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  • This article first appeared in The Edge Malaysia Weekly on January 21, 2019 - January 27, 2019

    ABOUT a year ago, Genting Bhd chairman and chief executive Tan Sri Lim Kok Thay led a group of prominent local businessmen, including Tan Sri Chua Ma Yu and Tan Sri David Kong Hon Kong, on an African safari, flying them into Kenya on private luxury jet Crystal AirCruises.

    While on the week-long cruise in February last year, the casino tycoon would not have imagined that Genting Malaysia Bhd would be dealt a bad hand later in the year. Already embroiled in an ugly family feud, the Genting group seemed to have fallen prey to Murphy’s law late last year.

    Genting Malaysia suffered its first blow in early November when the Pakatan Harapan government announced that the duty on gross gaming income would be increased from 25% to 35% and gaming machine duty on gross collection would go up from 20% to 30%.

    On top of that, the Ministry of Finance increased the annual casino licence fee by RM30 million to RM150 million, and machine dealer’s licence fees from RM10,000 to RM50,000 a year.

    As the only licensed casino in the country, Genting Malaysia was clearly the target of the duty hikes.

    There was more bad news in late November, when, in a US district court in California, Gent

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    By Yantoultra Ngui

    (Bloomberg) — Lim Kok Thay started a cruise ferry and gambling boat business in 1990s Hong Kong and turned it into one of Asia’s biggest cruise operators.

    It was a labor of love, as well as a way to diversify the casino business set up by his father, Lim Goh Tong, in Malaysia. Under the now 70-year-old Kok Thay, Genting Hong Kong Ltd. expanded its fleet of ships, bought other cruise lines and even added a string of German shipyards to build its vessels.

    Now, more than two years into the coronavirus pandemic, Kok Thay’s company is headed for liquidation. Genting Hong Kong filed a petition last week to wind up its business in one of the biggest stumbles by a cruise operator since the pathogen pummeled the industry. It’s a stark example of how the coronavirus brought once-thriving businesses to their knees, which has the potential to impact cruise customers across the region.

    “I felt so upset when I heard the news,” said Chloe Then Sheau Nyuk, who used to board the company’s cruises in Penang in Malaysia and travel to Phuket and Krabi in Thailand. She said one of the things she most enjoyed was waking up with her husband at 6 a.m. to catch the sunrise from the upper deck.

    Kok Thay has resigned as Genting Hong Kong chairman, chief execu

    Tan Sri Leave Kok Thay

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