Welcome to 2024 … here are 24 people to watch this year (well, ok, 28 actually)

What a tumultuous time we’ve all been through these past four years.

There was that small matter of a global pandemic that completely trashed our industry. This was followed by a turbulent 2023 stabilization and recovery year. Kind of getting back to normal, yet still not really normal.

Today is the first business day of 2024. We finally see a potentially “normal” year stretched out ahead of us, like a long road, promising a steady journey of operations, revenues and profits. Back to the good old days. Maybe.

But is anything ever really normal in our industry? Every month, week or even day there seem to be twists and turns: hirings and firings, government pronouncements, changing tourism patterns, strategic pivots, acquisitions, new property openings and/or expansions, all amongst a hotbed of intense competition! The only thing that doesn’t change, is change itself.

So, what does 2024 hold for us all? What will be the critical issues? Who will be the movers and shakers defining our industry? I don’t know, but I can speculate! So, for your reading pleasure on day one of the business year, here are – in alphabetical order – 24 people to watch in 2024! (Actually 28 because I couldn’t keep it to 24!)

1. Tom Arasi (COO of Bloomberry Resorts)

The 2024 year will be a big one for Tom Arasi, the long-time architect of success at the Philippines number one IR, Solaire. The much-anticipated Solaire North in Quezon City is scheduled to open in March, likely late March rather than early. There are high expectations for Solaire’s second Manila property and we’ll soon know if Solaire 2.0 meets those expectations. And while Arasi has been consistently putting touchdowns in the end zone in Manila for a long time now, he also has Okada Manila snapping at his heels in Entertainment City. And with many of that company’s troubles seemingly behind it, it will be fascinating to watch that race unfold in 2024. (see also Enrique Razon Jr, Byron Yip)

2. Craig Billings (CEO of Wynn Resorts and Wynn Macau)

Steve Wynn is long gone, and “Wynn” is now a brand name, not a person – just like Walgreens, Warner Brothers or William Hill. After Steve Wynn successor Matt Maddox successfully steadied the ship from February 2018, Billings filled the CEO role from February 2022. Post pandemic, Billings is back to being a regular visitor to Macau, and has Linda Chen to help him navigate local issues on the ground. But perhaps even more fascinating for 2024 will be the developments at Wynn Marjan Island at Ras Al-Kaimah, some 80 minutes’ drive north of Dubai in the UAE. The pilings are already going in the ground and the property is scheduled to open in 2026. Watch this space! (see also Linda Chen, Bill Hornbuckle)

3. Ciaran Carruthers (CEO of Crown Resorts)

Many in IAG’s hometown of Macau know and like Ciarán Carruthers, who, after lengthy stints at Sands and Wynn, landed the very senior but very challenging role of CEO of Crown Resorts in July 2022. His main gig was, and is, to steer the Crown ship – post the Blackstone acquisition – through its remediation efforts to win its license back. That decision is due to come this month, January 2024, so let’s collectively hold our breath. Even if Carruthers passes that hurdle, his next one will be to turn Australia’s flagship IR company around and back to profitability after its AU$199 million (US$135 million) loss for the 2023 financial year. Can he do it? Only time will tell.

 

4. Linda Chen (Vice Chairman and COO of Wynn Macau Limited)

After some Wynn senior management reshuffles in 2023 Linda Chen finds herself firmly in charge of it all as the ranking officer based in Macau for Wynn Macau Limited. While Craig Billings (see earlier entry) is CEO, it’s Chen who is steering the ship day to day. After having successfully navigated the government relations minefield that was the Macau concession retendering process through 2022, Wynn Macau now has to deliver on billions of dollars in non-gaming commitments (as do all Macau concessionaires), while rebuilding their business model in the new post-pandemic, mass-market dominated Macau. While she will be ably assisted by lieutenants Frederic Luvisutto, Craig Fullalove and Zoe Zou, its Chen who will lead the way. (see also Craig Billings)

5. Chen Yiy Fon (CEO of NagaCorp)

Last month it was IAG’s sad duty to report on the passing of Tan Sri Dr Chen Lip Keong, the founder of Hong Kong-listed NagaCorp and its Phnom Penh IR, NagaWorld. Chen’s son Chen Yiy Fon is now thrust into the limelight as the new CEO. From April 2022 he was designated as “CEO – Operations”, one of no less than three CEOs, alongside two of his four brothers. But now, as the sole man in charge, Chen Yiy Fon has big shoes to fill. Given the way he came to the helm he’ll be given some time to settle in, but time and tide wait for no man, and before he knows it he’ll have to grab the reins and get on with the job. We wish him all the best.

