (Malaysia) Berhad (PAR 1)
7. Lim Kok Thay 68,119,980 1.769
8. Citigroup Nominees (Asing) Sdn Bhd 65,999,340 1.714
CBNY For ORBIS SICAV Emerging Markets Equity Fund
9. Cartaban Nominees (Asing) Sdn Bhd 46,387,113 1.205
GIC Private Limited For Government of Singapore (C)
Exempt AN For State Street Bank & Trust Company (WEST CLT OD67)
11. Cartaban Nominees (Tempatan) Sdn Bhd 41,386,000 1.075
PAMB For Prulink Equity Fund
12. HSBC Nominees (Asing) Sdn Bhd 41,170,620 1.069
JPMCB NA For Vanguard Total International Stock Index Fund
SSBT Fund 52B0 For MFS Emerging Markets Equity Fund
JPMCB NA For Vanguard Emerging Markets Stock Index Fund
CBNY For Orbis Global Equity Fund Limited
Great Eastern Life Assurance (Malaysia) Berhad (PAR 3)
TNTC For Brandes Emerging Markets Value Fund
18. Maybank Nominees (Asing) Sdn Bhd 20,544,250 0.534
The Bank Of New York Mellon ADR Prog. For Genting Berhad
Exempt AN For AIA Bhd.
UBS AG
CBHK For Orbis Global Equity Le Fund (AUS Registered)
22. Maybank Nominees (Tempatan) Sdn Bhd 17,693,600 0.460
Maybank Trustees Berhad For Public Regular Savings Fund (N14011940100)
CBNY For Dimensional Emerging Markets Value Fund
J.P. Morgan Securities PLC
Great Eastern Life Assurance (Malaysia) Berhad (LSF)
JPMCB NA For New York State Common Retirement Fund
27. Datacorp Sdn Bhd 15,216,000 0.395
HSBC-FS G For Best Investment Corporation (Maple Brown)
JPMCB NA For MFS International New Discovery Fund
JPMCB NA For Blackrock Institutional Trust Company, N.A.
Investment Funds For Employee Benefit Trusts
Total 2,379,268,455 61.790

212 ANALYSIS OF SHAREHOLDINGS (cont’d)
SUBSTANTIAL SHAREHOLDERS AS PER REGISTER OF SUBSTANTIAL SHAREHOLDERS AS AT 16 MARCH 2020
No. of Shares
Direct Interest % of Shares Deemed Interest % of Shares
Kien Huat Realty Sdn Berhad (“KHR”) 1,640,569,610 42.6058 9,277,000(1) 0.2409
Kien Huat International Limited (“KHI”) - - 1,649,846,610(2) 42.8467
Parkview Management Sdn Bhd as trustee of - - 1,649,846,610(2) 42.8467
a discretionary trust (“PMSB”)
Tan Sri Lim Kok Thay (“TSLKT”) 68,119,980 1.7691 1,649,846,610(3) 42.8467
Mr Lim Keong Hui (“LKH”) - - 1,649,846,610(3) 42.8467
Notes:
(1) Deemed interest through its subsidiary (Inverway Sdn Bhd).
(2) Deemed interest through KHR and its subsidiary (Inverway Sdn Bhd).
(3) Deemed interest by virtue of TSLKT and LKH being beneficiaries of a discretionary trust of which PMSB is the trustee. PMSB as trustee of the discretionary trust owns 100% of
the voting shares of KHI which in turn owns 100% of the voting shares in KHR. As such, PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of
the Company held by KHR and Inverway Sdn Bhd (“Inverway”), a wholly owned subsidiary of KHR by virtue of its controlling interest in KHR and Inverway.
DIRECTORS’ SHAREHOLDINGS AND PERFORMANCE SHARES AS PER THE REGISTERS PURSUANT TO THE
COMPANIES ACT 2016 AS AT 16 MARCH 2020
INTEREST IN THE COMPANY
No. of Shares
Name Direct Interest % of Shares Deemed Interest % of Shares
Tan Sri Lim Kok Thay 68,119,980 1.7691 1,649,846,610 (1) 42.8467
Tan Sri Foong Cheng Yuen 70,000 0.0018 - -
Mr Lim Keong Hui - - 1,649,846,610 (1) 42.8467
Mr Tan Kong Han 770,000 0.0200 100,000 (5) 0.0026
Dato’ Dr. R. Thillainathan (6b) 25,000 0.0006 - -
INTEREST IN GENTING MALAYSIA BERHAD (“GENM”), A COMPANY WHICH IS 49.5% OWNED BY THE COMPANY
No. of Shares No. of Performance Shares granted

