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

2017 Inside Asian Gaming Power 50: Meet the Selection Panel

2017 Inside Asian Gaming Power 50: Meet the Selection Panel Andrew W Scott CEOInside Asian Gaming Inside Asian Gaming’s CEO first entered a casino in 1986, fell in love with the surrounds and has been around them ever since. Andrew founded World Gaming Group and launched WGM in 2009, took over IAG in 2015, debuted a third magazine called High Life in ... Tuesday, 05 December 2017 19:28

2017 Inside Asian Gaming Power 50: Ten Years On

2017 Inside Asian Gaming Power 50: Ten Years On A decade of making the Asian Gaming Power 50 By Andrew W ScottIAG Asian Gaming Power 50 selection panel Chairman EVERY year for the last decade, Inside Asian Gaming has completed a task that is fascinating, exhilarating, intellectually stimulating and industry-defining whilst simultaneously bei... Tuesday, 05 December 2017 19:12

2017 Inside Asian Gaming Power 50: Number 19 -  James Murren

2017 Inside Asian Gaming Power 50: Number 19 - James Murren 19 James Murren CHAIRPERSON AND EXECUTIVE DIRECTORMGM China Holdings POWER SCORE1,165 LAST YEAR12 CLAIMS TO FAME • Chairman of the world’s second largest casino company • Credited with keeping MGM Resorts afloat during the GFC If the strong domestic results achieved by MGM China’s pa... Tuesday, 05 December 2017 14:44

2017 Inside Asian Gaming Power 50: Number 18 - Chen Lip Keong

2017 Inside Asian Gaming Power 50: Number 18 - Chen Lip Keong 18 Chen Lip Keong CEO AND EXECUTIVE DIRECTORNagaCorp POWER SCORE1,234 LAST YEAR20 CLAIMS TO FAME • Casino monopoly within 200 kilometers of Phnom Penh runs to 2035, license to 2065. • Owns 65% of first gaming company ever listed in Hong Kong • NagaWorld extension Naga2 debuted in Novemb... Tuesday, 05 December 2017 14:39