CHAIRMAN AND CEO
Genting Berhad
CHAIRMAN AND CEO
Genting Malaysia
EXECUTIVE CHAIRMAN
Genting Singapore
POWER SCORE: 2,682
POSITION LAST YEAR: 3
CLAIMS TO FAME
- Heads most global gaming company, present in top Asian markets (except Macau), the UK and North America
- Launched first new ground-up Las Vegas Strip integrated resort in a decade in 2021
- Has launched new cruise ship firm after pandemic-induced collapse of Genting Hong Kong this year
THE EVER-CHANGING FACE OF Lim Kok Thay’s famous Genting brand has once again been front and center of the global gaming industry in 2022, at first suffering a devastating blow to its cruise ship ambitions due to COVID-19 before staging a comeback in its key markets of Malaysia, Singapore and the United States of America.
Lim may be no stranger to the ebb and flow of success, but it is unlikely he has suffered such a significant hit as the collapse of Genting Hong Kong. His personal cruise ship arm – Lim held around 75% prior to this year – entered liquidation in January after issues around its German shipyards saw the company default on loan repayments related to debts totalling almost US$2.8 billion.
With few other options available and authorities in the US seizing vessels under its Crystal Cruises brand, Genting Hong Kong ultimately filed a winding up petition and ceased all sailings around the world. Liquidators have since been selling off assets, including the company’s stake in Philippines IR Resorts World Manila – now renamed Newport World Resorts.
Nevertheless, Lim didn’t stay quiet for long. In April it was revealed that the Genting Group patriarch had registered a new company in Singapore called Resorts World Cruises Pte Ltd, which has since launched its first cruises using, ironically, a ship previously owned and operated by Genting Hong Kong subsidiary Dream Cruises. No doubt that went down poorly with private investors.
More importantly, the easing of COVID-19 restrictions across Asia saw both Genting Malaysia, owner of Resorts World Genting (RWG), and Genting Singapore, owner of Resorts World Sentosa (RWS), enjoy a strong resurgence by the June quarter as pent-up demand saw customers return in droves.
At RWG, revenues increased five-fold in Q2 to MYR1.31 billion (US$293 million), pushing the company back to an EBITDA profit for the first time since 2020, while RWS was also in the black on a 26% year-on-year increase in revenues to SG$349 million (US$255 million).
Unlike many of his industry peers in the region, KT Lim’s COVID blushes may well have been saved by his lack of any significant presence in Macau, where China’s strict adherence to COVID-zero has seen operators notch huge losses for well over two years now. And yet, in a move that shocked many, it was Lim throwing a spanner in the works when a subsidiary of Genting Malaysia joined Macau’s six current concessionaires in mid-September in submitting a bid for a new Macau concession.
While many industry commentators continue to anticipate the current six to win the favor of the Macau government – leaving Genting on the out, given no more than six concessions can be awarded – there are some who believe Lim may well have a few more tricks up his sleeve. After all, Genting’s array of global resorts are renowned for their strong non-gaming offerings and family-friendly attractions – both known to be important aspects of Macau’s tender requirements.
Only time will tell on that front, but it does highlight a philosophy that has served Lim so well over the years – when one door closes, another inevitably opens.
For the full list of 2022 Asian Gaming Power 50 winners, click here.