Direct % of Deemed % of Restricted Performance
Name Interest Shares Interest Shares Share Plan Share Plan
Tan Sri Lim Kok Thay (6a) 20,003,648 0.3543 2,796,992,189 (2) 49.5424 4,365,094 11,007,068
Mr Lim Keong Hui 648,938 0.0115 2,796,992,189 (2) 49.5424 1,264,000 4,211,046
Mr Tan Kong Han 370,000 0.0066 53,500 (5) 0.0009 - -
INTEREST IN GENTING PLANTATIONS BERHAD (“GENP”), A 55.4% OWNED SUBSIDIARY OF THE COMPANY
No. of Shares
Name Direct Interest % of Shares Deemed Interest % of Shares
Tan Sri Lim Kok Thay 442,800 0.0494 488,406,000 (3) 54.4368
Mr Lim Keong Hui - - 488,406,000 (3) 54.4368
Mr Tan Kong Han 54,000 0.0060 - -
Dato’ Dr. R. Thillainathan (6c) - - - -

ANALYSIS OF SHAREHOLDINGS (cont’d) 213
DIRECTORS’ SHAREHOLDINGS AND PERFORMANCE SHARES AS PER THE REGISTERS PURSUANT TO THE
COMPANIES ACT 2016 AS AT 16 MARCH 2020 (cont’d)
INTEREST IN GENTING SINGAPORE LIMITED (“GENS”), AN INDIRECT 52.7% OWNED SUBSIDIARY OF THE
COMPANY
No. of Shares No. of

Direct Deemed Performance
Name Interest % of Shares Interest % of Shares Shares granted
Tan Sri Lim Kok Thay 14,945,063 0.1238 6,353,828,069 (4) 52.6642 750,000
Mr Lim Keong Hui - - 6,353,828,069 (4) 52.6642 -
Mr Tan Kong Han 450,000 0.0037 100,000 (5) 0.0008 -
Dato’ Dr. R. Thillainathan 1,582,438 0.0131 - - -
Notes:
(1) Deemed interest by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being beneficiaries of a discretionary trust of which Parkview Management Sdn
Bhd (“PMSB”) is the trustee. PMSB as trustee of the discretionary trust owns 100% of the voting shares of Kien Huat International Limited (“KHI”) which in
turn owns 100% of the voting shares in Kien Huat Realty Sdn Berhad (“KHR”). As such, PMSB as trustee of the discretionary trust is deemed interested in the
ordinary shares of the Company held by KHR and Inverway Sdn Bhd (“Inverway”), a wholly owned subsidiary of KHR by virtue of its controlling interest in KHR
and Inverway.
(2) Deemed interest by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being:
(a) beneficiaries of a discretionary trust of which PMSB is the trustee. PMSB as trustee of the discretionary trust owns 100% of the voting shares of KHI which
in turn owns 100% of the voting shares of KHR. KHR owns more than 20% of the voting shares of the Company which in turn owns ordinary shares in GENM.
As such, PMSB as trustee of the discretionary trust is deemed interested in the ordinary shares of GENM held by the Company as it is entitled to exercise
or control the exercise of not less than 20% of the votes attached to the voting shares in the Company. PMSB as trustee of the discretionary trust is also
deemed interested in the ordinary shares of GENM held by KHR by virtue of its controlling interest in KHR; and
(b) beneficiaries of a discretionary trust of which Summerhill Trust Company (Isle of Man) Limited (“STC”) is the trustee. Golden Hope Limited (“GHL”) acts
as trustee of the Golden Hope Unit Trust (“GHUT”), a private unit trust whose voting units are ultimately owned by STC as trustee of the discretionary
trust. GHL as trustee of the GHUT owns ordinary shares in GENM.
(3) Deemed interest by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being beneficiaries of a discretionary trust of which PMSB is the trustee. PMSB as
trustee of the discretionary trust owns 100% of the voting shares of KHI which in turn owns 100% of the voting shares in KHR. KHR owns more than 20%
of the voting shares of the Company which in turn owns ordinary shares in GENP. As such, PMSB as trustee of the discretionary trust is deemed interested
in the ordinary shares of GENP held by the Company as it is entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting
shares in the Company.
(4) Deemed interest by virtue of Tan Sri Lim Kok Thay and Mr Lim Keong Hui being beneficiaries of a discretionary trust of which PMSB is the trustee.
PMSB as trustee of the discretionary trust is deemed interested in the shares of GENS held by KHR and Genting Overseas Holdings Limited, a wholly owned
subsidiary of the Company. KHR controls more than 20% of the voting share capital of the Company.
(5) Deemed interest by virtue of Mr Tan Kong Han being the sole director and shareholder of Chan Fun Chee Holdings Inc (“CFC”) which currently holds the assets of
his late grandmother’s estate. Mr Tan is the Executor of his late grandmother’s estate and holding the CFC assets as trustee for himself and certain of his family
members in accordance with the will of his late grandmother.
(6) The following disclosures are made pursuant to Section 59(11)(c) of the Companies Act 2016:
(a) Interests of Tan Sri Lim Kok Thay’s children in GENM (other than Mr Lim Keong Hui who is a director of the Company) are as follows:
No. of Performance Shares granted

