Pessimistic investors sent shares of his Kuala Lumpur-listed Genting Bhd down 17% since last year’s list. Lim’s ranking in this year’s Malaysia rich list is No. 7, down from No. 6 last year as his net worth slipped 6% to $4.4 billion.
Faced with trying to balance a budget while reining in burgeoning debt, the government of Malaysia’s newly reelected Prime Minister Mahathir Mohamad announced in November that it would hike the gambling levy to 35% from 25%. Shares of Genting Malaysia, the country’s sole casino operator, slumped 31% in the year to March 1. Genting Malaysia has also had problems with a theme park project on its Genting Highlands resort outside Kuala Lumpur.
A worker prepares slot machines on the gaming floor of the Resorts World Catskills casino, hotel and entertainment complex, operated by Empire Resorts Inc. in Monticello, New York. Empire Resorts, controlled by Lim Kok Thay, chairman of Genting Bhd., opened Feb. 8, a $1.
Source: News Formal (newsformal.com)
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