CLAIMS TO FAME
- Heads most global gaming company, present in nine countries with 52,000 staff
- Leading contender to win a full commercial casino license in New York
It remains to be seen how much longer Lim Kok Thay wants to keep his finger on the pulse of the family gambling empire that is Genting. The 73-year-old is clearly looking to the future, having in February stepped aside as CEO of Genting Bhd, giving himself the new title of Executive Chairman while also handing the reins of palm oil business Genting Plantations to his eldest son, Lim Keong Hui.
And yet Genting remains incredibly active on a global scale, having in 2021 opened the first new Las Vegas Strip resort in a decade by way of Resorts World Las Vegas (RWLV) and now seemingly set to win a full commercial casino license for its existing EGM-only Resorts World New York City property in the borough of Queens.
So determined is the company to expand its New York business that, after submitting a proposal and receiving community approval, it submitted a revised proposal that increased the license fee and gaming tax rates it was offering to pay. Ironically, MGM Resorts withdrew its Yonkers bid just hours later, leaving three candidates for three licenses. Perhaps Genting jumped the gun there.
This has been a busy year for the group as a whole, and one of contrasting fortunes. In its home base of Asia, longtime Malaysian flagship Resorts World Genting is on the road to recovery with stronger visitation and favorable visa policies helping its revenue and profit pathway. But Singapore IR Resorts World Sentosa has been underperforming, not helped by the departure of key executives including CEO Tan Hee Teck. Perhaps the US$5 billion expansion that got underway late last year will provide the boost it needs.
Elsewhere, legal issues have clouded the company’s fortunes. RWLV paid US$10.5 million to settle a complaint related to its alleged failure to comply with state anti-money laundering laws; while the group is engaged in an ongoing dispute with its partner at Bahamas property Resorts World Bimini over who is responsible for ongoing losses.
While all of this is going on, Genting Bhd announced only weeks ago that it was launching a conditional voluntary takeover offer to acquire the remaining 50.64% of its subsidiary, Genting Malaysia, that it doesn’t already own.
The proposed transaction, should the offer be accepted in full, would see Genting fork out around US$1.59 billion for Genting Malaysia which it plans to then delist from the Malaysia bourse.
Again, it is the group’s efforts to win a license in New York that is behind the takeover, with Genting Bhd stating that “with control over Genting Malaysia clearly established through its majority ownership of Genting Malaysia shares, the overall financial profile of Genting Malaysia will be further enhanced, as Genting Bhd will be better placed to lend the Genting Group’s financial strength and network to support the development of this significant project.” Stay tuned.
For the full list of 2025 Asian Gaming Power 50 winners, click here.