Name Ordinary Shares Restricted Share Plan Performance Share Plan
Lim Keong Han 5,786 (negligible) 11,100 41,680
Lim Keong Loui - 37,800 155,720
(b) Dato’ Dr. R. Thillainathan’s spouse and children collectively hold 767,250 ordinary shares (0.0199%) in the Company.
(c) Dato’ Dr. R. Thillainathan’s spouse holds 12,000 ordinary shares (0.0013%) in GENP.
OTHER INFORMATION
Material Contracts
Material contracts of the Company and its subsidiaries involving Directors and major shareholders either subsisting at the
end of the financial year ended 31 December 2019, or entered into since the end of the previous financial year are disclosed
in the Note 48 to the financial statements under “Significant Related Party Transactions and Balances” on pages 178 to 181
of this Annual Report.

214 REQUIREMENTS OF NEVADA GAMING REGULATIONS ON
GENTING BERHAD AND ITS SHAREHOLDERS
Genting Berhad is registered with the Nevada Gaming Commission (“NGC”) as a publicly traded corporation and certain of
its subsidiaries have been licensed as intermediary companies or a manufacturer/distributor. As such, Genting Berhad
is subject to the Nevada Gaming Control Act, the regulations promulgated thereunder, and the licensing and regulatory
control of the Nevada Gaming Control Board (“Nevada Board”) and the NGC.
The NGC may require anyone having a material relationship or involvement with Genting Berhad to be found suitable or licensed.
Any person who acquires more than 5% of any class of our voting securities must report, within 10 days, the acquisition to the
NGC. Any person who becomes a beneficial owner of more than 10% of any class of our voting securities is required to apply
for a finding of suitability within 30 days after the Nevada Board Chair mails written notice. Under certain circumstances, an
“Institutional Investor,” as defined in the NGC’s regulations, that acquires more than 10% but not more than 25% of any class of
our voting securities, may apply to the NGC for a waiver of the requirements for a finding of suitability. Information of the NGC
and Nevada Board is available at their website http://gaming.nv.gov/.
The NGC may also, in its discretion, require any other holders of Genting Berhad’s equity securities or debt securities to file
applications, be investigated, and be found suitable to own Genting Berhad’s equity or debt securities. The applicant security
holder is required to pay all costs of such investigation.
Any person who fails or refuses to apply for a finding of suitability or a license within 30 days after being directed to do so by the
NGC may be found unsuitable based solely on such failure or refusal. The same restrictions apply to a record owner of Genting
Berhad’s equity or debt securities if the record owner, when requested, fails to identify the beneficial owner. Any security holder
found unsuitable and who holds, directly or indirectly, any record or beneficial ownership of the equity or debt security beyond
such period of time prescribed by the NGC may be in violation of the Nevada law.
Any change in control of Genting Berhad through merger, consolidation, acquisition of assets, management or consulting
agreements, or any form of takeover cannot occur without prior investigation by the Nevada Board and approval by the NGC.

