Lim Keong Hui, son of Genting Group Chairman Lim Kok Thay, has stepped down an executive director and deputy CEO of Genting Hong Kong.
The global cruise ship operator is struggling to endure amid growing debts and the suspension of operations due to Covid-19. On August 28, Genting HK announced Lim’s resignation, in which he said he would devote more time to other business commitments. The 35-year-old is also deputy CEO of Malaysian-listed Genting Bhd, Genting Malaysia Bhd and Genting Plantations Bhd.
Lim was only appointed to his former role in March 2019. He has been replaced by Group President Colin Au Fook Yew, who oversees Genting Cruise Lines and its three brands: Dream Cruises, Star Cruises and Crystal Cruises. Au has worked in various roles within the Genting Group for the past 40 years.
Just five days after stepping down, Lim acquired Genting HK’s Zouk Group for SG$14 million (US$10.3 million). Zouk, which was acquired by Genting HK in 2015, operates a nightclub in Singapore and has expanded to Kuala Lumpur and Resorts World Genting.
According to Inside Asian Gaming, Genting HK is working with creditors to restructure its debt and has suspended all loan repayments to preserve liquidity. It also reported losses of US$743 million in the six months to 30 June 2020.
In related news, Genting Berhad announced last week that its revenue for the second 2020 quarter had fallen 80 percent year-on-year to RM1.1 billion (US$266 million). The decrease in revenue came mainly from the Leisure & Hospitality segment of the group, including Resorts World Sentosa in Singapore and Resorts World Genting in Malaysia.
“As tourism is the main driver of RWS’s business and the pandemic has caused major disruptions to the global travel and tourism industry, its operations and financial performance have been severely impacted,” the company stated.