RWS chairman and Genting Singapore CEO Tan Hee Teck retires; group's Q1 profit drops 41% to S$145m
[SINGAPORE] Resorts World Sentosa (RWS) chairman and chief executive officer Tan Hee Teck will retire from his position on May 31.
Tan, 69, is also stepping down as CEO of Genting Singapore, the group said in a bourse filing on Wednesday (May 14).
'The board respects Mr Tan's decision and would like to express their appreciation to Mr Tan for his invaluable contributions and guidance to the board and the company during his tenure.'
According to Genting's website, Tan has been the CEO of Resorts World Sentosa since 2007. He was responsible for RWS winning the bid to operate the integrated resort in Sentosa which opened in 2010.
Tan was appointed CEO of Genting in May 2022. He first joined the Genting Group in 1982 and held several senior positions across various geographical regions.
From Jun 1, Lee Shi Ruh will take over as CEO of RWS.
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Lim Kok Thay, executive chairman of the Genting Group, will assume the role of acting CEO of the group.
Lee has been with the group since 2010 during which she held key positions including chief financial officer, Genting Singapore said.
On Wednesday, Genting Singapore announced its financial results for the first quarter ended Mar 31.
Revenue in Q1 declined 20 per cent to S$626.2 million from S$784.4 million in the year-earlier period.
Net profit after taxation tumbled 41 per cent to S$145 million from S$247.4 million the year before.
Genting Singapore said: 'Compared to the same quarter last year, the results for the current quarter were 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.'
'The group's performance was also weaker in comparison with the previous year where Singapore saw stronger visitorship and tourism spending during the Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024.'
Giving an update on RWS' expansion plans, the group said the Singapore Oceanarium will open in Q3 2025.
From this month, visitors can book stays at The Laurus – a new hotel in Sentosa which will be the first resort under The Luxury Collection brand. The Luxury Collection is a brand under the Marriott International conglomerate. The hotel is expected to open in Q3.
Genting said: '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.'
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