Genting Bhd, a prominent Malaysian conglomerate, has confirmed that its voluntary takeover offer for its subsidiary, Genting Malaysia, will proceed after successfully increasing its stake beyond the 50% threshold. Following an initial offer in mid-October, Genting Bhd raised its shareholding from 49.36% to 50.11%, thus meeting the key condition for the takeover to advance.

Genting Bhd’s Takeover of Genting Malaysia Moves Forward

According to Inside Asian Gaming, the offer, valued at MYR2.35 per share (approximately US$0.55), is now available for shareholders to accept until 5 PM Malaysian time on 24 October 2025. Genting Bhd has expressed its intention to acquire all remaining shares in Genting Malaysia that it does not already own.

This acquisition is seen as part of a broader strategy for Genting Bhd, which aims to enhance its control over Genting Malaysia’s operations, particularly as the latter vies for one of the three coveted full-scale casino licenses in downstate New York. The move could lead to Genting Malaysia’s delisting from the Malaysian stock exchange, which would streamline operations and reduce regulatory complexities.

The primary driver behind the takeover is Genting Malaysia’s strategic position in the race for a commercial casino license in downstate New York. Genting Malaysia currently operates Resorts World New York City (RWNYC), a major electronic gaming venue in Queens, and has proposed an expansion that would introduce table games to the property. A full casino license would significantly boost long-term revenue and enhance the property’s competitive edge.

In addition to its New York properties, Genting Malaysia also operates Resorts World Genting in Malaysia and has other gaming interests in the UK, Egypt, the Bahamas, and the United States. The company’s extensive portfolio and high-value assets are seen as key to its ongoing success, with analysts optimistic about its growth potential in both domestic and international markets.

Genting Bhd’s acquisition would give it greater control over Genting Malaysia’s financial decisions, positioning the parent company to capitalize on the potential rewards from a New York casino license. Industry observers note that securing a larger stake in Genting Malaysia would allow Genting Bhd to leverage its resources to support the planned development of Resorts World New York City and other projects.

Financial Implications and Minority Shareholder Concerns

The acquisition offer has raised concerns among some minority shareholders. Maybank Investment Bank recently advised shareholders to reject the takeover bid, arguing that the MYR2.35 per share offer undervalues Genting Malaysia, particularly in light of the company’s future growth prospects. Despite this, Genting Bhd has proceeded with the purchase, fulfilling the minimum shareholding requirement to make the offer unconditional.

The deal involves a total cash consideration of MYR6.74 billion (approximately US$1.59 billion), which will be funded through a mix of debt financing and internally generated funds. Genting Bhd has made clear that the aim of the acquisition is to solidify its control over Genting Malaysia, particularly as the company seeks to gain a competitive edge in the rapidly expanding New York casino market.