GROUP OFFICES
GENTING BERHAD
CORPORATE OFFICES
GENTING BERHAD - GROUP HEAD OFFICE
www.genting.com
Jalan Sultan Ismail
50250 Kuala Lumpur, Malaysia
T : +603 2178 2288 / 2333 2288
F : +603 2161 5304
E : info@genting.com
LEISURE & HOSPITALITY DIVISION
Genting Malaysia Berhad Genting Singapore Limited PROPERTY DIVISION

www.gentingmalaysia.com www.gentingsingapore.com
10 Sentosa Gateway Genting Property Sdn Bhd
Resorts World Genting Resorts World Sentosa www.gentingplantations.com
www.rwgenting.com Singapore 098270 3rd Floor, Wisma Genting
T : +65 6577 8888 Jalan Sultan Ismail
Resorts World Kijal F : +65 6577 8890 50250 Kuala Lumpur, Malaysia
www.rwkijal.com T : +603 2178 2255 / 2333 2255
Resorts World at Sentosa Pte Ltd F : +603 2164 1218
Resorts World Langkawi www.rwsentosa.com E : gpbinfo@genting.com
www.rwlangkawi.com 8 Sentosa Gateway
Resorts World Sentosa BIOTECHNOLOGY DIVISION
24th Floor, Wisma Genting Singapore 098269
Jalan Sultan Ismail T : +65 6577 8888 ACGT Sdn Bhd
50250 Kuala Lumpur, Malaysia F : +65 6577 8890 Genting Agtech Sdn Bhd
T : +603 2178 2233 / 2333 2233 E : enquiries@rwsentosa.com L3-I-1 Enterprise 4
F : +603 2161 5304 Technology Park Malaysia
E : ir.genm@genting.com RW Tech Labs Sdn Bhd Lebuhraya Puchong-Sg Besi, Bukit Jalil
2nd Floor, Wisma Genting 57000 Kuala Lumpur, Malaysia
Genting UK Plc Jalan Sultan Ismail T : +603 8996 9888
www.genting.co.uk 50250 Kuala Lumpur, Malaysia F : +603 8996 3388
Genting Club Star City T : +603 2178 2288 / 2333 2288
Watson Road, Birmingham F : +603 2333 6368 DOWNSTREAM MANUFACTURING
B7 5SA, United Kingdom DIVISION
T : +44 121 325 7760 PLANTATION DIVISION 10th Floor, Wisma Genting
F : +44 121 325 7761 Jalan Sultan Ismail
Genting Plantations Berhad 50250 Kuala Lumpur, Malaysia
Genting New York, LLC www.gentingplantations.com T : +603 2178 2255 / 2333 2255
www.rwnewyork.com 10th Floor, Wisma Genting F : +603 2161 6149
110-00 Rockaway Blvd. Jalan Sultan Ismail E : gpbinfo@genting.com
Jamaica, NY 11420, USA 50250 Kuala Lumpur, Malaysia
T : +1 888 888 8801 T : +603 2178 2255 / 2333 2255 ENERGY DIVISION
F : +603 2161 6149 www.gentingenergy.com
Resorts World Bimini E : gpbinfo@genting.com
C/O Bimini Superfast Operations LLC Genting Power Holdings Limited
www.rwbimini.com 22nd Floor, Wisma Genting
1501 Biscayne Blvd Jalan Sultan Ismail
Suite 500 50250 Kuala Lumpur, Malaysia
Miami, FL 33132 T : +603 2178 2211 / 2333 2211
T : +1 305 374 6664 F : +603 2162 4032
E : enquiry@gentingenergy.com
Genting Oil & Gas Limited

Genting Oil & Gas Sdn Bhd
22nd Floor, Wisma Genting
Jalan Sultan Ismail
T : +603 2178 2211 / 2333 2211
F : +603 2162 4032
E : enquiry@gentingenergy.com
GROUP OFFICES
GENTING BERHAD
LEISURE & HOSPITALITY DIVISION