6. Grant Chum (COO of Sands China)

Sands China founder Sheldon Adelson’s 2015 appointment of Wilfred Wong as the main man on the ground in Macau was much heralded as the first time a Chinese person had filled that role. But back in 2013 – with much less fanfare – another major appointment was quietly made with Grant Chum leaving investment bank UBS and joining the behemoth IR company, while he was just under 40 years of age. Chum has matured over the subsequent decade and slowly and steadily risen through the ranks to the point that many see him as the engine of the company in Macau – driving internal day to day operations – while Wong represents the company externally to the world. There is no doubt that Las Vegas Sands Chairman Rob Goldstein is grooming Chum for even greater things, especially given that he has a long runway ahead of him. And look out for Chum to be playing a greater role at the Singapore branch in 2024. (see also Rob Goldstein, Wilfred Wong)

7. Hakan Dagtas (COO of Newport World Resorts)

While it’s Chairman Kevin Tan at the helm at the new Newport (formerly Resorts World Manila), there’s no doubt that COO Hakan Dagtas does the day-to-day heavy lifting at the Philippines first-ever IR, alongside his CEO Kingson Sian. A veteran of the property who has been there since before the opening day in August 2009, Dagtas possesses an affable character which belies a shrewd businessman who cares deeply about every peso of profitability for his company – and he wouldn’t have it any other way. But the winds of change are blowing at Newport, and Dagtas will need to be more flexible than ever in 2024. The rebranding from Resorts World Manila to Newport World Resorts, as a result of the pandemic-induced collapse of Resorts World Hong Kong, is not just cosmetic. Chairman Kevin Tan, son of Andrew Tan, one of the Philippines’ richest men, is wringing the changes at Newport – a property he is now completely in charge of – and looking to transform the property, and Dagtas will be expected to play a major role in that process. (see also Kevin Tan)

8. Kenny Feng (President and Executive Director of MGM China)

MGM China is quite the east meets west mixed marriage – with Chairperson Pansy Ho on the Chinese side representing the east and Bill Hornbuckle (see separate entry), Chairman of the US-based parent MGM Resorts International (MGMRI), representing the west. Despite the potential for clashes of culture, the marriage seems to work, and especially so in 2023 when MGM China bolted out of the gates with some stupendous numbers in Q1, surprising many of its Macau competitors. Some called it an aberration, but the numbers continued in Q2 and Q3. There’s no doubt an extra 198 gaming tables (from 552 to now 750), courtesy of the Macau government under MGM’s new concession, helped. Day-to-day on the ground operator Kenny Feng is a lieutenant trusted by both sides of the mixed marriage, having worked for many years alongside Pansy Ho, but also for many years in Las Vegas at MGMRI. Feng, along with President and COO Hubert Wang and General Counsel António Menano, form a gang of three getting it done at MGM. Can the company continue the success of 2023 in 2024? (see also Pansy Ho, Bill Hornbuckle)

9. Rob Goldstein (Chairman of Las Vegas Sands)

With the sad passing of Sheldon Adelson in January 2021, Rob Goldstein became the big kahuna at Las Vegas Sands (LVS), parent of Macau’s Sands China and direct owner of Marina Bay Sands in Singapore. With the early 2022 sale of Venetian and Palazzo in Las Vegas to Apollo for US$6.25 billion, the very American company finds itself in the peculiar situation of having no American property, but that’s not for want of trying. Despite a legal setback in November, the company is still vigorously pursuing a downstate New York license, and the IR world was transfixed in late November with the news that LVS major shareholder (and Sheldon Adelson’s widow) Miriam Adelson was buying the Dallas Mavericks from Mark Cuban – with many theorizing that Adelson was pursuing an IR project in Texas. On December 27 the NBA approved Adelson’s purchase of the Mavs, and if this all pans out so that we see a casino in Texas (a state yet to legalize casino gaming), we would expect Goldstein to be right in the thick of it! (see also Grant Chum, Wilfred Wong)

