CLAIMS TO FAME
- Won Genting’s make or break bid for a Singapore gaming license
- Oversees Resorts World Sentosa, Genting Group’s most profitable property
Tan Hee Teck was appointed CEO of Genting Singapore just over 18 months ago at a time of constrained revenue and unstable visitation, charged with pulling Resorts World Sentosa out of the pandemic muck.
And he has delivered. Genting Singapore group revenue jumped 63% in the first half of 2023 year-on-year, net profit leapt almost 230% and gross gaming revenue jumped 57%.
However, RWS’ history of unrecovered gaming debt continued to be an issue, with the company reporting SG$227 million (US$166 million) in trade receivables, mostly from gaming, and a receivables impairment of SG$106 million (US$77 million). The impairment amounted to 14% of GGR for the half-year period.
Also of concern to Singapore watchers was the resignation of Tan’s deputy Lam Yi Young after less than six months in the post, and after two months of “family care leave”. A replacement has not been formally named, but Lee Shi Ruh has taken over the presidency of the company after more than a decade of serving as CFO and Chief People Officer.
Executive wobbles aside, Genting Singapore’s growth and ambitious non-gaming investments, along with those of Marina Bay Sands, are essential cogs of Singapore’s road to tourism recovery.
Genting Singapore’s sprawling property remains one of the most powerful casino offerings in the world, and Tan’s tenure looks set to retain that status for his company.
For the full list of 2023 Asian Gaming Power 50 winners, click here.