RESORTS
Resorts World Genting Resorts World Birmingham

Genting Highlands Resorts Pendigo Way,
69000 Pahang, Malaysia Birmingham
T : +603 6101 1118 B40 1PU,
F : +603 6101 1888 United Kingdom
T : +44 121 213 6327
Resorts World Sentosa
8 Sentosa Gateway, SALES & RESERVATIONS OFFICES
Resorts World Sentosa
Singapore 098269 WorldReservations Centre (WRC)
T : +65 6577 8888 17th Floor, Wisma Genting
F : +65 6577 8890 Jalan Sultan Ismail
E : enquiries@rwsentosa.com 50250 Kuala Lumpur, Malaysia
T : +603 2718 1118
Resorts World Manila F : +603 2718 1888
10F NECC Building, Newport Boulevard, Newport City Enquiry E-mail:
Pasay 1309, Metro Manila, Philippines customercare@rwgenting.com
T : +632 908 8000 Membership E-mail:
E : customerservice@rwmanila.com hotline@gentingrewards.com.my
Book online at www.rwgenting.com
Resorts World Awana
8th Mile, Genting Highlands Meetings, Incentives,
69000 Pahang, Malaysia Conventions & Exhibitions (M.I.C.E.)~
T : +603 6436 9000 23rd Floor, Wisma Genting
Resorts World Kijal T : +603 2301 6686
KM 28, Jalan Kemaman-Dungun E : meetings-events@rwgenting.com
24100 Kijal, Kemaman www.rwgenting.com/meetings-events
Terengganu, Malaysia
T : +609 864 1188 Malaysia - Kuala Lumpur *
F : +609 864 1688 Resorts World OneHub~*
Lower Ground Floor, Wisma Genting
Resorts World Langkawi Jalan Sultan Ismail
Tanjung Malai, 50250 Kuala Lumpur, Malaysia
07000 Langkawi
Kedah, Malaysia Genting International Services Sdn Bhd ^*
T : +604 955 5111 12th Floor, Wisma Genting
Resorts World Casino New York City T : +603 2333 3285
110-00 Rockaway Blvd. F : +603 2164 8323
Jamaica, NY 11420, USA
T : +1 888 888 8801 Malaysia - Johor Bahru *
E : guestfeedback@rwnewyork.com Genting International Sdn Bhd ^*
92, Jalan Tanjung 8/3
Resorts World Catskills Taman Sutera Utama
888 Resorts World Drive 81300 Skudai
Monticello, NY 12701, USA Johor, Malaysia
T : +1 833 586 9358 T : +607 554 9888
E : guestservices@rwcatskills.com F : +607 558 9733
Resorts World Bimini

North Bimini
Commonwealth of the Bahamas
T : +1 888 930 8688
* Sales Office # Representative Office

~ Resorts World Genting/ Genting Malaysia ^Resorts World Sentosa/ Genting Singapore
GROUP OFFICES
GENTING BERHAD
LEISURE & HOSPITALITY DIVISION (cont’d)

OTHER SERVICES
Casino De Genting Limousine Service Counter (KLIA Sepang)

Genting Highlands Resort Lot MTBAP S1
69000 Pahang, Malaysia Arrival Hall, Level 3,
Membership Hotline: Main Terminal Building,
T: +603 6105 2028 KL International Airport
64000 KLIA Sepang
Genting Club Selangor, Malaysia
Resorts World Genting T : +603 8776 6753 / 8787 4451
Genting Highlands Resort E : transportreservation-limousine@rwgenting.com
69000 Pahang, Malaysia
T : +603 6105 9009 Limousine Service Counter
F : +603 6105 9388 (Resorts World Genting)
Genting Highlands Resort
Genting Malta Limited 69000 Pahang, Malaysia
53, Sir Adrian Dingli Street, T : +603 6105 9584 / 9585
Sliema, E : transportreservation-limousine@rwgenting.com
SLM 1902, Malta
Genting Transport Reservations Centre
Resorts World Tours Sdn Bhd~ (For buses and limousines)
Resorts World OneHub~* Level T1, Genting Lower Skyway
Lower Ground Floor, Wisma Genting 69000 Genting Highlands Pahang, Malaysia
Jalan Sultan Ismail T : +603 6105 9215 / 9287
T : +603 2333 3214 / 6663 / 6702 (Airline Ticketing)
+603 2333 6303 / 6504 / 6704 / 3254 /
3210 (Tours Division)
F : +603 2333 6995
E : resorts.world.tour@rwgenting.com