10. Dae Sik Han (Chairman and CEO of Hann Resorts)

Dae Sik Han seems to be the embodiment of the phrase, “It took me 25 years to become an overnight success.” While many IAG readers might only be catching up with the Han (and Hann) story in the past year or two, the fluent-in-English Korean businessman has been steadily plugging away at Clark in Pampanga for decades, previously with Hann Resorts precursor Widus Casino. Since the launch of true international IR-standard Hann Resort, the addition of right hand-man and industry icon Dennis Andreaci, and the announcement of Hann Reserve with its three championship golf courses and host of luxury hotels, Hann has been dominating the Clark gaming scene with ever-rising revenues. Expect the Hann juggernaut to continue juggernauting in 2024!

11. Daisy Ho (Chairman of SJM Holdings)

Daisy Ho has one of the trickiest jobs in the Asian gaming industry. As Chairman of SJM Holdings, she has to navigate through many competing internal interests. Stanley Ho famously had four families, and the second, third and fourth families are all represented on the board of SJM Resorts, as are the Fok family, and the Cheng family of Chow Tai Fook and New World Development fame. On top of that, Ho finds herself in a hyper-competitive environment in Macau, with the six concessionaires all scrapping for market share in the new post-pandemic, mass-market dominated and VIP-diminished Macau. Then there’s the small matter of having to deliver on billions of dollars in non-gaming commitments. Finally, she has to find a way to turn the US$5 billion Grand Lisboa Palace around and to profitability. Alongside newly minted COO Ben Toh (see separate entry), she will have a big 2024 ahead of her. (see also Pansy Ho, Ben Toh)

12. Lawrence Ho (Chairman and CEO of Melco Resorts)

No one could ever accuse Lawrence Ho of not trying new things. The only operator with interests in both of Asia’s largest two markets – Macau and the Philippines – Melco’s big moves in 2023 were the openings of City of Dreams Mediterranean in Limassol, Cyprus, and Macau Studio City Phase II. While Studio City will benefit from the post-pandemic rebound of Macau, CoD in Cyprus is an unfortunate victim of the war in Israel which broke out in October. One thing that (more moderate) Arabs and Jewish people share is a love of gambling, and with its Middle East location right next to Israel, Cyprus is a beneficiary of that – with Arabs tending to visit casinos in Turkish-administered North Cyprus and Israelis frequenting the Greek-administered southern part – the location of Ho’s property. But while war rages in Israel and Gaza, Israelis aren’t focussed on the one-hour flight from Tel Aviv to Larnaca airport. Ho also has to contend with the “new Macau” issues raised in the entries above for Linda Chen and Daisy Ho. It will be a big year for him – and his lieutenants Geoff Andres, Kevin Benning, Stephanie Cheung, Clarence Chung, Geoff Davis, Raymond Lo, David Sisk, Akiko Takahashi, Evan Winkler and Kent Wong – as he tries to consolidate and bed down CoD in Cyprus and Macau Studio City Phase II, as well as execute on whatever else his always-ticking mind is working on next! 

13. Pansy Ho (Chairperson of MGM China)

The issue of who would succeed Stanley Ho in the Asian gaming industry was once an open question. With (officially) 17 children from four families – many with gaming aspirations – it was hardly clear. But three and a half years on from the elder Ho’s passing at 98 years of age, we now have our answer, and it is Pansy Ho. The rise and rise of Pansy Ho seems unstoppable right now. She’s firmly pro-China, often stepping out on the international stage to champion the PRC. In Macau, she’s effectively taken on the MGM China CEO role since the departure of Grant Bowie in mid-2020, ably assisted by the Kenny Feng-Hubert Wang-António Menano triumvirate (see earlier entry for Kenny Feng). Aside from MGM, Ho and her allies have substantial indirect shareholdings in another Macau concessionaire, SJM Resorts, and sisters Daisy Ho (see separate entry) and Maisy Ho are both on the SJM Resorts board. (see also Kenny Feng, Bill Hornbuckle, Daisy Ho)

