Genting Hong Kong – Genting Group’s casino cruise ship arm and joint venture partner in Philippines IR Resorts World Manila – has appointed Lim Keong Hui as Deputy CEO.
The 34-year-old son of Genting Group Chairman and CEO Lim Kok Thay will serve as Deputy CEO for an initial term of three years and be entitled to a director’s fee of US$50,000 for the year ended 31 December 2018. Lim is also a substantial shareholder in Genting HK, with deemed interests of more than 6 billion shares.
His appointment comes less than three months after he was appointed Deputy CEO of Malaysian-listed Genting Bhd, Genting Malaysia Bhd and Genting Plantations Bhd in what appears to be a clear indication of the company’s long-term succession plan.
Lim Kok Thay, ranked number four on Inside Asian Gaming’s 2018 Asian Gaming Power 50 list, is himself the son of Genting founder Lim Goh Tong who passed away in October 2007.
News of Lim Keong Hui’s latest appointment comes as Genting HK released its FY18 financial results, which saw losses narrow to US$213.3 million from a loss of US$244.3 million in 2017.
Total revenue for the year grew 34.5% to US$1.60 billion, primarily due to the first full year of operations of its two Dream Class cruise ships following deployment of World Dream.
Genting HK’s share of profit from joint ventures soared from US$1.3 million to US$13.5 million, “mainly due to higher contribution from Travellers International Hotel Group, Inc. which recognized higher non-operating income in 2018,” it said.