GROUP OFFICES
GENTING BERHAD
LEISURE & HOSPITALITY DIVISION (cont’d)

OVERSEAS SALES / BRANCH / REPRESENTATIVE /
WORLDCARD OFFICES
Japan* China – Chengdu #

Genting International Japan Co., Ltd.^* Adriana Limited ^#
Marunouchi Eiraku Building 22F Level 18
#2201, 1-4-1 Marunouchi The Office Tower Shangri-La Centre
Chiyoda-ku, Tokyo 100-0005, Japan No. 9 Bin Jiang (East) Road
T: +81 3 6273 4066 Chengdu 610021, China
F: +81 3 6273 4067 T : +86 28 6606 5041
F : +86 28 6606 5042
Singapore*
Golden Site Pte Ltd ~ * China – Guangzhou #
60 Paya Lebar Road Unit No. 735-36, The Garden Tower ^#
Paya Lebar Square, #08-18 No. 368 Huan Shi Dong Road
Singapore 409051 Guangzhou 510064, China
T : +65 6823 9888 T : +86 20 8365 2980
F : +65 6822 7282 F : +86 20 8365 2981
India-Mumbai # Genting Rewards

Resorts World Travel Services Pte Ltd ~^# Genting WorldCard Services Sdn Bhd
B-003, Knox Plaza, Off Link Road 12th Floor, Wisma Genting
Chincholi Bunder, Malad West Jalan Sultan Ismail
Mumbai 400064, India 50250 Kuala Lumpur, Malaysia
F : +603 2333 6611
China – Shanghai # E : hotline@gentingrewards.com.my
Widuri Pelangi Sdn Bhd # www.rwgenting.com/gentingrewards
RM1404 LanSheng Building
2-8, Middle HuaiHai Road Resorts World Inc Pte Ltd
200021 Shanghai, China 3 Lim Teck Kim Road
T : +86 6316 7923 / 6315 3576 #09-02 Genting Centre
F : +86 21 6329 6256 Singapore 088934
T : +65 6720 0888
Adriana Limited ^# F : +65 6720 0866
Room 407, No. 318 Fuzhou Road www.resortsworldglobal.genting
Cross Tower
Shanghai 200001, China
T : +86 21 6323 0637 / 0639
F : +86 21 6323 0638
China – Beijing #
Adriana Limited ^#
Office C703, Beijing Lufthansa Center
No 50, Liangmaqiao Road
Chaoyang District
Beijing 100125, China
T : +86 10 6468 9705
F : +86 10 6468 9706

GROUP OFFICES
GENTING BERHAD
PLANTATION DIVISION Genting Indahpura Sales Office ENERGY DIVISION

