Malaysian casino giants witness net worth shrink in 2024: Forbes
Malaysian casino giants witnessed their net worth shrink in 2024, according to Forbes. Lim Kok Thay (depicted in the featured image), executive chairman of Malaysia’s Genting group, has slipped to 14th place in of the country’s 50 richest individuals. His fortune is now estimated at US$1.8 billion (€1.67 billion), down from US$2.3 billion (€2.14 billion) in 2024, when he ranked 9th.
The Genting group is one of Asia’s most prominent casino and resorts operators, with properties in Malaysia, Singapore, the United States, the United Kingdom, the Bahamas, and Egypt. The group also has business interests in oil palm plantations through Genting Plantations Bhd.
Earlier this year, Lim stepped down as CEO of Genting Bhd after nearly two decades in the role, initiating a long-anticipated succession plan. Tan Kong Han, the former president and chief operating officer, has taken over as CEO, becoming the first non-family member to lead the company.
Meanwhile, Lim’s eldest son, Lim Keong Hui, now heads Genting Plantations and serves as deputy CEO of both Genting Bhd and Genting Malaysia Bhd, which operates the Resorts World Genting casino resort — Malaysia’s only legal casino.
Chen family witnesses steep decline
Another prominent name on the 2025 rich list was the Chen family, heirs to the late casino tycoon Chen Lip Keong, who passed away in December 2023. The family ranked 30th this year, with an estimated net worth of $775 million (€720 million), a decline from 18th place and $1.1 billion (€1.02 billion) the previous year.
Chen Lip Keong founded NagaCorp Ltd, the operator of NagaWorld — the only licensed casino complex in Cambodia’s capital, Phnom Penh. His son, Chen Yiy Fon, now serves as chief executive of the Hong Kong-listed firm.
Forbes attributed the rise in the overall wealth of Malaysia’s most prosperous, now totalling $90 billion (€83.7 billion), up from $83.4 billion (€77.6 billion) last year, to a stronger Malaysian ringgit, which has gained more than five percent in the past year.
However, the casino sector in Malaysia is increasingly coming under scrutiny from both political and regulatory sources. The conservative Islamic party PAS, a key player in the opposition, has renewed calls for the complete closure of casino operations in the country, citing moral and social concerns.
Tighter laws pressure industry
This follows a broader tightening of government regulations and tax measures targeting the gaming sector, driven by concerns over falling revenues and a drop in visitor numbers. In addition, gambling remains a sensitive issue in Malaysia, where it is often viewed as incompatible with religious principles.
Industry observers caution that although Genting continues to be a significant force, the country’s casino industry could face increasing challenges ahead, with moral objections and economic pressures likely to influence future policy decisions.
