Genting Berhad CEO Lim Kok Thay announces resignation
Lim Kok Thay is standing down as CEO of Genting Berhad, the holding company for land-based casino operator Genting Group.
The decision may signal a shift in the company’s long-term strategy, although Lim will remain involved with the business as an executive director.
The leadership transition at Genting Berhad marks a significant change in the corporate structure of one of the most influential gaming and hospitality conglomerates in Asia.
Genting Berhad is the parent company of Resorts World Las Vegas and a majority stakeholder in Genting Malaysia and Genting Singapore.
These oversee major casino and resort operations, including Resorts World Genting in Malaysia and Resorts World Sentosa in Singapore.
Lim’s successor, Tan Kong Han, has been a key figure in Genting Berhad’s operations for nearly two decades, having previously served as president, chief operating officer (COO), and executive director.
Meanwhile, Lim remains a powerful figure within the company. As the son of Genting Group founder Lim Goh Tong, he has led the group since 2003, overseeing its expansion into new markets, including the US.
His continued involvement as executive director ensures that he will still play a role in shaping the company’s future, even as he steps back from the day-to-day responsibilities of the CEO role.
Looking further ahead, the company’s leadership succession plan appears to include Lim Kok Thay’s son, Lim Keong Hui, who was appointed deputy CEO of Genting Berhad in 2019.
Given the group’s history of family leadership, it is likely that he will eventually take on a more significant role within the organisation.
This suggests that, despite the current leadership changes, Genting Berhad remains a family-driven enterprise with a long-term vision for its future.
Genting works to clean up image
The transition in leadership comes at a challenging financial period for Genting Berhad, particularly in its US operations.
The company has faced significant scrutiny recently, particularly regarding Resorts World Las Vegas, which has been entangled in allegations of money laundering and illegal betting.
Ongoing investigations have placed additional pressure on the company’s leadership at a time when it is seeking to expand into new markets, such as New York and Thailand.
Resorts World Las Vegas has struggled to generate consistent profitability, with revenue for Q4 2024 at $190m — a slight improvement from the previous quarter but significantly lower than the $241m reported in the same period a year prior.
The property’s EBITDA for Q4 was barely positive at just over $1m, a sharp decline from the $58.2m it recorded in Q4 2023.
The disappointing performance suggests that the company must refine its US strategy, possibly focusing on cost-cutting measures and revenue optimization.
Global growth on the horizon
One of Genting Berhad’s key growth strategies involves obtaining new gaming licences in emerging markets.
For example, the company has set its sights on securing a licence in Thailand, a country currently exploring the introduction of legal casino operations as part of its broader economic development plans.
Interestingly, both Genting Malaysia and Genting Singapore — subsidiaries of the same parent company — have expressed interest in bidding separately for a Thai casino license.
This creates a unique situation where two Genting-owned entities could find themselves in direct competition for entry into the Thai market.
Maybank Investment Bank analyst Samuel Yin Shao Yang noted in a recent report that Genting Malaysia, which operates three casinos in New York in addition to its flagship Malaysian resort, may submit a separate bid from Genting Singapore.
This internal competition highlights the importance of the Thai gaming market to Genting Berhad’s long-term expansion strategy.
The Thai market represents a potentially lucrative opportunity, given its proximity to key Asian tourism destinations and the growing demand for high-end integrated resorts in the region.
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