Goh Chye Boon - another incompetent elite

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An honorable member of the Coffee Shop Has Just Posted the Following:

In the public sector, the impression put out for him is that he is supercapable and achieved so much ....

Goh Chye Boon joined Government Investment Corporation Singapore (GIC) in late 2011 and is now heading GIC’s China Business Partnership unit in China as part of GIC Singapore HQ’s effort to synergise and integrate the investments made in China by its different subsidiaries and to cultivate and engage Chinese agencies and enterprises to build longer term relationships and investment opportunities. GIC manages the financial reserves of the Singapore Government.

From 2010 to 2011, he was the Managing Director of Sembawang Engineering & Construction (SEC) Pte Ltd, in charge of their Singapore and international real estate development. SEC is one of the largest E&C companies in South East Asia and has been in charge of more than one third of Singapore’s public infrastructure projects.

From 2007 to 2010, Mr Goh was the Chief Executive Officer of the Sino-Singapore Tianjin Eco-City Investment & Development Co Ltd while he was still an Administrative Service officer with the Singapore Civil Service. As a flagship project between the PRC and Singapore Governments, the Sino-Singapore Tianjin Eco-City is envisioned to create a harmonious and sustainable community that meets the needs of an urbanizing China. Strategically located within the fast-growing Tianjin Binhai New Area and only 40 km away from Tianjin Municipal, the 30 sq km Tianjin Eco-City will be a modern township where 350, 000 residents can live, work and play. Mr Goh successfully brought in Asia's leading eco-developers to develop the Tianjin Eco-City, signing on more than RMB 40 billion worth of development projects with international developers. He has also brought in RMB 2.4 billion worth of investments from top companies to create job opportunities, and draw in new talent and residents to the Tianjin Eco-City.

Concurrent to his appointment, Mr Goh was also appointed Deputy Secretary (Special Projects) for the Ministry of Trade and Industry (MTI) on 1 June 2008. As DS (Special Projects), he oversaw the organisation of the inaugural Formula ONE night race that was held in Singapore in September 2008. He was also on the board of the Economic Development Board until early 2012 after serving a total of 7 years of service.

Prior to this, Mr Goh was the Deputy Secretary (Industry) of MTI, and was responsible for formulating policies to facilitate the development of Singapore’s industry sectors and enterprises including energy and tourism sectors.

Before joining MTI, Mr Goh was the Executive Director of External Department at the Monetary Authority of Singapore, where he co-chaired the Organising Committee for the 2006 IMF-World Bank Group of Governors Annual Meetings when it was held in Singapore.

Mr Goh’s previous postings include the Ministry of Defence, Ministry of Community Development, the People’s Association, National Youth Council and the Ministry of Finance.

Mr Goh graduated from the London School of Economics with first-class honours in econometrics and he also obtained his Masters in Public Administration from the Harvard University’s Kennedy School of Government.


Even tipped to take over as CEO http://www.straitstimes.com/singapor...ed-to-head-rws



When he goes into the private sector ...he failed and was forced to quit

Whopping bad debt provisions, coupled with a low-win percentage against VIP casino high-rollers, sent Genting Singapore's fourth-quarter net profit tumbling 36 per cent to $89.2 million.

Analysts believe the bad debts may have been incurred by Chinese high-rollers unwilling or unable to pay their gambling debts owing to tighter credit conditions as the Chinese economy slows.

Revenues for the quarter slid 8 per cent to $637.9 million.

A larger-than-expected bad debt provision of nearly $82 million hit the Resorts World Sentosa operator's earnings. Bad debt provisions for the full year jumped 42 per cent to $262 million year on year.

Union Gaming Research Macau analyst Grant Govertsen said: "The tone struck by management with respect to current trends - especially in the VIP market - was much more negative than that of its Macau-based peers, which perhaps is a function of Genting Singapore only able to conduct VIP business on a direct basis, rather than via the junket system like in Macau. All in, the company does not expect to see any material signs of life in its VIP segment for the whole of 2015."

Gaming revenue dipped 9 per cent in the fourth quarter to $461.3 million from a year earlier as Genting scaled back on credit extensions to Chinese high-rollers. An analyst with a bank-backed brokerage, who declined to be named, said: "Gaming debts are not as easily enforceable in China, compared with other parts of Asia."

Genting saw its earnings before interest, tax, depreciation and amortisation (Ebitda) slide 24 per cent to $190.2 million as its premium player business underperformed due to a "significant below-average win percentage and rolling volume".

RWS' win percentage, or hold rate - the portion the casino retains on a $1 bet - was 2.2 per cent for the quarter, the analyst said.

So for every $1 wagered by VIP gamblers, the casino made 2.2 cents. In contrast, Genting's rival, Marina Bay Sands, fared better with a win percentage of 3.6 per cent for the quarter.

Indeed, MBS surprised the market with an Ebitda of US$518.5 million (S$704.8 million) for the fourth quarter, more than double that of a year earlier, while its revenue jumped 27 per cent to US$838.6 million, on the back of casino revenue increasing 34 per cent to US$674.4 million.

Mr Tan Hee Teck, president and chief operating officer of Genting Singapore, outlined the challenges facing the firm.

"The business environment around us has changed rapidly and we face stiff competition... In recent months, the macro-economic ecosystem has been altered to an extent that the gaming industry has to adjust to a new norm. RWS has been reorganising its gaming programmes to focus marketing initiatives towards the foreign premium mass and mass market segments."

Earnings per share for the quarter was 0.73 of a cent, down from 1.15 cents a year earlier, while net asset value was 61.1 cents as at Dec 31, up from 60 cents a year earlier. The group proposed a final dividend of one cent a share.

Genting's non-gaming revenues fell 4 per cent to $176 million for the quarter, while its hotel business saw a 93 per cent occupancy, with average daily room rate at $422.

"The attractions businesses welcomed more than six million visitors in 2014. RWS expects non-gaming earnings to post growth in 2015 as the travel industry climbs out of a difficult year," Mr Tan said.

Meanwhile, Mr Goh Chye Boon, RWS' executive vice-president of operations, has resigned to pursue other opportunities.

Mr David Sisk has been appointed as chief operating officer and will report directly to Mr Tan.

Mr Sisk, who has more than 20 years of gaming industry experience in Las Vegas and Macau, joined RWS in last September. He had been chief financial officer of Caesars Palace and Wynn Las Vegas, and chief operating officer at Sands China.

- See more at: http://business.asiaone.com/news/gen....ETPJLTaR.dpuf


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