Lim Kok Thay Steps Down as Genting CEO

Malaysian billionaire Lim Kok Thay has resigned as CEO of Genting Berhad after steering the gaming and hospitality giant for nearly two decades. The unexpected departure of the 73-year-old tycoon marks the end of an era for one of Asia’s most prominent business dynasties. His exit raises questions about the future direction of a company deeply tied to his vision and leadership.

Lim announced his resignation this week citing a desire to step back after years of guiding Genting through growth and challenges. He built the firm into a global player with resorts in Malaysia Singapore the U.S. and beyond leaning on his sharp business acumen. Though he leaves the CEO role he will remain chairman suggesting continued influence over strategic decisions.

Under Lim’s tenure Genting expanded its footprint most notably with the Resorts World brand which includes a massive Las Vegas property opened in 2021. The company weathered economic downturns and the pandemic’s hit to tourism showcasing his resilience. His leadership turned a family legacy into a multibillion-dollar empire employing thousands worldwide.

The timing of Lim’s exit has surprised industry watchers given Genting’s ongoing recovery from COVID-19 losses and ambitious projects in the pipeline. No successor has been named though speculation centers on internal candidates familiar with his approach. Analysts expect a smooth transition but acknowledge the void left by his hands-on style.

Lim inherited Genting from his father Lim Goh Tong who founded it in 1965 with a single hilltop casino in Malaysia. The son’s global ambitions took it far beyond its roots diversifying into cruises plantations and energy. His departure comes as Malaysia’s business landscape shifts with new generations vying for prominence.

Genting’s stock performance will be closely watched as investors assess the impact of Lim’s reduced role amid economic uncertainty. The company faces competition in Asia’s gaming sector where rivals like Macau’s operators are regaining ground post-pandemic. Lim’s strategic bets like the Las Vegas venture will test his legacy in the years ahead.

Employees and stakeholders have praised Lim for his dedication often describing him as a visionary who balanced profit with community ties. His personal wealth estimated at over 2 billion dollars reflects Genting’s success under his watch. Yet he remained a private figure rarely speaking publicly beyond corporate matters.

The resignation closes a chapter for Genting as it navigates a post-Lim era with his shadow still looming large. Observers wonder if the next leader can replicate his bold expansion while adapting to a fast-changing industry. For now Lim’s imprint endures as Genting braces for its next evolution under fresh leadership.