Genting Malaysia profit rebounds ahead of NY expansion
Genting Malaysia Berhad has reported a return to profitability in its latest financial results, with quarterly revenue reaching approximately RM 3 billion ($771 million) as the company advances its transition to a full commercial casino licence at Resorts World New York City (RWNYC).
The figures, filed with Bursa Malaysia covering the period ended 31 December, show net profit moving back into positive territory after a loss in the equivalent prior-year period. Adjusted EBITDA was materially higher year-on-year, with management attributing part of the swing to a net unrealised foreign-exchange translation gain on foreign-currency borrowings, a reversal of the loss that had weighed on the prior-year comparison.
The earnings recovery arrives as Genting Malaysia manages a multinational casino portfolio spanning Malaysia, the United Kingdom, the Bahamas and Egypt, with each jurisdiction contributing to a consolidated result that can shift considerably on currency movements alone.
Gaming volume softness weighs on flagship property
The key positive impact was not felt evenly in all operations. At Resorts World Genting, the company’s iconic integrated resort in Malaysia, the company reported lower overall business volume from the gaming business, as well as higher operating expenses, both of which impacted the property’s EBITDA contribution.
The trend of having lower gaming volumes and increasing costs is one that has been identified by land-based casino operators in a number of major markets in Asia, where the recovery of high-end gaming business has been patchy since the pandemic. The announcement by Genting Malaysia is part of the pressures on the local casino market that have made it difficult to forecast earnings.
New York licensing clears final regulatory stage
Away from the quarterly numbers, the filing confirms that Resorts World New York City has completed the regulatory sequence required to transition from a racino (a combined racing and slot facility) to a fully licensed commercial casino.
The approvals were sequential. The approval was given by the Community Advisory Committee in September 2025, followed by the selection by the New York State Gaming Facility Location Board in December 2025. The approval was then ratified by the New York State Gaming Commission in the same month, paving the way for the expansion of table games at the Queens facility.
The distinction matters commercially. A racino licence limits operators to electronic gaming machines and, in New York’s case, video lottery terminals. A commercial casino licence allows the introduction of live table games (blackjack, roulette, baccarat and others) which historically generate higher revenue per square foot and attract a different tier of player. The transition represents a structural change to the property’s earning capacity rather than a routine operational update.
Under New York state gaming legislation, all three approval stages i.e., advisory committee, facility board selection, and gaming commission ratification, are required before expanded operations can begin. Genting Malaysia’s filing confirms all three have now been satisfied.
Expansion timeline and current status
The company has also targeted an initial expansion phase in mid-2026, with the RWNYC expansion being one of the several commercial casino licensing rounds that are currently underway in the state of New York. The property is already one of the higher-volume gaming properties in the Northeast United States, and the inclusion of table games is expected to further enhance its competitive position relative to Atlantic City.
For the broader Genting Malaysia portfolio, the results reflect a business navigating the intersection of currency-sensitive multinational reporting and property-level operational pressures. The forex tailwind that supported the profitability recovery in the latest period is, by its nature, variable and management’s commentary points to underlying gaming volume at Resorts World Genting as an area requiring attention regardless of translation effects. The Bursa Malaysia filing satisfies the company’s mandatory continuous disclosure obligations under the exchange’s listing requirements.
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