Genting’s Lim Kok Thay is likely to toast the new year with a half-full glass of champagne as there is as much to cheer about as there were setbacks, Daniel Cheng writes.

Billionaire businessman Lim Kok Thay has stepped down as chairman and chief executive of Genting Hong Kong after the cruise ship operator filed a petition in a Bermuda court to wind up its cash-strapped business.

Former Genting Hong Kong Chairman and CEO Lim Kok Thay is among the interested bidders for the group’s unfinished Global Dream mega liner, but the insolvency administrator is hoping to find a better buyer.

Genting Chairman Lim Kok Thay said he's "super confident" about the future of the company's U.S. assets and will seek a listing when business improves.

Genting Singapore on Thursday announced it has disregarded a resolution which would see an increase to chairman Tan Sri Lim Kok Thay’s performance share scheme (PSS) limit. 

Genting Bhd Chairman Lim Kok Thay says he expects global economic conditions to continue to recover and said the group will assess any business opportunities that arise that could complement existing operations or provide new growth.

Chen Lip Keong, owner of NagaCorp and Karambunai, and Genting Group boss Lim Kok Thay are amongst the top10 richest billionaires in Malaysia, according to the annual list of ‘Malaysia’s 50 Richest’ 2023 edition from Forbes.

The head of casino operator Genting Singapore Ltd, Lim Kok Thay, notes that the firm is expecting “continued recovery of travel and tourism”, mentioning that the “recovery pace may be inconsistent due to international flight capacities and unexpected border measures. Further, economic uncertainties and inflationary pressure as well as manpower challenges emerge as areas of concern”.

Genting’s Lim Kok Thay will likely toast the new year with a half-full glass of champagne because there is as much to cheer about as there were setbacks, Daniel Cheng writes as the world’s largest gaming operator stands on cloud nigh.

Lim Kok Thay is the wild card in Macau’s gaming concession process, submitting a seventh bid for the available six concessions alongside the six incumbent operators. This is the second time Genting has submitted a bid to operate in Macau.