14. Bill Hornbuckle (CEO and President of MGM Resorts International)

Hornbuckle was hardly out of the news in 2023, not least because of the infamous cyberattack on MGMRI, which cost the company US$100 million by its own reckoning. This overshadowed the blistering success of MGM, with Las Vegas posting quarter after quarter of record numbers. While Hornbuckle has many Macau-related matters to consider (see earlier entries on Kenny Feng and Pansy Ho), including navigating the issues of the “new Macau” (see Linda Chen and Daisy Ho entries above), it is Japan and the Middle East that will really be interesting for Hornbuckle in 2024. Over the years IAG has devoted reams of column-inches (forgive the mixed metaphor) to Japan, which has seen more twists and turns than an Agatha Christie novel. The latest of these is the Japanese government’s December 27 announcement of the rejection of the Nagasaki IR bid, leaving Hornbuckle with the last laugh – a pure (and likely successful and profitable) monopoly for his MGM Osaka IR, when it finally opens, currently slated for 2030, assuming no dark horse emerges before then. Even more fascinating are his Middle East aspirations in the wake of Wynn Marjan Island (see Craig Billings entry above), with MGM salivating over the chance of winning the golden ticket of converting their “mere hotel” in Dubai to a proper IR – with gaming! Dubai is the largest city in the UAE – a country with a stupendous amount of wealth and an expat (and local) population who love to party. Could 2024 be the year MGM hits the jackpot – again? (see also Craig Billings, Kenny Feng, Pansy Ho)

15. Kevin Kelley (Macau COO of Galaxy Entertainment Group)

I remember when Galaxy Macau was just an idea. Phase I brought it to reality and Phase II made it huge. But in 2023 Phase III took it to truly behemoth proportions. The addition of the Galaxy International Convention Center, with its luxurious yet workmanlike Andaz hotel, and the exquisite Raffles, see Galaxy Macau as the undisputed dominant single IR in the SAR. And while Phase III still has more to come, Phase IV is also well on the way. Once that opens, I will be forced to start using the adjective “gargantuan” to describe the resort. All of this comes from the genius visionary mind of Francis Lui (see separate entry below), but it is his number two, Kevin Kelley, who has to bring that vision to life, and bring ideas to his boss. With Galaxy since 2015, Kelley has an awesome 40+ year gaming pedigree in Las Vegas and Macau, and Galaxy will need his level head and steady hand – as well as the occasional stroke of genius – to continue to maintain the success it has, year after year, as its operations become increasingly complex and voluminous. Kelley is another who has to navigate the “new Macau” (see Linda Chen and Daisy Ho entries above). His property will soon see its tenth – yes, tenth – hotel open. And that’s before phase IV. It will be fascinating to watch how Kelley manages this IR as it continues to grow to near-city proportions as 2024 and the years beyond unfold. (see also Francis Lui)

16. KT Lim (Chairman of Genting Group)

The pandemic hurt KT Lim, with the much-documented bankruptcy of Genting Hong Kong seeing the demise of its cruise business and its share in Resorts World Manila (see separate entries for Hakan Dagtas and Kevin Tan). But Genting is a brand that knows how to survive. Lim’s father Lim Goh Tong got into the gaming business some 59 years ago, when he founded Genting Highlands near Kuala Lumpur in Malaysia. Since then, Genting has grown to be the only truly global IR company – albeit with the perennial caveat that there is no presence in the global gaming capital of Macau. Lim tried to correct that in 2022 when he bid – unsuccessfully – for a Macau concession. Now, post-pandemic, Genting is rebounding hard in its monopoly and duopoly markets of Malaysia and Singapore respectively. Lim has such faith in Singapore that in November that RWS announced no less than a US$5 billion investment in its upcoming expansion. In June 2022, Genting also launched a new cruise business, Resorts World Cruises – now based in Singapore but with cruises out of Singapore and Hong Kong. It has been a smash success. But it always seems to be a mixed bag for Lim – his Resorts World Las Vegas (RWLV) property, which opened in 2021, is underperforming despite a booming Las Vegas market. Can Lim fix RWLV in 2024, and finally prove he can succeed in a highly competitive market? And how will the RWS expansion play out? Only the future will reveal the answers. (see also Andrew MacDonald)

