Associated Press
Thursday, October 25, 2007
Lim Goh Tong, Malaysia's third-richest man who turned a forested hilltop into a thriving casino resort, died Oct. 23, leaving behind a diverse business empire worth $22 billion. He was 90.
Mr. Lim was the founder of Genting Group of companies. His son, Lim Kok Thay, who took over from Mr. Lim as Genting's chief executive in 2004, did not give a cause of death in his statement.
Prime Minister Abdullah Ahmad Badawi described Mr. Lim 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 in the country," Abdullah said.
Mr. Lim, a migrant from China, battled the odds to build Genting Highlands, a casino hotel 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 Mr. 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, Mr. Lim was the fifth of seven children. He migrated to Malaya, as Malaysia was then known, in 1937 at age 19 with only a suitcase and $175 in his pocket.
He made his first fortune by trading in secondhand heavy machinery after the end of Japanese occupation in the 1940s, 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, Mr. Lim dreamed of building a similar hill resort nearer to the country's biggest city, Kuala Lumpur, as a getaway for residents.
He found the remote 5,900-foot Ulu Kali mountain, about an hour's drive from Kuala Lumpur. In 1965, he set up the Genting Group to transform the dense virgin tropical jungle into one of Malaysia's top holiday destinations, which attracted 18.5 million visitors in 2006.
The Genting Group has since diversified into plantations, properties, paper manufacturing, power generation, oil and gas. It comprises five listed companies with a combined total market capitalization of more than $22 billion, according to its Web site. Genting has also developed resorts and casinos in Australia and the Philippines.