Revenue up for Genting Malaysia but profit falls due to cost of revamping Resorts World NYC with table gaming

Addition of Genting Casino Stratford has cushioned impact of geopolitical tensions in the Middle East

Whilst revenue was up by ten per cent for Genting Malaysia in its first quarter, the cost of transforming its New York casino into a fully fledged casino resort has weighed heavily on its profits.

The operator generated total revenue of RM2,866.9m (US$724 m), a ten per cent improvement from the same period last year (1Q25). However, adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) declined by 13 per cent to RM644.7m.

Genting Malaysia reported a 77 per cent decline in profit before taxation to RM43.1m, partly attributable to the pre-opening expenses in relation to Resorts World New York City (RWNYC)’s transition into a full-scale commercial casino. The group recorded a net loss of RM25.2m in 1Q26, compared with a net profit of RM52m in 1Q25.

In Malaysia, revenue from the group’s L&H operations grew by three per cent to RM1,668.6m, mainly attributable to higher contributions from the gaming segment. Adjusted EBITDA declined slightly by one per cent to RM512.1m, primarily due to higher payroll and related expenses. In the United Kingdom and Egypt, the Group’s L&H operations reported an 11 per cent increase in revenue to RM460.7m, primarily attributable to contributions from the newly acquired Genting Casino Stratford in April 2025, which cushioned the adverse impact of the geopolitical tensions in the Middle East. Adjusted EBITDA was lower by eight per cent to RM50.9m.

In the United States of America (US) and the Bahamas, the group’s L&H operations reported a 39 per cent increase in revenue to RM694.4 million with the consolidation of Empire Resorts. This partially offset the impact of gaming floor disruptions at RWNYC during its transition to a commercial casino. Adjusted EBITDA declined by 32 per cent to RM80.5m, partly due to higher operating and payroll-related expenses associated with the transition to a commercial casino.

The operator said: “Global growth momentum is expected to soften amid ongoing geopolitical tensions in the Middle East and broader macroeconomic uncertainties, although certain economies, such as the US, demonstrated resilience to date. In Malaysia, the outlook is expected to remain cautious, as growth may moderate due to inflationary pressures, geopolitical uncertainties and external headwinds weighing on the broader domestic economy.”

“Cross-border tourism demand is expected to face challenges due to weaker outbound travel trends and higher travel-related costs. Against this backdrop, the regional gaming market may face a more
challenging operating environment. The group remains cautious of the near-term prospects of the leisure and hospitality industry but remains positive in the longer-term.”

In Malaysia, the Group continues to maintain emphasis on operational discipline and yield management, while reinforcing Resorts World Genting’s position as a leading regional tourism destination in conjunction with Visit Malaysia Year 2026 through ongoing enhancements to its integrated resort experience.

It said: “The recent opening of Eufloria Gardens & Sculpture Park, a new nature-inspired attraction at the mid-hill, together with the redesigned 18-hole golf course at Resorts World Awana, broadens the Group’s range of leisure and lifestyle offerings. In addition, the group continues to undertake selective refurbishment and upgrading works across its facilities to elevate the overall guest experience and drive visitation growth.”

“In the UK, the group remains focused on strengthening business resilience through customer engagement initiatives as well as product and service enhancements. The operating environment is expected to remain challenging due to the ongoing conflict in the Middle East, particularly in the premium gaming segments in London and Cairo, Egypt. The group continues to prioritise business efficiencies, cost discipline and operational agility to support performance.”

In the US, the opening of live table games at RWNYC on 28 April 2026 marked the launch of New York City’s first full-scale commercial casino, with operations commencing ahead of schedule. The Group is now focused on the next phase of development at RWNYC, which includes the rollout of additional facilities and amenities to further enhance its integrated resort offerings. In addition, the Group will continue to leverage operational and marketing synergies across both RWNYC and Resorts World Catskills to grow its customer database, improve margins and reinforce its presence in the northeastern US region.

In the Bahamas, the Group continues to focus on improving the operating performance of Resorts World Bimini by leveraging its partnerships with international cruise operators and targeted marketing initiatives to drive visitation.