17. Francis Lui (Vice Chairman of Galaxy Entertainment Group)

What can you say about Francis Lui that hasn’t already been said? The mastermind behind Galaxy Entertainment Group (see Kevin Kelley entry above) has been ranked number one on the IAG Power 50 for the past five years, making him the most influential and powerful person in the entire Asian industry, perhaps even the whole planet! In 2024, Lui will keeping on doing what he does best, slowly but steadily putting one foot in front of the other in what almost seems like a pre-ordained path to (more) greatness. In 2024 the already-open Phase III of Galaxy Macau will add some additional features, and the inexorable progress to the 2026 Phase IV opening will continue. Lui will navigate the “new Macau” issues of diminished VIP, billions in non-gaming spending, the new 10-year concession, and a mass-market dominated Macau with ease. Is there a chink in the great man’s armor? Yes, just one, and that is the lack of any international operations. Almost all his eggs are in the Macau basket – apart from twin 5% passive investments in Wynn Resorts (cost US$928 million in 2018) and SBM in Monaco (cost €40 million in 2015). There were dalliances in Japan and the Philippines in years gone past, but neither came to fruition. Thailand, anyone? (see also Kevin Kelley)

18. Andrew MacDonald (Chief Casino Officer of Resorts World Sentosa)

Andrew MacDonald’s knowledge of the mathematics of gaming is legendary in our industry – almost mythical. This is a person who for many years maintained a website with all manner of incredibly useful industry resources – from articles to spreadsheets – just for fun! And all available for anyone to use, just as long as they knew the URL. MacDonald is probably best known for his stints at the Adelaide Casino for nearly a decade early in his career, then Crown Resorts for around five years (back when it was at the peak of its game), and then Sands for over a decade, ultimately as global Chief Casino Officer – arguably the number one pure gaming position in the world. And while MacDonald’s DNA is in gaming, it is not just gaming he excels at. Deeply cerebral and always willing to teach and learn, over the decades MacDonald has expanded to being a true generalist, with a profound understanding of the relationship between the overall offerings of a resort and the profitability of its gaming floor. Some eyebrows were raised when he joined Resorts World Sentosa (RWS) in September 2022, but he is exactly the kind of executive CEO Tan Hee Teck needs for RWS to take on MacDonald’s former property of Marina Bay Sands to win back precious market share in the Lion City. Look for the competition in that duopoly to heat up in 2024, and for Andrew MacDonald to be a big part of significant improvements at RWS, if Genting lets MacDonald be MacDonald. (see also KT Lim)

19. Jim Murren (Chairman of the General Commercial Gaming Regulatory Authority (GCGRA) of the UAE)

Most IAG readers will remember Jim Murren as Chairman and CEO of MGM Resorts International. He was at the company from 1998, becoming CEO in 2007 and Chairman in 2008. Instrumental in MGM’s efforts in Japan, I remember in 2019 in Tokyo watching him throw out the ceremonial first pitch at an Oakland Athletics and Seattle Mariners Major League Baseball game sponsored by MGM Resorts Japan. Murren’s tenure at MGM ended in February 2020, and he stayed out of the gaming industry until popping up in September 2023 when the UAE announced his appointment as the Chairman of a newly established gaming regulator for the country. Former Missouri Gaming Commission Executive Director and long-time General Counsel for GLI Kevin Mullally was named as Murren’s CEO at the new body. With Wynn already putting pilings in the ground at Marjan Island (see Craig Billings entry above), MGM keen to get into the game in Dubai (see Bill Hornbuckle entry above), and even talk of up to seven casinos in the UAE (one for each emirate), Murren and Mullally have a very important role to play in establishing a proper legal and regulatory framework for gaming in a country which is totally new to the concept, and has potentially billions of dollars at stake.

20. Enrique Razon Jr (Chairman and CEO of Bloomberry Resorts)

Sometimes I think of Enrique Razon Jr as the Sheldon Adelson of the Philippines, which is of course unfair to Razon – as he is his own man. But the analogy is meant as a compliment. Just as Adelson stood out alone in the Las Vegas market as the dominant leader, so does Razon today in the Philippines – with both men being self-made in the gaming and IR industry. Razon had the cojones to open first in then-untested Entertainment City in Manila, with his property standing out like a sore thumb surrounded by empty land – just as Adelson’s Venetian did in Cotai. Fast forward to today, and Solaire has enjoyed over a decade of undisputed market leadership in Manila. But 2024 will be a huge year for Razon. Firstly, he has the Solaire North opening in Quezon City, the first time any IR company has opened a second property in Manila. Expectations are high, so Solaire North needs to impress. And secondly, Solaire’s chief rival, Okada Manila, probably has some clear air in 2024 to finally focus its energies on efficient operations, rather than dealing with internal political squabbles or the other black swan events it’s had to deal with over the past seven years. (see also Tom Arasi, Byron Yip)

