By Julian Tan
THERE is only one reason why casinos will never lose money: The odds at the tables are statistically stacked in its favour. As the sole operator of the only legal casino in the country, Genting Bhd has been raking in massive profits since it first ventured into the lucrative sector in the 1980s.
But one would think that away from its roulette wheels, blackjack tables and one-arm bandit machines, Genting wouldn’t enjoy much of an advantage over other businesses, all of which have to abide by the same law and regulations.
But the COVID-19 pandemic has demonstrated that Lady Luck continues to be kind to Genting, whose interests now extend to property development, plantation, retail, hospitality and power generation among others.
Nationwide, as the movement control order (MCO 3.0) comes into effect, Genting’s casinos in its hillside resort of Genting Highlands, Pahang continue to operate, even as other businesses brace for another round of slump following the restricted physical distancing rules. How a business that allows punters to sit for prolonged periods in confined spaces is allowed to operate, but al fresco dine-in is banned, flies in the face of logic.
Is the cash register of a company with a market capitalisation of RM18 bil more important than that of a mom-and-pop store or the neighbourhood eatery fighting hard to stay afloat amid the pandemic-induced slump?
The issue is not whether the Government should dispense with physical distancing rules or COVID-19 standard operating procedures (SOPs); it should not. The issue is why does Genting seem to be getting preferential treatment over the tens of thousands of smaller enterprises?
And this is not the only edge Genting has since the pandemic hit our shores in early 2020. Late last month, over 500 staff from the company’s hillside resorts received the COVID-19 vaccination, although Phase 1 of the national vaccination plan, involving frontliners, had yet to be completed.
Even Science, Technology and Innovation Minister Khairy Jamaluddin was in the dark over this but Genting appeared to have the connections to pull this off and got its staff to be immunised ahead of many frontline workers outside Pahang as well as those in the high-risk group like the elderly and those with comorbidities.
Surely, the Government would want to be seen as impartial, despite Genting bosses’ legendary ties with the establishment. Who can forget how 1MDB purchased a power generation company owned by a Genting subsidiary at a premium? Or how Genting was quick to buy Equanimity, the yacht once owned by Jho Low, for over RM500 mil, soon after Pakatan Harapan (PH) took power?
Surely, with its cash reserves accumulated over the decades, Genting can withstand external economic shocks better than most smaller companies.
Its chairman and chief executive Tan Sri Lim Kok Thay still took home RM74.81 mil in salary and bonuses last year, even after taking a pay cut of up to 30% since March 2020.
The Government is now hard pressed to present itself as an impartial arbiter of the law. It is bad enough that Ministers are seen to be getting away with preferential treatments, such as shorter quarantine periods after returning from overseas or a slap on the wrist for flouting physical distancing rules.
The least the Government can do now is to be seen to be fair to all business enterprises. Otherwise, one can bet that public anger will certainly boil over. – May 16, 2021
Julian Tan is a FocusM editorial contributor
The views expressed here are of the author’s and do not necessarily reflect those of Focus Malaysia
