Scientific Game

2017 Inside Asian Gaming Power 50: Number 25 - Tan Hee Teck

Tuesday, 05 December 2017 13:35
Share
Visit us


25 Tan Hee Teck

CHAIRMAN AND CEO
Resorts World Sentosa

POWER SCORE
1,007

LAST YEAR
15

CLAIMS TO FAME
• Spearheaded Genting’s crucial battle for Singapore gaming license
• Oversees one of world’s most profitable IRs
• Point player for Genting’s Japan IR ambitions

Resorts World Sentosa is bouncing back after painful times as China’s economic growth slowed and VIP play contracted. For this year’s first nine months, the Genting Singapore integrated resort reported gaming revenue up 12% and EBITDA up 64%. Management has cut costs, promoted high margin segments and slashed impaired receivables by 80% thanks to “a more measured” VIP credit policy.

For Genting, securing an IR license in Singapore was crucial to defend its original Highlands Resort in Malaysia, and Tan Hee Teck led that winning effort. Even though it cost US$5.7 billion and runs second to crosstown rival Marina Bay Sands, Resorts World Sentosa has proven a highly profitable defensive gambit, delivering the majority of EBITDA in Genting Group’s core hospitality and leisure segment. The IR is on pace to produce some US$900 million in property EBITDA this year on US$1.8 billion revenue, a 50% margin. To stay relevant in Singapore, RWS is formulating a five year strategic plan to enhance visitor appeal.

Mr Tan also serves as President and COO of Genting Singapore, the IR’s SGX listed corporate parent. GenSing took the lead on RW Jeju, a US$1.8 billion IR on South Korea’s tourist island with visa free entry for mainland Chinese. In November last year, Genting decided to sell its Jeju stake to joint venture partner Landing International. The deal closed early this year, with GenSing booking a US$71 million profit on its US$367 million investment, a 19% return.

Genting said it exited Jeju to focus on Japan, correctly anticipating Japanese Diet passage of legislation formally starting the casino legalization process. Many consider Genting a Japan IR frontrunner and, building on his Singapore success, Mr Tan leads that push. This year, GenSing established a Japan office and raised ¥20 billion (US$175 million) through yen denominated bonds to support the IR drive.

To return to the full list of 2017 Asian Gaming Power 50 winners, click here.

Current Issue

Tribal Ambition

Tribal Ambition By Muhammad Cohen and Ben Blaschke   Mohegan Gaming and Entertainment CEO Mario Kontomerkos believes the Native American casino operator has two aces in the hole for Japan, especially when it comes to the so-called regional markets beyond major areas. In his presentation at last month’s Japan ... Monday, 04 June 2018 20:55

Social Gathering

Social Gathering By Shaun McCamley   Social casino gaming is booming. In 2017, the global social gaming industry generated a whopping US$106 billion in revenues, with the social casino segment generating US$4.5 billion in revenues. Not surprisingly China, Japan and Korea generated 90% of the games revenue in the... Monday, 04 June 2018 20:44

Redefining Tourism

Redefining Tourism By Muhammad Cohen   In an era when tourism constitutes a growing portion of the global economy, integrated resorts present a potent although frequently misunderstood means for growing visitor arrivals and revenue. It’s not simply the casino but their range of attractions that make IRs such powe... Monday, 04 June 2018 20:37

Japan IR Timeline

Japan IR Timeline By Ben Blaschke   What year for Japan’s first IR? It’s a question that continues to divide industry stakeholders, the answer further clouded by the substantial disparity in opinion offered at last month’s Japan Gaming Congress (JgC) in Tokyo. At the nearer end of the scale, members of the... Monday, 04 June 2018 20:27