21. Chen Si (COO of Inspire Entertainment Resort)

In 2024, Chen Si will arguably face the biggest test of his career so far in the IR industry. The likeable Si started his career in finance with stints at McKinsey and Blackstone, before landing at Sands in 2012. Over the next eight years he developed as a leader in a wide range of roles at Sands, including F&B at MBS, before slotting into player development and international marketing. After nearly two years running Macau Legend, he has been at Mohegan’s Inspire at Incheon in South Korea since August 2022, preparing for the opening, and was promoted to Property President in September last year. The property had a soft opening on November 30, but gaming operations are only expected to get underway in “early 2024”. It will be the first time an IR has opened in South Korea since 2017, when nearby Paradise City opened its doors. Exciting times ahead!

22. Kevin Tan (Chairman of Travellers International)

No one could ever say Kevin Tan does not have excellent business pedigree. His father, Andrew Tan, is one of the Philippines richest men and a business magnate of epic proportions. Companies in their group include mega-real estate and community developer Megaworld, McDonalds Philippines, and the Philippines largest liquor company, Emperador. With the demise of Genting Hong Kong (see entry for KT Lim) Kevin Tan finds himself at the helm of the IR company, now rebranded as Newport World Resorts. It’s clear he has a transformation agenda, and he has two stalwarts in CEO Kingson Sian and COO Hakan Dagtas (see separate entry), as well as new CMO David Jorden, to help him execute his agenda. Watch this space in 2024! (see also Hakan Dagtas)

23. Alejandro Tengco (Chairman and CEO of PAGCOR)

Back in August 2022 when new Philippines President Ferdinand “Bongbong” Marcos Jr (commonly known as “BBM”) installed Alejandro Tengco as his head of Philippines regulator PAGCOR, it was a breath of fresh air. Accessible, articulate and amiable, Tengco immediately went on a media and PR blitz, and he had two messages to deliver, no doubt with BBM’s blessing. Firstly, PAGCOR was finally going to privatize its casino operations, and become a pure regulator – but that was going to be a multi-year project with a number of milestones along the way, aimed at maximizing the value of the privatization for the Filipino people. And secondly, he was truly going to clean up the scandal-ridden POGO industry, and as an early step he replaced the tarnished POGO brand, renaming the Philippine online gaming operators as “IGLs” (Internet Gaming Licensees), and breaking that news in an exclusive interview with IAG. So far Tengco has talked a good game, but 2024 will be the first year where we can really start to see if he can walk his talk.

24. Alan Teo (COO of NUSTAR)

Cebu’s first-ever IR NUSTAR launched in May 2022, but for the entire time leading up to the opening, and for some five months after it, the property was without a COO, with departmental heads reporting direct to the President of owner Universal Hotels and Resorts, Frederick Go. All that changed with the October 2022 appointment of Alan Teo as NUSTAR COO. Teo had been a popular executive at Resorts World Sentosa, who had worked his way up from mere Assistant Director level to COO of RWS over a 13-year period. Universal and its affiliates are well-established in the Philippines as retail property developers and operators, but have no experience in IR operations, so will rely heavily on Teo and his team in the months and years ahead, as NUSTAR slowly ramps the property up to full capacity. The property was decidedly underdone when it opened, with hard hats and high-vis vests omnipresent, and in 2024 it will be Teo’s job to heat up the steak from rare to at least medium, if not well done. Let’s see how he goes!

