Key Moments:
- Genting Berhad has announced an RM6.74 billion ($1.6 billion) cash offer to acquire all outstanding shares of Genting Malaysia Bhd.
- Genting’s proposal values Genting Malaysia at a premium of up to 22.9 percent over its six-month average share price.
- The transaction is set to close by the end of 2025, pending regulatory approval from the Securities Commission Malaysia.
Details of the Acquisition Proposal
Genting Berhad has put forward a conditional voluntary cash offer totaling RM6.74 billion ($1.6 billion) to acquire the remaining equity in Genting Malaysia Bhd that it does not already own. This initiative seeks to consolidate the company’s casino and hospitality operations, coinciding with preparations for a possible $5.5 billion expansion project in New York.
The offer price is set at RM2.35 per share—representing a 9.8 percent premium over Genting Malaysia’s last traded share price of RM2.14 prior to the suspension of both companies’ stocks. AmInvestment Bank Bhd is managing the offer, which covers 2.87 billion shares that equate to a 50.64 percent stake in Genting Malaysia. Financing for the transaction will be a blend of up to RM6.3 billion in debt and internal resources.
In an official filing, Genting stated that gaining full control will streamline decision-making, enhance capital allocation, and provide backing for major investments worldwide. The company currently owns 49.4 percent of Genting Malaysia’s shares.
Genting Bhd has launched a conditional RM6.7 billion takeover bid to privatise its subsidiary, Genting Malaysia Bhd.
The offer to minority shareholders is RM2.35 per share, nearly 10% higher than Genting Malaysia's last traded price of RM2.14 before trading was suspended on… pic.twitter.com/TykqtZg3jp
— BFM News (@NewsBFM) October 13, 2025
Recent Developments and Transaction Rationale
Prior to this offer, Genting Malaysia Berhad finalized a $41 million cash acquisition of the remaining 51 percent stake in Empire Resorts Inc., concluding the purchase on 31 May 2025. This makes Genting Malaysia the sole owner of the U.S.-based casino and betting company.
Genting has indicated that, should public shareholding in Genting Malaysia fall below regulatory levels, it may seek to delist the company from Bursa Malaysia or proceed with a compulsory acquisition if ownership reaches 90 percent through this offer.
Financial Metrics and Strategic Implications
The proposed buyout implies valuation multiples of 9.1 times EV/EBITDA, 53 times earnings, and 1.12 times book value based on Genting Malaysia’s 2024 audited figures. The RM2.35 per share offer marks a premium of up to 22.9 percent over the company’s average share price across the past six months.
| Valuation Multiple | Figure |
|---|---|
| EV/EBITDA | 9.1x |
| Earnings Multiple | 53x |
| Book Value Multiple | 1.12x |
Financially, Genting Malaysia posted a net profit of RM251.2 million in 2024 and enjoyed a second-quarter revenue rise of 9.3 percent year-on-year to RM2.92 billion. First-half revenue for the year came in at RM5.51 billion, up 1.5 percent from the previous year. However, the shares of Genting and Genting Malaysia have fallen approximately 26 percent and 5.3 percent year-to-date, respectively, as reported by London Stock Exchange Group (LSEG).
The company’s flagship Resort World Genting remains Malaysia’s sole licensed casino, with Genting Malaysia also maintaining gaming operations in the United States, the United Kingdom, the Bahamas, and Egypt.
Preparation for the New York Casino Project
Through its U.S. arm, Genting Malaysia operates Resorts World New York City and has proposed an extensive $5.5 billion expansion for this property, including table games, expanded hotel offerings, and new entertainment facilities.
Genting’s filing noted that: “With control clearly established, Genting will be better placed to lend its financial strength and network to support this major development.”
Regulatory Process and Timeline
The transaction remains subject to the approval of the Securities Commission Malaysia, with completion targeted for the end of 2025. Upon closing, Genting Berhad will have full statutory control over Genting Malaysia’s global hospitality and entertainment assets, aiming to drive more agile and efficient investment decisions across the portfolio.
- Author
Daniel Williams
