Genting Malaysia reported weaker first-quarter earnings despite higher overall revenue, as rising operating costs and heavy spending tied to the expansion of Resorts World New York City (RWNYC) slashed profitability.
According to figures released by Bursa Malaysia, the Malaysian stock exchange, Genting Malaysia posted total revenue of RM2.87 billion ($ 724 million) for the quarter, up 10 per cent from the same period last year. However, adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) fell 13 per cent year-on-year to RM644.7 million ($153 million).
Genting Malaysia also slipped into a net loss of RM25.2 million ($6 million) during the quarter, compared with a net profit of RM52 million ($12.3 million) a year earlier.
Profits before tax drop 77%
However, profit before tax dropped sharply by 77 per cent to RM43.1 million ($10.2 million), while unrealised foreign exchange gains linked to dollar borrowings declined significantly to RM14.6 million ($3.5 million). The company said much of the pressure came from its expanding US operations, particularly the transition of Resorts World New York City into a full-scale commercial casino.
During the quarter, Genting Malaysia’s indirect subsidiary, Genting New York LLC, drew down $755 million from a new senior secured credit facility. The funds are being used to finance commercial casino licence fees and ongoing development works tied to the New York property.
RWNYC officially launched live table games on 28 April 2026, becoming New York City’s first full-scale commercial casino ahead of schedule. The broader US and Bahamas segment recorded strong top-line growth, with revenue jumping 39 per cent year-on-year to RM694.4 million ($175.4 million). Part of that growth also came from the merger of Empire Resorts into the group’s results.
Despite revenue growth, the segment’s adjusted EBITDA fell 32 per cent to RM80.5 million ($20.3 million). Genting Malaysia said higher payroll expenses, operational costs and pre-opening spending linked to RWNYC’s casino transition affected profitability. The company also noted temporary disruptions across parts of the gaming floor during the transition period.
RWNYC project advances
Genting Malaysia continues to pursue major long-term ambitions in New York. The group has outlined plans to transform RWNYC into a $5.5 billion integrated resort featuring 6,000 slot machines and 800 gaming tables.
Back in Malaysia, Resorts World Genting delivered modest growth. Revenue from Malaysian leisure and hospitality operations rose three per cent to RM1.67 billion ($421.4 million), largely supported by gaming activity.
However, EBITDA from the Malaysian segment edged down by one per cent to RM512.1 million ($129.3 million) due to higher payroll and related operating costs. The company has continued investing in upgrades at Resorts World Genting ahead of the country’s Visit Malaysia Year 2026 campaign. New attractions introduced during the quarter included the Eufloria Gardens & Sculpture Park, while the 18-hole golf course at Resorts World Awana has also undergone redesign works.
UK, Egypt posts strong growth
Operations in the UK and Egypt also posted revenue growth. The segment generated RM460.7 million ($116.3 million) in revenue, up 11 per cent year-on-year, helped by contributions from the recently acquired Genting Casino Stratford. Still, EBITDA for the division declined eight per cent to RM50.9 million ($12.1 million), with Genting Malaysia citing softer premium gaming activity in London and Cairo amid ongoing geopolitical tensions in the Middle East.
Looking ahead, the company said it remains cautious about near-term conditions across the global leisure and hospitality sector due to geopolitical uncertainty, weaker travel demand and rising travel-related costs. Despite that, management maintained a positive long-term outlook for tourism, gaming and hospitality markets.
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