1213-1215, Jalan Kasturi 36/45
Regional Office Indahpura, 81000 Kulaijaya Malaysia
Genting Plantations Office, Sabah Johor, Malaysia Genting Bio-Oil Sdn Bhd
Wisma Genting Plantations T : +607 662 4652 c/o Genting Oil Mill Sdn Bhd
KM 12, Labuk Road F : +607 662 4655 Batu 54, Jalan Johor
90000 Sandakan 86100 Ayer Hitam
Sabah, Malaysia Genting Pura Kencana Sales Office Johor, Malaysia
T : +089 672 787 / 672 767 No. 1, Jalan Sisiran Pura Kencana 1A/1 T : +607 763 3312
F : +089 673 976 Taman Pura Kencana F : +607 758 3209
83300 Sri Gading
PT Genting Plantations Nusantara Batu Pahat China
DBS Tower 15th Floor Johor, Malaysia Genting Power China Limited
Ciputra World 1 T : +607 455 8181 Room 1611, 16th Floor
Jl. Prof. Dr. Satrio Kav. 3-5 F : +607 455 7171 Silver Tower, No 2 Dong San Huan Bei Lu
Jakarta 12940, Indonesia Chaoyang District
T: +62 21 2988 7600 Johor Premium Outlets® Beijing 100027, China
F: +62 21 2988 7601 www.premiumoutlets.com.my T : +86 10 8440 0908
Jalan Premium Outlets F : +86 10 8440 0907
PROPERTY DIVISION Indahpura
81000 Kulai Fujian Pacific Electric Company
Gentinggi Sdn Bhd Johor Darul Takzim, Malaysia Limited
Resorts Facilities Services Sdn Bhd T : +607 661 8888 Meizhou Wan Power Plant
8A Floor, Wisma Genting F : +607 661 8810 Talin Village, Dongpu Town
Jalan Sultan Ismail Xiuyu District, Putian City
50250 Kuala Lumpur, Malaysia Genting Highlands Premium Outlets® Fujian 351153, China
T : +603 2178 2233 / 2333 2233 www.premiumoutlets.com.my T : +86 594 591 6880
F : +603 2164 7480 KM13, F : +86 594 590 1930
Genting Highlands Resorts,
Property Sales 69000 Genting Highlands, India
- Awana Condominium Pahang Darul Makmur. Genting Lanco Power (India) Pte Ltd
- Ria Apartments T : +603 6433 8888 Lanco Kondapalli Power Plant
- Kayangan Apartments F : +603 6433 8810 Kondapalli IDA, 521 228
Enquiries: Ibrahimpatnam Mandal
T : +603 2178 2233 / 2333 2233 BIOTECHNOLOGY DIVISION Krishna District, Andhra Pradesh, India
F : +603 2164 7480 T : +91 866 2872807 / 2872808 /
ACGT Sdn Bhd 2871311
Kijal Resort Sdn Bhd (Sales Office) ACGT Laboratories F : +91 866 2872806
- Angsana Apartments L3-I-1 Enterprise 4
- Baiduri Apartments Technology Park Malaysia Indonesia
8 Floor, Wisma Genting Lebuhraya Puchong-Sg Besi, Bukit Jalil Genting Oil Kasuri Pte Ltd
Jalan Sultan Ismail 57000 Kuala Lumpur, Malaysia DBS Bank Tower, 16th Floor
50250 Kuala Lumpur, Malaysia T : +603 8996 9888 Ciputra World 1
T : +603 2178 2233 / 2333 2233 F : +603 8996 3388 Jl. Prof. Dr Satrio Kav 3-5
F : +603 2164 7480 Jakarta 12940, Indonesia
The Gasoline TreeTM Experimental T : +62 21 2988 7700
Projek Bandar Pelancongan Research Station F : +62 21 2988 7701
Pantai Kijal Jalan Kuarters-KLIA
KM 28, Jalan Kemaman-Dungun 43900 Sepang PT. Lestari Banten Energi
24100 Kijal, Kemaman Selangor, Malaysia Ciputra World 1, DBS Tower 13th Floor
Terengganu, Malaysia T : +6019 286 8856 Jl. Prof. Dr Satrio Kav 3-5
T : +609 864 9261 Jakarta 12940, Indonesia
F : +609 864 9260 T : +62 21 2988 7500
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57
GENTING PREMIER BRANDS
GENT ING SE N T OSA N E W YOR K CATSKILLS LAS VEGAS* BI R M I N G HAM

MALAYSIA SI N GAPOR E USA USA USA UK
AWAN A K I J AL LANGKAWI BI M I N I M A N I LA
MA L AY S I A M AL AY S I A MALAYSIA BA H A M A S P H I LI P P I N E S
* Co ming Soon
RE S O RT S W O RLD GEN T IN G, M A LA Y S IA
GENTING UK
Genting Plantations Berhad Genting Property Sdn. Bhd. ACGT Sdn. Bhd. Genting Agtech Sdn. Bhd.

