The country's sole casino operator Genting Bhd said today its founder Lim Goh Tong has stepped down as chief executive after 34 years to be replaced by one of his sons.

Lim Kok Thay, 51, has been appointed as president and chief executive but the elder Lim, 85, would remain as chairperson of the company, Genting said in a statement.

The legendary billionaire, born in 1918 in China's Fujian province, founded Genting in 1968 when he transformed a hillside in the jungle into the powerhouse behind a billion-ringgit empire.

Genting is a key blue chip on the Kuala Lumpur Stock Exchange, and has since diversified into plantations, paper, oil and gas and power, transferring its gaming and resort-related operations to its subsidiary, Resorts World Bhd.

Profit surged

The Genting group also runs the world's fourth largest cruise line, Star Cruises, remaining faithful to its initial cash cow by offering floating casinos on board.

Lim, who still is more fluent in his native Hokkien than in Malay and who speaks no English after a sketchy education, remains as Resorts World chairperson and chief executive.

Genting announced today its net profit surged 90 percent to RM588.74 million in the nine months to September, buoyed by contributions from its plantations, leisure and entertainment divisions.

Sales rose 14 percent to RM2.61billion. AFP