Following the unexpected departure of Lim Kok Thay, Genting Empire appoints a new day-to-day head.
Published on: March 1, 2025, 06:02h.
Last updated on: March 1, 2025, 06:02h.
Devin O'Connor
Devin O'Connor@CasinoorgDevinO
@CasinoorgDevinO
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Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.
- Lim Kok Thay relinquishes CEO position, remains as Executive Chairman
- Genting Group's diverse portfolio spans gaming, hospitality, oil palm, and more
- New CEO, Tan Kong Han, ascends from Genting Plantations, replacing Lim's eldest son
Asia Pacific Gaming,
In a significant development, Genting Berhad, the Malaysian conglomerate that has been steered by the Lim family for over six decades, will now operate under new day-to-day guidance with Lim Kok Thay stepping down from his post as both President and CEO.
Commercial Gaming,
Lim Kok Thay, the 73-year-old billionaire who took over from his father following his demise in 2007, announced his departure from daily operations to concentrate on his duties as the Executive Chairman of the Genting Board of Directors.
Genting Berhad, renowned for its diverse ventures in casino gaming, oil palm production, property development, and biotechnology, among others, welcomed the appointment of a new day-to-day operator. Tan Kong Han, the current CEO of Genting Plantations, will assume the role of president and CEO, giving way for Lim's eldest son, Lim Keonh Hui, to step into the CEO position of Genting Plantations.
Legislation,
Lim stated, "I would like to extend my warmest congratulations to Tan Kong Han on his promotion to head the day-to-day operations of Genting Berhad, enabling me to focus on my duties as the Executive Chairman of the board and my other responsibilities within the Genting Group."
New Leadership Elevations
Politics.
Tan started his career with Genting Berhad in 2007 and went on to secure the position of director in 2020. Lim mentioned that Tan’s appointment was part of a strategic succession plan maintained over a multi-year period. Tan, born in Malaysia, studied at the University of Wales, and possesses a proven track record in business and leadership.
Genting's Renewed Focus
Established by Lim Goh Tong in 1965, Genting founded its roots in the Malaysian Highlands, where it built a mountainside resort that evolved into the famed Resorts World Genting. Over the years, Genting expanded its portfolio to include plantations, power generation, oil and gas, property development, life sciences, and biotechnology.
The company boasts businesses across Malaysia, Singapore, Indonesia, India, China, the United States, the Bahamas, Egypt, and the United Kingdom. With entertainment and hospitality at its core, Genting's operations include seven integrated resort casinos, seven of which are branded under the Resorts World banner. These properties span from Malaysia and Singapore to the United States and the United Kingdom.
Smooth Transition Amidst Challenges
Lim's decision to step down comes amidst struggles in Genting's gaming and hospitality business. To address these challenges, the organization has embarked on an overhaul, with critical appointments taking place. In Las Vegas, Genting's most significant recent investment, the group appointed former MGM Resorts International CEO Jim Murren to lead the Resorts World Las Vegas board and pushed Alex Dixon into the CEO role.
Last week, Genting revealed a 11% decrease in net profit to $448 million in 2024, with a net loss of $34.7 million in the fourth quarter due to business slowdowns at its Singapore and US properties. Furthermore, Genting winded down its Genting Hong Kong cruise business in 2022, which had suffered during the COVID-19 pandemic, and launched Resorts World Cruises for a costly return.
Genting also announced a $1.7 billion refurbishment plan for its Resorts World Sentosa property in Singapore, extending the resort's guestroom count by 700. In New York City, the company is preparing to initiate a more than $5 billion renovation of Resorts World if it wins one of the three New York downstate gaming concessions.
Jim Murren to Resorts World Las Vegas’ newly formed board of directors. Gaming industry veteran Alex Dixon was appointed CEO. RW Las Vegas has largely underwhelmed since the $4.3 billion destination opened on the Strip’s northern end in June 2021.
Lim's departure presents an opportunity for Genting to chart a new course. With Tan Kong Han taking the reins, the future direction of the conglomerate lies in the hands of experienced leadership.
Singapore and U.S. properties slowed.
Lim Kok Thay is relinquishing his daily management role as part of a multi-year succession plan and will now assume only his duties as Executive Chairman of the Board. The newly appointed President and CEO, Tan Kong Han, is assumed to be a skilled leader who frequently collaborated with Lim in the past[1][3].
- The news article, titled "Shuffle in Genting's Leadership: Lim Kok Thay Steps Down as Daily Leader, Tan Kong Han Takes the Helm," was published by the author Devin O'Connor on March 1, 2025, at 6:02 AM, with a 'noopener' and 'aligncenter' link style.
- The article highlights the appointment of Tan Kong Han as the new President and CEO of Genting Berhad, following Lim Kok Thay's decision to step down from his daily management role as part of a multi-year succession plan.
- The title of the article, "Shuffle in Genting's Leadership: Lim Kok Thay Steps Down as Daily Leader, Tan Kong Han Takes the Helm," is displayed in a 'panel__author' and links back to the author's profile page on the Casino.org website.