Key Moments:
- Genting Malaysia reported a 22% year-on-year revenue increase to MYR3.36 billion (US$813 million) for the third quarter ended September 30, 2025.
- Normalized Adjusted EBITDA rose 19% to MYR835.3 million (US$202 million) after accounting for foreign exchange effects.
- The company is actively preparing for a New York casino license bid, with results expected by year-end.
Financial Overview and Underlying Performance
Genting Malaysia outperformed market forecasts in the third quarter, reporting group revenue of MYR3.36 billion (US$813 million), marking a 22% increase compared to the same period last year. The primary driver was a surge in gaming activity at Resorts World Genting, especially among VIP patrons.
Although reported Adjusted EBITDA fell 36% to MYR838.1 million (US$203 million) and net loss came in at MYR53.5 million (US$12.9 million), the company attributed the lower figures to reduced foreign exchange gains relative to the previous year. When adjusting for these currency fluctuations, Adjusted EBITDA expanded by 19% to MYR835.3 million (US$202 million), with profit before tax at MYR254 million (US$61.5 million) and net profit reaching MYR94.8 million (US$22.9 million).
Resorts World Genting Drives Core Revenue
The leisure and hospitality division at Resorts World Genting generated MYR1.96 billion (US$474 million) in revenue, up 19%, thanks to increased gaming volumes. Company executives noted during the earnings call that VIP gross gaming revenue advanced 21% from the prior quarter due to favorable hold rates, while non-VIP revenue grew 2%.
The hotel achieved 98% occupancy, with local guests making up 66% and international visitors 34% – the latter mainly from Singapore, China, and India, even as arrivals from Indonesia declined. As a result, Resorts World Genting’s Adjusted EBITDA improved 27% to MYR627.4 million (US$152 million), pushing the margin up by two percentage points to 31% compared to the previous year.
International Operations: Mixed Outcomes
In the UK and Egypt, leisure and hospitality revenue edged up 2% to MYR546.6 million (US$132 million), supported by the addition of Genting Casino Stratford. However, Adjusted EBITDA from these regions slipped 17% to MYR86.3 million (US$20.9 million) due to increased operating and payroll costs.
Meanwhile, the US and Bahamas locations recorded robust growth as leisure and hospitality revenue jumped 64% to MYR774.3 million (US$187 million). This included the consolidation of Empire Resorts Inc. and its subsidiaries from June 2025, which contributed MYR332.8 million (US$80.5 million) in revenue. Adjusted EBITDA in these regions improved 22% to MYR151.2 million (US$36.6 million).
| Region | Leisure & Hospitality Revenue (MYR) | Leisure & Hospitality Revenue (USD) | Adjusted EBITDA (MYR) | Adjusted EBITDA (USD) |
|---|---|---|---|---|
| Resorts World Genting | 1.96 billion | 474 million | 627.4 million | 152 million |
| UK & Egypt | 546.6 million | 132 million | 86.3 million | 20.9 million |
| US & Bahamas | 774.3 million | 187 million | 151.2 million | 36.6 million |
Strategic Initiatives and Market Preparation
Following a challenging start to the year, Genting Malaysia took steps in the second quarter to strengthen its customer database at Resorts World Genting. The company’s 60th anniversary festivities supported increased visitation and gaming activity across both VIP and mass-market segments.
Advancing Toward a Full New York Casino License
Genting Malaysia’s strong third quarter comes as it advances preparations for a full commercial casino license at Resorts World New York City. Bidding is scheduled to close on December 1, with decisions expected by the end of the year. Nomura analysts Tushar Mohata and Alpa Aggarwal reported: “Management highlighted ongoing preparation work such as sending croupiers from [Resorts World] Catskills and accelerating the hotel upgrade at [Resorts World] NYC.” The company has allocated funds for first-phase capital expenditures to cover licensing and initial setup costs, with an eye toward launching operations within six months and revenue generation starting in July should its bid succeed.
Looking Ahead
Genting Malaysia’s performance in the third quarter underscores its ability to adapt and thrive in a dynamic environment. The company’s focus on operational improvements and its strategic push into the New York market could unlock significant future growth potential.
- Author
Daniel Williams