… and I couldn’t keep it to just 24 people, so here are four bonuses:

25. Ben Toh (COO of SJM Resorts)

Singaporean Ben Toh has excellent pedigree inside and outside of the IR industry, but 2024 could be his most challenging year yet. His career started with 15 years in finance at General Electric, culminating in CFO positions at various GE divisions. He joined Sands China in 2007, rising through the ranks for the next nine years, eventually becoming CFO and Executive Director. After a three-year stint at Shangri-La, Toh joined SJM in 2020, first as COO (Finance and Development), then as CFO, and finally last month he was appointed as the company’s sole COO, now effectively the right-hand man of Daisy Ho. Toh will team up with Ho and face all the same challenges she will encounter in 2024 (see separate entry for Daisy Ho above). Amiable, level-headed and stable, Toh could be just the tonic SJM needs to turn Grand Lisboa Palace around in 2024. Only time will tell. (see also Daisy Ho)

26. Matt Wilson (CEO of Light & Wonder)

Matt Wilson is the only person on this list not to work for an operator, but his place here is well deserved. The company has a “Dare to be Bold” mantra, and Light & Wonder has done precisely that. Two examples. Firstly, the March 2022 rebranding from the arguably-dour “Scientific Games” to the downright recherché “Light & Wonder”, which did more than raise eyebrows – it had heads being scratched and tongues being wagged. But the industry adopted the new moniker in quick time. The second example was the bold prediction of increasing AEBITDA from US$913 million in 2022 to US$1.4 billion in 2025. The 2023Q3 AEBITDA of US$286 million implies an annual run rate of US$1.14 billion, some 47% of the way to the target in 33% of the time Wilson gave himself to achieve it. Not bad at all. Wilson, who is Australian, previously worked in Macau, so understands the Asia-Pacific market, and has the advantage of industry icon Ken Jolly leading L&W’s efforts in Asia. It will be fascinating to watch this story continue to evolve as the 2024 year rolls out.

27. Wilfred Wong (President of Sands China)

In 2015, when Sands China founder Sheldon Adelson appointed Dr Wilfred Wong as the main man on the ground in Macau for Sands China, it was much heralded as the first time a Chinese person had filled that role. This was a significantly less stable time for the company, right after the Steve Jacobs six-year wrongful dismissal debacle (google it if you don’t know), and the departure of the popular Ed Tracy for health reasons. Wong steadied the ship, quickly learned the industry, and stamped his own personal imprimatur on the Sands China corporate brand, something it needed from a Chinese perspective. Wong had enjoyed a long and distinguished career in government, serving on the NPC for 15 years, and on the committee that set the Basic Law for Hong Kong after the handover to China. Act two involved a career with several listed property development and construction companies – including (here’s a fun fact many don’t know) K. Wah, sister company to Galaxy Entertainment Group! Wong has done very well in Act three – his time at the helm of Sands China. He solidified Sands’ standing with both the Macau and Central governments, and also was an internal marketing star, proving a wildly popular boss with rank-and-file Sands employees, always happy and smiling and projecting a positive image, as he did in this exclusive IAG cover story interview in July 2023. Having now farmed Sands through the re-tendering process in 2022, and with a contract expiring in February 2024, will he call it a day? Full of energy and life, he seems and acts much younger than his years, so it’s by no means a foregone conclusion. (see also Grant Chum, Rob Goldstein)

28. Byron Yip (President of Okada Manila)

Okada Manila experienced a baptism of fire when it opened seven years ago and has been through the wars ever since. It should never really have opened when it did, in December 2016. It just wasn’t ready. As an Okada executive told me once, “The old man [Kazuo Okada] said to open, so we did. But the paint was still wet.” There were the much documented “two takeovers”, first by Kazuo Okada’s associates, and then the reversal of that takeover. There was the ongoing war of words (and court cases in numerous jurisdictions) between Okada and Wynn, which could only be settled by their underlings once the main players had both been ousted from the companies they founded. Don’t forget the Jason Ader and 26 Capital SPAC spat, which was only finally put to bed in September, when a Delaware court found that the merger – which had planned to take Okada Manila to the NASDAQ – should not proceed. There was a major legal dispute with construction contractors which ended up in court. And finally, in just the past few months, the company suffered debilitating IT issues widely conjectured to be a cyberattack. But at long last, all those issues seem to be in the past. And Okada Manila has been posting some really good numbers. With an enormous land footprint, Okada Manila has the potential to eclipse its main rival, Solaire. Whether that potential can be realised remains to be seen. In 2024, President Byron Yip may finally have “clear air” for the first time since Okada Manila opened, which would allow him the luxury of focusing all the company’s energies on efficient operations and marketing, potentially seeing Okada’s revenues and profits ramp up accordingly. Let’s see what the year brings! (see also Tom Arasi, Enrique Razon Jr)