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Malaysia's casino king steps down
By Geoff Hiscock
KUALA LUMPUR, Malaysia (CNN) -- Malaysia's billionaire casino king Lim Goh Tong has stepped down as chief executive of the Genting group and its subsidiary Resorts World in favor of his second son, Lim Kok Thay. Lim, 85, has been in poor health in recent years and observers say the group effectively has been run by his son, a civil engineering graduate from the University of London. But in July this year, Lim senior appeared with Malaysia's Prime Minister Mahathir Mohamad at the launch of the group's new First World Hotel in the Genting Highlands. Lim will remain as chairman of Genting and Resorts World. Lim Kok Thay, 51, is already chairman and chief executive of the group's Singapore-listed Star Cruises leisure spinoff, and the plantation unit Asiatic Development. The changes at the top were announced in Kuala Lumpur Wednesday with the release of third quarter results for Genting and Resorts World. These showed both companies delivered strong gains in earnings. Strong earningsFor the nine months to September 30, Genting reported a 64 percent lift in pre-tax profit to M$1.19 billion ($313 million) from a year earlier, on a 14 percent rise in turnover to M$2.61 billion ($687 million). Resorts World jumped 71 percent, posting a pre-tax profit of M$767.78 million ($202 million) for the same period, on sales of M$2.07 billion ($545 million). Lim senior is one of the richest men in Malaysia, building his fortune on the development of the country's only casino resort in the Genting Highlands, about 60 kilometers from Kuala Lumpur, in the late 1960s. There he has developed Southeast Asia's biggest casino, along with hotels, theme parks and hotels. Lim originally hoped to invite Macao casino tycoon Stanley Ho to help run the Genting operations, but ended up going alone when this plan fell through. China migrantLim migrated to Malaysia from China's Fujian province at the age of 19, working first as a carpenter with his uncle and eventually saving enough money to set up his own construction company, Kien Huat. Later he moved into tin mining and rubber and palm oil plantations. Today his Genting conglomerate has interests in gaming, leisure, property, plantations, paper, oil and gas. Genting deputy chairman Mohammed Hanif said the board had accepted Lim's resignation "with regret", but noted he would remain chairman. Genting shares are trading 1.54 percent higher at M$13.20 Thursday morning, while Resorts World shares are up 1.75 percent to M$8.70.
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