PRESIDENT AND COO
POWER SCORE: 822
POSITION LAST YEAR: 31
CLAIMS TO FAME
- Oversees family heirloom Resorts World Genting, featuring the only casino in Malaysia
- Completing US$2.3 billion Genting Integrated Tourism Program resort renovation
- Genting Malaysia holds global assets from Bimini to Birmingham, Cairo to Queens, NY
At the start of this year, Genting Malaysia appointed Lee Choong Yan to its board of directors, adding to the President and COO posts he’s held since 2006. An accountant by training who joined Genting in 1997, the appointment recognizes his stewardship of Resorts World Genting, the group’s first gaming property, located in the Cameron Highlands outside Kuala Lumpur and still the only casino in Malaysia.
The directorship also recognizes Lee’s skill accommodating other group baubles in Genting Malaysia’s corporate jewel box. The company acquired 49% of loss-making Resorts World Catskills last year from Lim Kok Thay’s family investment vehicle Kien Huat Realty III. The deal was supposed to add synergy opportunities with Resorts World New York City, the slot parlor near New York’s Kennedy International Airport, already held by Genting Malaysia along with dozens of UK casinos and an online gaming platform, Resorts World Bimini and even a casino in Egypt.
Resorts World Genting remains the company’s main attraction, accounting for nearly 70% of revenue and EBITDA last year. An outdoor theme park scheduled to open next year will crown the long running MYR10 billion (US$2.3 billion) Genting Integrated Tourist Plan, aiming to make Resorts World Genting a world class destination. Visitation rose 11% last year to 28.7 million with 95% occupancy in its seven hotels with 10,500 rooms, many new or refurbished through the plan as average room rates doubled.
Revenue tanked 64% in 2020’s first half with a three month shutdown from mid-March. The IR reopened in mid-June, “to positive response,” the company reports, and its strong domestic customer base – even though Malaysian Muslims are barred from the casino – bodes well for business behind closed borders.
For the full list of 2020 Asian Gaming Power 50 winners, click here.