Casino king dies at 90, leaving behind $22b
Lim Goh Tong, Malaysia’s third-richest man who turned a forested hilltop into a thriving casino resort, died Tuesday, leaving behind a diverse business empire worth $22 billion.
Lim, the founder of Genting Group of companies, “passed away peacefully,” said a brief statement by his son, Lim Kok Thay, who took over from his father as Genting’s chief executive in 2004.
The statement did not elaborate on the 90-year-old’s death. Prime Minister Abdullah Ahmad Badawi mourned Lim’s death, describing him as a hardworking entrepreneur who had contributed to the country’s economic development.
He is also a well-known philanthropist. I believe his death is a loss not only to the nation but also to the business and entrepreneurial community,” Abdullah said.
Lim, a migrant from China, battled against the odds to build Genting Highlands, a casino hotel resort that opened in 1971 and flourished into a Las Vegas-style resort.
It is the country’s only casino and includes five hotels and a theme park.
Forbes magazine listed Lim among the world’s top 250 billionaires in 2006 and the third richest person in Malaysia with a personal net worth of $4.3 billion.
Born in Anxi in Fujian province, Lim was the fifth child among seven siblings who migrated to Malaya - as Malaysia was then known - in 1937 at the age of 19 with only a suitcase and $175 in his pocket.
He made his first fortune by trading in second-hand heavy machinery in the 1940s after the end of Japanese occupation, and later ventured into mining.
While working on a hydroelectric power project in 1964 in Cameron Highlands, a popular hill resort patronized mostly by British colonials at the time, Lim dreamt of building a similar hill resort nearer to the country’s biggest city, Kuala Lumpur, as a getaway for local residents.
He found the remote 1,800m Ulu Kali mountain, just about an hour’s drive from Kuala Lumpur.
In 1965, he set up the Genting Group to transform it into Malaysia’s top holiday destinations that attracted 18.5 million visitors in 2006.
The Genting Group has since diversified into plantations, properties, paper manufacturing, power generation, oil and gas.
The group comprises five listed companies with a market capitalization of more than $22 billion, according to its Web site.
They include Genting International listed on Singapore Stock Exchange, and the Hong Kong-listed Star Cruises.
Genting International has 46 casino properties in Britain under the brand of the Stanley Leisure group. Genting has also developed resorts and casinos in Australia and the Philippines.
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