Genting Berhad, a Malaysian conglomerate engaged in various industries ranging from casino operations to palm oil cultivation, has stepped away from the daily management of the billionaire Lim family sixty years after its establishment. 

Lim Kok Thay startled the gaming industry late last week by revealing his unexpected resignation as president and chief operating officer of Genting Group. The 73-year-old will continue to serve as the executive chairman of the Genting Board of Directors. 

Genting declared that Tan Kong Han will take over from Lim as the president and CEO. Tan is presently the CEO of Genting Plantations, which possesses over 600,000 acres of land designated for oil palm cultivation. Tan will be succeeded by Lim’s oldest son, Lim Keonh Hui, who is broadly regarded as a prospective CEO and president of the organization.

"On behalf of the Board, I would like to congratulate Tan Kong Han on his promotion and new appointment. He replaces me to lead and oversee the day-to-day operations of Genting Berhad, thus enabling me to focus on my duty as the executive chairman of the board and my other duties within the Genting Group,” Lim wrote.

Tan started with the company in 2007 and was promoted to director in 2020. Lim stated that his advancement is a component of a “multi-year succession strategy.” 

Genting Modifications 

Genting was established in 1965 by Lim’s father, the late Lim Goh Tong, who imagined a hillside resort in the Malaysian Highlands, which has now become Resorts World Genting. 

Throughout the years, Genting’s operations grew to encompass investments in agriculture, energy production, oil and gas, real estate development, life sciences, and biotechnology. The company operates in Malaysia, Singapore, Indonesia, India, China, the United States, The Bahamas, Egypt, and the United Kingdom. 

Its fundamental gaming and hospitality functions consist of seven integrated resort casinos under the Resorts World brand. In addition to the Malaysia property, they include Resorts World Sentosa in Singapore, Resorts World New York City, Resorts World Catskills in Upstate New York, Resorts World Birmingham in the UK, Resorts World Bimini in the Bahamas, and Resorts World Las Vegas. 

Lim’s departure from day-to-day operations occurs as Genting’s gaming and hospitality sector faces challenges and management is being restructured. 

In Las Vegas, as one of Genting’s largest investments lately, the group appointed former MGM Resorts International CEO Jim Murren to the newly established board of directors for Resorts World Las Vegas in December. Veteran of the gaming industry Alex Dixon has been named CEO. RW Las Vegas has mostly disappointed since the $4.3 billion resort debuted at the northern end of the Strip in June 2021. 

Challenges in Business, Stock Market Decline 

On Thursday of last week, Genting announced a net profit decrease of 11% in 2024, totaling $448 million. It reported a net loss of $34.7 million in the fourth quarter, due to a slowdown in operations at its properties in Singapore and the U.S. 

In conjunction with the Lim exit announcement, Genting Bhd shares on Bursa Malaysia ended at a four-year low of 3.29 ringgit, equivalent to under three U.S. quarters. 

In 2022, Genting closed its Genting Hong Kong cruise operations, which were heavily impacted by the COVID-19 pandemic. The company has since come back with Resorts World Cruises, but it was an expensive transformation. 

Genting is putting $1.7 billion into RW Sentosa in Singapore to renovate the property and add 700 more guestrooms to the complex. The firm is also suggesting an over $5 billion renovation of RW New York City if the location secures one of the three gaming concessions for downstate New York. 

Regarded as a leading contender, Genting's recent challenges and the leadership transition may marginally extend the Queens racino's prospects for obtaining slots, live dealer table games, and sports wagering.