Genting Singapore names its new president/COO

Lee Shi Ruh, Genting Singapore’s former chief financial officer, is the new president and chief operating officer of the global resort developer.

The appointment took effect Friday. Lee fills the role once held by Tan Hee Teck, who went on to become CEO in May 2022. The position has been vacant for more than three years.

In a filing to the Singapore Exchange, Genting also announced that Ang Suat Ching will succeed Lee as CFO of Genting Singapore while retaining her current role as CFO of Resorts World Sentosa.

Driving much-needed growth

In a May report, DBS Bank suggested that Genting Singapore would look outside the ranks for new leadership. Lee, however, is an insider and a company veteran.

She joined the group in 2010 just as it prepared to launch RWS, one of the city’s two integrated resorts along with Marina Bay Sands. She has since held “various senior leadership positions”, according to a company statement, including president of Resorts World Sentosa from September 2023 and CEO of RWS since June 2025.

“In her new role, she will be responsible for driving execution of strategic initiatives, operational performance and sustainable growth across the group,” the company stated. She will report to Tan Sri Lim Kok Thay, executive chairman and acting CEO of the company.

The dual appointments of Lee and Ang “reflect our commitment to leadership renewal as the group enters its next phase of growth”, said Lim. “Shi Ruh brings a proven track record of sound decision-making, strategic discipline and a clear understanding of the group’s long-term priorities, which will be invaluable in her expanded role” as president and COO.

“We also welcome Suat Ching to the executive team, whose financial expertise will support our long-term value creation.”

Second-half improvement expected

Lee assumes her new roles amid lackluster performance by Genting Singapore. In the first quarter, it reported adjusted EBITDA of S236 million ($183 million), down 36% year-on-year. DBS attributed the shortfall to “softer-than-expected non-gaming revenue” as well as weaker VIP demand. Hotel occupancy plunged 72% from the previous quarter, due to “weaker tourist arrivals [and] broader macroeconomic softness in the region”.

Last November, the Singapore Gambling Regulatory Authority announced that it would renew RWS’ licence for just two years, instead of the usual three. It based its decision on RWS’ “unsatisfactory” performance from 2021 through 2023, as the market continued to recover from Covid-19.

An ambitious S$6.8 billion expansion project could turn the company’s fortunes around. RWS 2.0 is described as a “waterfront lifestyle complex” with two luxury hotels and a Minion Land theme park at Universal Studios Singapore. Starting in July, a full month of celebratory events kicked off the opening of the new Singapore Oceanarium, an “aquarium-based conservation institution”.

The second half of 2025 will bring Weave, a 20,000-square-metre space featuring more than 40 lifestyle and premium brands distributed across three levels. Also in the works: new dining options, an 88-metre light sculpture and a panoramic mountain trail. The massive expansion is expected to be complete in 2030.

Despite the recent challenges, DBS maintains a “buy” on Genting Singapore shares.

“While we anticipate a softer 2Q25 due to higher promotional costs ahead of these launches, we expect EBITDA margins to improve sequentially in 2H25 with increased visitor flow to the new attractions and hotel,” according to the bank.