Developed over several decades by the Lim family, the Genting Group has expanded from a casino resort located in Malaysia’s Genting Highlands into a vast multinational corporation worth billions of dollars. This entity now encompasses various sectors including hospitality, plantations, energy, and biotechnology.
The organization comprises Genting, which is a holding company, along with its fully-owned subsidiary called Genting Energy. It also includes three publicly-traded entities: Genting Malaysia, Genting Singapore, and Genting Plantations.
The leisure and tourism sector of this entity manages 11 Resorts World locations, featuring key flagship resorts in Malaysia, Singapore, and Las Vegas, as well as cruise lines bearing the same brand name.
The primary focus of its operations continues to be the leisure and hospitality sector, which makes up more than 80% of both revenue and profits. Approximately 10% stems from plantations, with the remaining portion derived from energy and various other sectors. Business Times reported, citing the group’s 2024 annual report.
A rag-to-riches story
The multibillion-dollar empire began with one man’s vision atop the misty highlands of Pahang.
The founder of the group, Lim Goh Tong, was born in 1918 in the southern Chinese province of Fujian. Being the second son of a merchant who traded vegetable seeds, at the age of 16, Lim left school to assume control of the family enterprise, peddling his products along country lanes.
In 1941, amid the sweeping chaos of war across the nation, he departed from his mother at the age of 23 and set sail for British Malaya—a decision that significantly altered the course of his life, as stated in the source. Wall Street Journal .
Although his education was limited at the time, Lim learned the local language and capitalized on the post-World War II construction surge by dealing in pre-owned heavy machinery and equipment for building and mining projects.
The idea for a hilltop retreat came to him in 1963 while working on a hydroelectric project in the cool mountain air of Cameron Highlands, also in Pahang. Inspired, he set up Genting Highlands Berhad in 1965 and poured his savings into building Malaysia’s first casino resort.
"The Genting project fitted my idea of an ideal business: Nobody else was interested in it, which meant no competition," Lim said in his autobiography.
Completed in 1971, the remote resort laid the foundation for the Genting empire. Over the next three decades, Lim would expand it far beyond just a hotel with basic tourist facilities.
He transferred the reins to his second son, Lim Kok Thay, who assumed the position of chairman in 2003. The senior Lim died at the age of 89 in 2007.
His last great achievement occurred shortly before he passed away, when the First World Hotel, located at the foot of his resort, was recognized by Guinness World Records as the biggest hotel globally, boasting an astounding 6,118 rooms.
The second generation
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The Malaysian billionaire entrepreneur Lim Goh Tong (right), known for building his wealth from scratch, was photographed smiling alongside his second son, Kok Thay, at their office in Kuala Lumpur on New Year’s Eve, December 31, 2003. The photograph was taken by Reuters. |
Under the guidance of Kok Thay, Genting expanded into a global giant. The company ventured outside of Malaysia, setting up notable mixed-use entertainment destinations in Singapore, the United States, the United Kingdom, and various other regions, as well as diversifying into agriculture, power generation, and biotech sectors.
In 2010, the group made their largest international expansion with the launch of Resorts World Sentosa in Singapore, which stands as one of only two integrated resorts possessing a casino license within the city-state.
The company's newest initiative centers around this with an S$6.8 billion (US$5.1 billion) expansion aimed at adding 700 hotel rooms through the construction of two new properties at the location. Forbes reported in April.
Previously, the group consisted of Genting Hong Kong, which managed Dream and Star Cruises; however, the company went bankrupt in 2022 due to challenges posed by the pandemic.
Thay Kok was listed at number 14. Forbes ’ 2025 list of Malaysia’s 50 richest estimated to be worth around $1.8 billion USD.
In an interview from 2017 with The Peak He attributed the foundation of the company to his father's values, stating: "Our founder established an excellent culture within the organization and among its members. Integrity is crucial; conducting business ethically with collaborators and treating staff appropriately. This fundamental principle is something many of us at the company have embraced."
Steering through familial conflicts and inheritance issues
During that same discussion, Kok Thay highlighted the significance of establishing "a well-defined framework" in both corporate and familial affairs.
However, during that period, the clan's control over the corporation came under public examination when multiple family members brought their disagreements regarding the Genting empire's wealth and ownership into the legal arena, capturing media attention.
The three offspring of Lim Tee Keong, the founder's deceased firstborn child, initiated legal action against their two uncles, Kok Thay and Lim Chee Wah, concerning a family trust established by their great-grandfather. Further lawsuits were filed contesting both the validity of Tee Keong’s will and the legitimate possession of part of the Genting shares.
The years-long family feud was ultimately settled, with court papers reviewed by The Edge Malaysia In 2019, it was confirmed that the primary parties engaged in the conflict had arrived at a worldwide agreement resolving all assertions and rebuttals.
Following the resolution of the prolonged conflict, Kok Thay is advancing his succession strategies within the family business. In February, he relinquished his position as CEO of Genting after leading for twenty years, passing the torch to Tan Kong Han, who has been serving as both president and COO. Despite stepping down from day-to-day operations, Kok Thay continues in his capacity as executive chairman.
This represents the first instance of an outsider being chosen to head the organization, marking a considerable change for the long-standing corporation, as noted by The Star .
Nevertheless, this shift occurred during a challenging period. In 2024, Genting experienced an 11% decline in net profits to 2 billion ringgit ($452 million). This drop was primarily due to weaker performances from their casinos in Singapore and the United States, despite a slight increase in overall revenue to 27.7 billion ringgit.
Earnings pressures, unexpected leadership shifts, and growing capital requirements have eroded investors' confidence, leading to significant sell-offs throughout its publicly traded divisions. By June 9th, the stock prices of these four listed companies within the group had fallen between 8.4% and 18.2% from the beginning of the year.
Following Tan’s promotion, he will pass his previous role as CEO of Genting Plantations to a third-generation scion, Lim Keong Hui, Kok Thay’s eldest son.
When reflecting on his career, Kok Thay mentioned that his most proud moment occurred when his father handed over the business to him at the age of 85, a transition Kok Thay feels was equally significant for his father.
It must have been a tremendous relief for him to let go of that weight. Likewise, once I achieve that milestone, I can say that it will be one of the most triumphant moments in my life.
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