Genting Berhad, the Malaysia-based conglomerate with interests ranging from casino gaming to oil palm plantations, is no longer under the daily management of the Lim family for the first time in its nearly 60-year history.
The shift follows the unexpected announcement late last week that Lim Kok Thay has stepped down as president and chief operating officer of Genting Group. The 73-year-old billionaire will continue to serve as executive chairman of the company’s board.
Genting confirmed that Tan Kong Han will take over as president and CEO. Tan previously led Genting Plantations, which oversees more than 600,000 acres of oil palm estates. He will be succeeded there by Lim’s eldest son, Lim Keonh Hui, who is widely viewed as a future leader of the broader Genting Group.
“On behalf of the Board, I would like to congratulate Tan Kong Han on his promotion and new appointment,” Lim said in a statement. “He replaces me in overseeing the day-to-day operations of Genting Berhad, allowing me to focus on my responsibilities as executive chairman and my other duties within the group.”
Tan joined Genting in 2007 and became a board director in 2020. Lim described the leadership transition as part of a “multi-year succession plan.”
A Legacy Company in Transition
Genting was founded in 1965 by Lim Kok Thay’s father, Lim Goh Tong, whose vision of a hilltop resort in the Malaysian Highlands evolved into Resorts World Genting. Over time, the company expanded into plantations, power generation, oil and gas, property development, and life sciences, with operations spanning Asia, the US, Europe, the Caribbean, and the Middle East.
Its core gaming and hospitality portfolio includes seven integrated resort casinos under the Resorts World brand, located in Malaysia, Singapore, Las Vegas, New York City, upstate New York, Birmingham (UK), and Bimini in The Bahamas.
Lim’s withdrawal from daily operations comes as Genting restructures its gaming and hospitality businesses amid uneven performance. In Las Vegas, the group recently added former MGM Resorts CEO Jim Murren to the Resorts World Las Vegas board and appointed industry veteran Alex Dixon as CEO. Despite its $4.3 billion price tag, the Strip resort has struggled to meet expectations since opening in 2021.
Financial Pressure and Investor Concerns
Genting disclosed last Thursday that net profit fell 11% in 2024 to $448 million, with a fourth-quarter net loss of $34.7 million driven by slower business at its Singapore and US properties. Following the leadership announcement, Genting Berhad shares closed at a four-year low of 3.29 ringgit on Bursa Malaysia.
The group has faced other recent challenges, including the 2022 wind-down of Genting Hong Kong’s cruise operations during the pandemic, followed by an expensive relaunch as Resorts World Cruises.
Looking ahead, Genting is investing $1.7 billion to upgrade Resorts World Sentosa in Singapore, adding 700 rooms, and is proposing a more than $5 billion expansion of Resorts World New York City if it secures one of three New York downstate casino licenses. While long viewed as a front-runner, Genting’s recent struggles and leadership changes could slightly complicate its bid for a full casino license in Queens.
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