How the Lim family built Genting's global empire from Malaysia
[KUALA LUMPUR] Investor confidence in the Genting Group has come under pressure in recent months, as weak earnings, surprise leadership changes, corporate governance woes and mounting capital commitments triggered sharp sell-offs across its listed entities.
As of June 9, shares across Genting's four listed arms had declined by between 8.4 and 18.2 per cent in the year to date. Genting Singapore posted the smallest drop at 8.4 per cent, and Genting Berhad (Genting), the group's holding company, led the losses with an 18.2 per cent fall, followed by Genting Plantations (15.4 per cent) and Genting Malaysia (11.1 per cent).
Among the recent changes was executive chairman Lim Kok Thay's taking on the role of acting chief executive officer at Genting Singapore on Jun 1, following the surprise retirement of long-serving chief executive Tan Hee Teck in May.
The news raised fresh questions about the group's next strategic steps, especially because leadership is being temporarily centralised under Lim. Concurrently, Lee Shi Ruh, the current president of RW Sentosa, will step into the property's CEO position.
These developments came just months after a milestone moment in March 2025, when Genting appointed Tan Kong Han, a non-family executive, as CEO of Genting, marking the first time operational control of the holding company shifted outside the Lim family.
Despite this, the dynasty remains deeply influential at the board level. Lim Kok Thay continues to hold key roles across the group as executive chairman of Genting and Genting Singapore, deputy chairman and CEO of Genting Malaysia, as well as deputy chairman and executive director of Genting Plantations.
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While some investors view the leadership transitions as a step toward professionalisation, others are cautious, seeing the consolidation of control as a sign of the group's continued reliance on centralised family leadership.
The dynamic that has shaped Genting
From its roots as a solitary hilltop casino in Malaysia's Genting Highlands in Pahang – about an hour's drive from the capital city of Kuala Lumpur – Genting Group has grown into one of South-east Asia's most recognisable multinationals.
Today, its sprawling empire spans gaming, hospitality, plantations, power and biotech, which can be confounding. Behind the brand lies a complex web of listed entities, family control and capital-intensive operations that make it a mixed bag for investors.
Each Genting-listed arm presents different investment propositions, depending on an investor's appetite. For growth-centric investors, Genting Malaysia or Genting Singapore may be a draw, given their exposure to a rebound in tourism and gaming.
Those seeking stable dividends may find Genting Plantations or the Singapore-listed unit more attractive.
As Genting plots its post-pandemic recovery and weighs long-term leadership succession, attention is turning to where the real value proposition with the lowest risk lies.
The Business Times unpacks how the Genting empire stacks up as leadership shifts and capital needs put its sprawling structure under the spotlight.
A multi-layered conglomerate
The Genting Group is anchored by Genting, its holding company listed on Bursa Malaysia.
Through its trio of publicly traded entities, Genting Malaysia, Genting Plantations and Genting Singapore, the group is involved in distinct business lines and geographical markets.
Beyond the bourse, key unlisted subsidiaries such as Genting Energy and Resorts World (RW) Las Vegas extend the group's reach into power generation and the heart of the US gaming industry.
Established in 1965 as a one-resort operation in Malaysia, Genting has since expanded its footprint to nine countries, employing around 54,000 people globally. PHOTO: BT FILE
Genting holds majority stakes in Genting Malaysia, which operates the iconic RW Genting in Malaysia's highlands, along with casinos in New York and the UK.
Genting Singapore owns RW Sentosa, one of only two integrated resorts with a casino licence in Singapore.
Genting Plantations is a mid-sized palm-oil producer with extensive plantations in Malaysia and Indonesia.
The group's international portfolio once featured Genting Hong Kong, a cruise ship operator under the Dream and Star brands. But that collapsed and was liquidated in 2022, felled by the pandemic.
Beyond its core operations, Genting has made strategic bets in life sciences and biotech – investing in firms such as Celularity, CorTechs Labs, DNAe Group and Human Longevity.
Genting Ventures, the group's venture arm, invests in early-stage, disruptive technologies aligned with its core sectors: gaming, entertainment, hospitality, agriculture and energy.
Kien Huat Realty – the Lim family's private investment vehicle led by Lim Kok Thay – serves as their principal holding and investment arm. Often referred to as Kien Huat or Kien Huat Realty III, it holds significant stakes across Genting's listed entities and affiliated businesses.
