Genting Malaysia Wants To Sell Luxury Yacht with Scandalous Past for $200M

Posted on: October 22, 2019, 07:00h. 

Last updated on: October 22, 2019, 11:12h.

Ed Silverstein @casinoorgedsilv Read More
Expertise: Legal, Tribal Gaming.

Genting Malaysia Bhd is selling its “superyacht” — with a checkered history — for $200 million. Just six months ago, the casino mega-company acquired the 300-foot vessel for $126 million, according to news reports.

Genting is trying to find a buyer for this luxury yacht. Asking price is $200 million. (Image: Reuters/Lai Seng Sin)

The close to 60 percent markup deal will get the purchaser “Tranquility” — a motor yacht which was formerly owned by Low Taek Jho, also known as Jho Low — a Malaysian businessman engulfed in a financial scandal involving the nation’s sovereign wealth fund, 1MDB, The Guardian reported.

Low has disappeared but denies any legal wrongdoing. He is being sought by law enforcement agencies in several nations.

Since April, Genting rented the yacht out for $1.2 million per week. Among those who paid the hefty price tag was Kylie Jenner — a 22-year-old TV celebrity and cosmetics entrepreneur — who used it for her birthday bash, the report said.

Genting is best known for its gaming and hotel properties. These include casinos, theme parks and entertainment venues. It had acquired the yacht from the Malaysian government after Indonesian officials seized it near Bali.

The US government had requested the seizure, given the scandal. Later, it was handed over to Malaysian officials, The Star reported.

Officials claim Low used money — totaling in the billions of dollars — stolen from the Malaysian sovereign wealth fund to pay for the yacht, as well as many other super-luxury items, such as paintings by Picasso and Basquiat, CNN reported.

Low also acquired fancy residences in Los Angeles and New York City. His $30 million Manhattan penthouse overlooking Central Park hit the market three months ago and now has a buyer, according to Mansion Global.

Yacht Details

The yacht includes a massage room, 215-square foot swimming pool, sauna, two luxury jacuzzis, gym, grand piano, and “beach club” area. A formal dining room seats 12. News reports said it also has its own helipad and elevator.

The interior was designed by UK-based Winch Design. It features marble and bleached oak with exotic wood finishing.

The vessel can accommodate anywhere from 18 to 26 guests and has nine cabins, as well as having room for a crew of 31.

Built by the Oceanco shipyard in The Netherlands, Tranquility was named “Yacht Of The Year Over 82m” at the 2014 World Superyacht Awards.

Camper & Nicholsons — a 237-year-old yacht brokerage which can rent Tranquility out for those who can afford the weekly rate — described it as an “iconic superyacht” that is an “ocean-crossing world explorer.”

Tranquility also features “the finest aesthetics and technical standards” and “is truly exceptional in her capabilities,” according to the firm’s website.

“Tranquility achieves a top speed of 18 knots and comfortably cruises at 15 knots,” the brokerage adds. “Tranquility is fitted with zero speed stabilizers which increase on-board comfort when the yacht is at anchor.”

Even though the yacht’s current owner is Genting, it does not appear to feature an on-board casino.

Option for Those Who Want On-Board Casino

That is not the case for a currently under-design, 750-foot mega-yacht that would include its own shipboard casino. It is now going by the name Project Valkyrie.

It is sponsored by Monaco-based marine builder Palmer Johnson. The project is predicted to cost $775 million to build.