CLAIMS TO FAME
- Heads most global gaming company, present in nine countries with 52,000 staff
- Launched first new ground-up Las Vegas Strip integrated resort in a decade in 2021
As was repeatedly laid bare in 2024, overseeing the single largest land-based gaming and tourism operation in the world makes it difficult to stay out of the public eye.
Lim Kok Thay and his Genting brand – operator of casino resorts in Malaysia, Singapore, Europe, the US and the Bahamas – certainly made some headlines in 2024, none so jarring as a report by Bloomberg claiming he was among a small group of business leaders to have met with Malaysian Prime Minister Anwar Ibrahim to discuss the possibility of granting a second casino license for the country – in Johor – near the Malaysian border with Singapore.
The response was significant, with Anwar describing the report as a “lie” and Genting itself forced to similarly deny any such discussions had taken place. The company even went so far as to threaten legal action against the media outlet – perhaps a sign of the delicate game Genting already plays in a country boasting a large Muslim population.
As if to hammer home the point, in September a senior official of Malaysia’s most powerful Islamic political party, Parti Islam Se-Malaysia (PAS), promised to permanently shut down the nation’s only existing casino venue, Genting Malaysia’s Resorts World Genting, should they win power in Pahang state in the next national election. That worrying claim was later walked back somewhat but must have Lim wary of what the long-term future might hold.
Of more immediate concern are regulatory and legal issues on the other side of the world, where Genting has made no secret of its intention to become an increasingly influential player in the North America gaming scene.
In August, the Nevada Gaming Control Board (NGCB) revealed it had filed a disciplinary complaint against Resorts World Las Vegas (RWLV) and its parent and affiliated companies, alleging it had failed to fulfill its responsibilities as a holder of a privileged Nevada gaming license by allowing individuals with suspected or proven ties to illegal activities to gamble on property. Significant fines or amendments to its license terms are among the probable punishments on offer, although analysts have also noted that the breach could hurt Genting’s chances of winning a full casino license for Resorts World New York City, where it has been considered a leading contender for one of three licenses to be issued in the next two years.
It’s also unlikely New York officials will look favorably on a US$600 million legal claim against Genting by its partner in Resorts World Bimini (RWB) in the Bahamas. The lawsuit, filed in October, accuses Genting Americas – which owns a 78% stake in the business – of dumping almost US$1 billion in group liabilities onto RWB and using its majority stake to conceal an alleged “medley of fraudulent activities”.
It’s been smoother sailing in Asia at least, where Genting’s integrated resorts in Malaysia and Singapore continue to print money. Parent company Genting Berhad, of which Lim is Chairman and CEO, holds a 49.3% stake in Resorts World Genting operator Genting Malaysia Bhd and a 52.6% interest in Resorts World Sentosa operator Genting Singapore Ltd.
Meanwhile, legal issues aside, the business performance of the company’s US interests in New York and at RWLV continue to improve, as do those in Europe.
And, with operations in nine different countries and a global workforce of 52,000 under his watch, there is no doubt Lim remains one of the most influential individuals in the land-based gaming scene.
For the full list of 2024 Asian Gaming Power 50 winners, click here.
