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Genting Malaysia beat market expectations for the third quarter ended September 30, 2025, as group revenue rose 22% year-on-year to MYR3.36 billion (US$813 million), due largely to enhanced gaming activity at Resorts World Genting, particularly from the VIP segment.
Forex Gains Skew Reported Figures, Underlying Strength Evident
Reported Adjusted EBITDA fell 36 percent to MYR838.1 million (US$203 million), coupled with a net loss of MYR53.5 million (US$12.9 million). Genting Malaysia cited much lower foreign exchange gains versus the previous year as the only reason. Normalized for the factor both in the current and preceding period, Adjusted EBITDA increased 19 percent to MYR835.3 million (US$202 million), profit before tax reached MYR254 million (US$61.5 million) and net profit hit MYR94.8 million (US$22.9 million).
Resorts World Genting Fuels Core Growth with VIP Momentum.
The operator of Resorts World Genting in the Genting Highlands outside Kuala Lumpur recorded a 19 percent gain in leisure and hospitality revenue of MYR1.96 billion (US$474 million), on the back of higher gaming volumes. On the earnings call, executives said VIP gross gaming revenue climbed 21 percent from the prior quarter on favorable hold rates, while non-VIP rose 2 percent. Hotel occupancy reached 98 percent, with locals accounting for 66 percent and foreigners 34 percent, with the latter mainly from Singapore, China, and India, despite a decline from Indonesia.
These dynamics pushed Resorts World Genting’s Adjusted EBITDA up 27 percent to MYR627.4 million (US$152 million), lifting the margin to 31 percent, a two-point gain over last year.
Mixed Performance Across International Segments
The UK and Egypt operations saw leisure and hospitality revenue nudge 2 percent higher to MYR546.6 million (US$132 million), helped by the new Genting Casino Stratford acquisition, formerly Aspers Stratford. Yet Adjusted EBITDA slipped 17 percent to MYR86.3 million (US$20.9 million) from elevated operating and payroll expenses.
Revenue from leisure and hospitality rose 64 percent in the US and Bahamas to MYR774.3 million (US$187 million), boosted by the folding in of Empire Resorts Inc. and its units from June 2025 adding MYR332.8 million (US$80.5 million). Adjusted EBITDA followed with a 22 percent rise to MYR151.2 million (US$36.6 million).
Targeted Strategies Boost Flagship Recovery
After an uncertain first quarter, Genting Malaysia increased efforts in the second quarter to make its Resorts World Genting client database more assertive. The 60th anniversary celebrations of the property also assisted in increasing the number of visitors and gaming turnover from both VIP and mass-market players.
New York License Preparations Gain Pace
The upbeat quarter coincides with Genting Malaysia’s push for a full commercial license at its slots-only Resorts World New York City in downstate New York, with bids closing on December 1, with outcomes due by year-end. Nomura analysts Tushar Mohata and Alpa Aggarwal referenced management comments on ongoing prep work, including shifting croupiers from Resorts World Catskills and hotel upgrades. First-phase capital expenditure stands ready for drawdown to cover license fees and initial costs if victorious, with operations potentially live in six months and revenue flowing from July.
Genting Malaysia’s third-quarter resilience highlights operational adaptability, setting a strong base as it eyes transformative growth through the New York bid. Success there could accelerate expansion, blending established Malaysian strengths with fresh US market potential.
Source: Inside Asian Gaming (IAG)
