PRESIDENT AND EXECUTIVE DIRECTOR
Genting Malaysia
POWER SCORE: 757
POSITION LAST YEAR: 31
CLAIMS TO FAME
- Oversees family heirloom Resorts World Genting, featuring the only casino in Malaysia
- Listed as administrator of Genting Malaysia entity bidding for Macau casino concession
IT’S BEEN QUITE the rollercoaster ride for Genting Malaysia over the past few years – an apt experience given the long-awaited launch of its new Malaysian theme park, Genting SkyWorlds, earlier this year.
Having largely avoided any major COVID-19 impact during the early days of the pandemic, Malaysia was hit hard in 2021 with its flagship integrated resort, Resorts World Genting (RWG), shut completely for four months between June and October.
But recovery has been swift and strong. Genting Malaysia, which also boasts properties in the United States and the UK, saw its revenue more than double to MYR2.18 billion (US$487 million) in the June 2022 quarter, including a five-fold increase in RWG’s revenue to MYR1.31 billion (US$293 million).
Ratings agency Fitch has already seen enough to predict that revenue from RWG will return to 75% of pre-COVID levels this year and 95% by 2023. As for the new theme park, which opened in January at a cost of US$800 million, analysts do not expect it to be earnings positive but have nevertheless labelled it a “net positive” because it will grow general visitation – a factor seen as key to the company’s recovery trajectory.
That’s great news for Lee, who celebrates 25 years with Genting Malaysia in 2022 – 16 of them as President and the past two sitting on the Board of Directors.
For the full list of 2022 Asian Gaming Power 50 winners, click here.
