Genting Singapore has confirmed that Tan Hee Teck will retire as chief executive at the end of this month, with executive chairman Tan Sri Lim Kok Thay taking over on an interim basis.
Tan joined the company as CEO of Resorts World Sentosa (RWS) in January 2007, and was named chairman of the integrated resort in February 2015. Alongside these roles, he served as Genting Singapore’s president and chief operating officer from February 2010 until April 2022, and took over as CEO in May 2022.
Tan has now decided to retire from all his executive and board roles held in the group, with effect from 31 May, and will support a smooth transition until 30 November when he fully retires from the company.
“It has been an incredible honour to be part of Genting Singapore for over 20 years,” said Tan. “I’m so proud of what we’ve accomplished together, especially introducing RWS to the world, and now beginning its exciting transformation into RWS 2.0. As I approach my 70th birthday, I look forward to a new chapter where I can devote time to pursue my interests and do more in giving back to society.
“I would like to express my immense gratitude to my management team and 7,300 colleagues for this extraordinary ride of my life – it was only through their dedication and strong support that we have been able to achieve all that we did. My legacy will be leaving behind a team that is incredibly talented, passionate and well-positioned for the road ahead, especially to drive the transformation of RWS into a global tourism icon.”
Executive chairman Tan Sri Lim will assume the role of Genting Singapore’s acting CEO from 1 June.
“Hee Teck’s leadership have been invaluable to Genting Singapore,” said Tan Sri Lim. “Working alongside the team, he has been instrumental in building RWS into the world-class destination it is today. He has also fostered a strong culture of innovation, excellence, and genuine camaraderie within the team.
“We are deeply grateful for his dedication and countless contributions – we will truly miss him, and we wish him the most wonderful and fulfilling retirement.”
Lee Shi Ruh, who currently serves as RWS president and chief financial officer, has been named as the integrated resort’s new CEO from 1 June.
Lee was appointed president in September 2023, and will continue to oversee the day-to-day operations, financial affairs and strategy development for RWS. She will remain in her role as chief financial officer.
Genting Singapore has also announced its results for the first quarter of 2025, with revenue declining 20 per cent to S$626.2 million (approx. €430.7 billion).
Gaming revenue from RWS fell by 24 per cent to $437.5 million, while non-gaming revenue declined by 10 per cent to $188.5 million. Other revenue contributed the remaining $0.2 million.
Adjusted EBITDA fell by 36 per cent year-on-year to $235.8 million in the first quarter. After a net exchange loss of $1.7 million and other expenses of $3.6 million, net profit after tax was 41 per cent lower at just under $145.0 million.
“Compared to the same quarter last year, the results for the current quarter was affected by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory,” said Genting Singapore. “The group’s performance was also weaker in comparison with the previous year where Singapore saw stronger visitor-ship and tourism spending during the Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024.
“Amid heightened geopolitical trade tensions and macroeconomic headwinds, the group continues to adopt a prudent and adaptive approach, leveraging on our strong regional presence and financial strength to navigate through a challenging global environment.”
Shares in Genting Singapore Ltd (SGX:G13) were trading 4.08 per cent lower at $0.71 per share in Singapore earlier Thursday.