58
GentinG Berhad 196801000315 (7916-A)

Jalan Sultan Ismail
50250 Kuala lumpur, Malaysia
t : +603 2178 2288 / 2333 2288

F : +603 2161 5304
www.genting.com
Genting, the Genting logo and all Genting elements and related indicia TM & © 2020; Universal Studios, Universal Studios Singapore and all Universal elements and related
indicia TM & © 2020; Premium Outlets, Johor Premium Outlets, Genting Highlands Premium Outlets and all Premium Outlet elements indicia ®; Yield Booster TM. All rights reserved.

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AnnuAl report 2019

• Generate a fair return to shareholders.

• Be a responsible corporate citizen, committed to enhancing corporate governance and transparency,

OUR CORE VALUES

53 Awards and Accolades Group Offices

55 Sustainability Statement Genting Premier Brands

70 Audit Committee Report

73 Statement on Risk Management

On behalf of the Board of Directors (“Board”),

2019 has been a year of regulatory changes,

DIVIDENDS The ongoing development of the new outdoor theme park

ANNUAL REPORT 2019 | GENTING BERHAD

Resorts World Las Vegas Genting Plantations’ biotechnology team is continuing

GENTING BERHAD | ANNUAL REPORT 2019

Five sustainability pillars, namely maintaining the integrity

ANNUAL REPORT 2019 | GENTING BERHAD

GENTING BERHAD | ANNUAL REPORT 2019

Genting Malaysia berterusan, demi mempertingkatkan penawaran produk

ANNUAL REPORT 2019 | GENTING BERHAD

GENTING BERHAD | ANNUAL REPORT 2019

LAPORAN KELESTARIAN Saya ingin menyampaikan perghargaan kepada semua ahli

Ringkasan eksekutif perjalanan kelestarian kami dilaporkan

ANNUAL REPORT 2019 | GENTING BERHAD

GENTING BERHAD | ANNUAL REPORT 2019

柔佛名牌折扣购物中心(Johor Premium Outlets)与云顶高原名牌折扣购物中 2020年是云顶集团成立55周年。随着我们迎来崭新十年，我们将专注于尚在

ANNUAL REPORT 2019 | GENTING BERHAD

AUDIT COMMITTEE RISK MANAGEMENT COMMITTEE

DATO’ DR. R. THILLAINATHAN DATO’ DR. R. THILLAINATHAN

MADAM KOID SWEE LIAN MADAM KOID SWEE LIAN

DATUK MANHARLAL A/L RATILAL DATUK MANHARLAL A/L RATILAL

MR ERIC OOI LIP AUN MR ERIC OOI LIP AUN

GENTING BERHAD | ANNUAL REPORT 2019

NOMINATION COMMITTEE REMUNERATION COMMITTEE

DATO’ DR. R. THILLAINATHAN TAN SRI FOONG CHENG YUEN

TAN SRI FOONG CHENG YUEN MADAM KOID SWEE LIAN

DATUK MANHARLAL A/L RATILAL MR ERIC OOI LIP AUN

ANNUAL REPORT 2019 | GENTING BERHAD

Tan Sri Lim Kok Thay (Malaysian, aged 68, male),

Tan Sri Lim holds a Bachelor of Science in Civil Engineering

Tan Sri Lim is the Chairman and Chief Executive Officer

Tan Sri Lim is a beneficiary of a discretionary trust which

In the context of the above businesses of Genting Hong

For his leadership excellence and significant contributions

Tan Sri Foong Cheng Yuen (Malaysian, aged 74, male),

He graduated from the University of London with LL.B.

He was appointed as Judicial Commissioner in 1990 and

Tan Sri Foong is currently a director of Only World Group

ANNUAL REPORT 2019 | GENTING BERHAD

Mr Lim Keong Hui (Malaysian, aged 34, male), was

Mr Lim holds a Bachelor of Science (Honours) Degree

Mr Lim is the Deputy Chief Executive Officer and Executive

Mr Lim is a beneficiary of a discretionary trust which

In the context of the above businesses of Genting Hong

Mr Tan Kong Han (Malaysian, aged 54, male), the

He serves as a director of a variety of subsidiary companies

MR TAN KONG HAN

ANNUAL REPORT 2019 | GENTING BERHAD

Dato’ Dr. R. Thillainathan (Malaysian, aged 75, male),

He was the Chief Operating Officer of the Company from