After nearly two decades at the helm, Lim Kok Thay is stepping down as Chief Executive Officer (CEO) of Genting Berhad. The company announced that Tan Kong Han, who has served as President, Chief Operating Officer (COO), and Executive Director, will assume the CEO role starting March 1, 2025. This transition is expected to reshape the corporate direction of one of Asia’s most prominent gaming and hospitality conglomerates.

Leadership change at Genting Berhad marks a new era:

Genting Berhad, a key player in the global casino and resort industry, owns significant assets, including Resorts World Las Vegas and a controlling stake in both Genting Malaysia and Genting Singapore. The company’s influence extends across major gaming hubs, including Malaysia, Singapore, and the United States.

According to The Business Times, the leadership change prompted an immediate reaction from investors. Genting Berhad’s stock dropped nearly 12% to RM3.29 by the close of trading on Friday, February 28, while Genting Malaysia shares fell 19.5% to RM1.90. Genting Singapore also experienced a decline, closing 1.4% lower at S$0.73.

Although stepping down as CEO, Lim Kok Thay will remain actively involved with the company in his capacity as Executive Chairman of the Board. He acknowledged the transition, stating, “On behalf of the Board, I would like to congratulate Dato’ Sri Tan Kong Han on his promotion and new appointment. He replaces me as Chief Executive Officer 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.”

Tan has been a pivotal figure within Genting Berhad since 2007, holding various leadership roles. His appointment as CEO aligns with the company’s long-term succession planning. While Tan will continue as President and Executive Director, he has stepped down from his role as CEO of Genting Plantations to fully focus on leading Genting Berhad.

Lim Kok Thay’s departure from the CEO role is seen as part of a broader leadership transition strategy that also involves his son, Lim Keong Hui. Appointed as Deputy CEO of Genting Berhad in 2019, the younger Lim is widely regarded as the future leader of the family-controlled enterprise.

Challenges ahead: financial pressures and regulatory scrutiny:

The leadership transition comes at a critical moment for Genting Berhad, as the company faces financial headwinds and regulatory scrutiny.

Resorts World Las Vegas, one of Genting’s most high-profile developments, has struggled to achieve sustained profitability. In Q4 2024, the property reported a revenue of $190 million, reflecting a minor improvement over the previous quarter but a significant decline from the $241 million recorded in Q4 2023. Its EBITDA stood at just over $1 million—an alarming drop from the $58.2 million in the same period the previous year.

Additionally, the company has faced scrutiny over allegations related to money laundering and illegal betting at its U.S. properties. Ongoing investigations have placed further pressure on the organization as it seeks to expand into new markets, including potential gaming opportunities in Thailand and New York.

Despite its challenges, Genting Berhad remains committed to global expansion. One of its primary targets is Thailand, where the government is considering legalizing casino operations. Both Genting Malaysia and Genting Singapore have expressed interest in securing a gaming license in the country, raising the possibility of the two subsidiaries competing against each other for entry into the Thai market.

Maybank Investment Bank analyst Samuel Yin Shao Yang recently noted that Genting Malaysia, which already operates three casinos in New York in addition to Resorts World Genting, may submit a separate bid from Genting Singapore. This competition underscores the strategic importance of Thailand as a new gaming destination in Southeast Asia.

The potential legalization of casinos in Thailand presents a lucrative opportunity, given the country’s strong tourism industry and growing demand for integrated resorts. If successful, Genting Berhad could establish a new foothold in a key regional market, bolstering its long-term growth strategy.