Genting Reports Revenue Growth
Genting Malaysia has reported a 10% increase in fourth quarter revenues, reaching RM3,012.8 million, aided by the recent acquisition of Genting Casino Stratford (formerly Aspers Stratford). This acquisition has notably enhanced the company's performance in the UK and Egypt, leading to a 17% rise in revenues to RM523 million. Additionally, adjusted EBITDA in this segment saw an impressive increase of 99% to RM110.1 million.
UK Market Developments
The company has noted positive changes in its UK operations, with the rollout of additional gaming machines across its properties following new legislative reforms that allow for increased allocations. Genting plans to redevelop the London Trocadero at Piccadilly Circus into a three-storey casino and entertainment venue, aiming to expand its presence in this key central London area. Ongoing investments in product and service enhancements are also expected to improve customer experience and boost competitiveness, while the company maintains a focus on cost management and operational efficiency.
Expansion in the US
In the US, Genting's ambitions have grown significantly, particularly with Resorts World New York City receiving a full commercial casino license from the New York State Gaming Commission. This transition will allow RWNYC to evolve from a racino into a fully integrated commercial casino, further establishing Genting's footprint in one of the largest gaming and entertainment markets globally. The initial development phase includes plans for an expanded gaming floor and enhanced hospitality amenities, positioning RWNYC as a complete leisure destination for visitors.
In the US and the Bahamas, revenue saw a substantial 55% increase to RM714.4 million, primarily due to the consolidation of Empire Resorts. In Las Vegas, Genting has engaged two former Nevada gaming regulators, Brian Sandoval, the former Governor, and A.G. Burnett, the former Chairman of the Nevada Gaming Control Board, who have now been licensed as managers and directors of Resorts World Las Vegas.
Focus on the Bahamas
In the Bahamas, Genting is working to strengthen relationships with international cruise operators to improve port calls at Resorts World Bimini. An international commercial flight route has recently been launched, expected to enhance connectivity to Bimini Island. The company remains focused on marketing initiatives to promote growth in visitor numbers and will continue to maintain a commitment to enhancing operational efficiencies and financial management for improved profitability.
Performance in Malaysia
In contrast, the operations in Malaysia experienced a 3% decline in revenue, totaling RM1,733.8 million, while adjusted EBITDA decreased by 21% to RM386.8 million. This downturn is attributed to lower business volumes in the gaming segment at Resorts World Genting and certain one-off expenses related to payroll and contractual obligations.
Genting remains cautiously optimistic about the Malaysian economy, anticipating continued growth supported by domestic demand, investments, exports, and increased tourism spending. Factors such as improving consumer demand, better air connectivity, and growing outbound travel from emerging markets are expected to positively influence cross-border tourism. The regional gaming market is also projected to remain stable, bolstered by tourism-related demand. The Group is progressing with various initiatives to enhance visitor growth at Resorts World Genting as part of Visit Malaysia Year 2026. Key upgrades include the planned launch of Eufloria, a new nature-themed attraction, and the completion of a revamped 18-hole golf course at Resorts World Awana, further establishing RWG as a leading leisure and entertainment destination in the region.