In a 2017 interview with The Peak, Lim Kok Thay said: 'Our founder has always said that if the relationship is not good or the investment climate of a country is not correct, it is not worth getting into, even if you make money. That value has held us up well.'
Lim's family and succession plan
The legendary tycoon Lim Goh Tong transformed a remote jungle in Pahang into the iconic Resorts World Genting. PHOTO: RESORTS WORLD GENTING
Genting Group was founded in 1965 by the late Lim Goh Tong, Malaysia's 'casino king', whose bold vision transformed a remote jungle in Pahang into the country's only casino resort.
He passed leadership of Genting Group to Lim Kok Thay, his second son, who became chairman in 2003.
When the senior Lim died in 2007, he left behind six children: three sons – Lim Tee Keong, Lim Kok Thay and Lim Chee Wah – and three daughters – Lim Siew Lay, Lim Siew Lian and Lim Siew Kim.
Apart from Lim Kok Thay, better known as KT Lim in corporate circles, none of Lim Goh Tong's children hold executive or official positions within Genting Group's core businesses currently.
The late Lim's eldest son, Lim Tee Keong, was previously involved in the family business but faced bankruptcy; he died in 2014. Following his financial difficulties, control of his family trust was transferred to his brothers, Lim Kok Thay and Lim Chee Wah.
Lim Chee Wah, while prominent within the family, holds no position within Genting's companies.
The daughters have similarly remained outside the group's management, although Lim Siew Kim was previously involved in legal disputes over family assets.
Genting Group chairman Lim Kok Thay playing baccarat at the soft opening of Singapore's first casino at RW Sentosa complex in 2010. PHOTO: BT FILE
Under Lim Kok Thay's stewardship, Genting expanded internationally, launching major integrated resorts in Singapore, the US, UK and beyond, while diversifying into plantations, power and biotechnology.
With an estimated net worth of US$1.8 billion, Lim Kok Thay was ranked 14th on Forbes' 'Malaysia's 50 Richest' list for 2025.
The third generation is represented by Lim Keong Hui, Lim Kok Thay's son. Currently serving as deputy chief executive and executive director at both Genting and Genting Malaysia, he is widely viewed as the successor to the Genting empire.
Beyond Genting and Genting Malaysia, he assumed the role of CEO of Genting Plantations in March, following Tan Kong Han's transition to a broader role within the group.
Lim Keong Hui, son of Lim Kok Thay, is widely viewed as the successor to the Genting empire. PHOTO: GENTING PLANTATIONS
A look at the numbers
Despite a strong rebound in 2024, Genting Group's net profit and revenue declined in the first quarter of 2025, primarily due to lower contributions from its vital leisure and hospitality segment.
Chairman Lim Kok Thay, offering his outlook for 2025 in Genting's 2024 annual report, said he expected uneven global economic growth for 2025, with differing trends between advanced and emerging markets. While Malaysia's economy is expected to grow, supported by domestic demand, it remains subject to global and local uncertainties, alongside inflationary pressures.
'The international tourism sector is forecast to remain robust, driven by strong demand and continued global travel recovery, positioning the regional gaming market for sustained upward momentum,' he said.
Overall, Genting's revenue and earnings have risen steadily over the past five years, largely propelled by strong performances in Singapore and Malaysia.
The leisure and hospitality segment consistently contributes more than 80 per cent of the group's revenue and earnings. Plantations add about 10 per cent, and the remainder comes from its energy and other diversified segments, based on Genting's 2024 annual report.
What analysts are closely watching
Valuation unlocking: A longstanding analyst speculation is that Genting may restructure or list its energy unit to unlock value and narrow the conglomerate discount.
Dividend sustainability: While Genting Singapore delivers consistent payouts, Genting Malaysia's dividends hinge on regulatory clarity and cash-flow strength.
Capex versus returns: Genting Malaysia's US expansion and Genting Singapore's Sentosa revamp demand hefty capital outlay, with investors eyeing execution risks and potential returns.
Commodity exposure: Fluctuations in crude palm oil and energy prices could impact earnings from Genting Plantations and Genting Energy, affecting group contributions.
Legal disputes: Genting Malaysia has a history of lawsuits. It is currently being sued by its former Bahamian partner for US$600 million.
Key catalyst: Regulatory approval for the drug for Alzheimer's developed by 20 per cent-owned TauRx Pharmaceuticals.
Operational challenges in the UK and US, particularly stemming from loss-making Empire Resorts, are expected to weigh on Genting's earnings for the year.
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