Profit before tax fell 77 per cent year-on-year.
Malaysia.- Genting Malaysia Bhd has posted a net loss of MYR25.2m (US$6.4m) in the first quarter of 2026, missing expectations of a return to profitability amid rising spending and borrowing costs and tied to the expansion of its New York casino. Profit before tax fell 77 per cent year-on-year to MYR43.1m (US$10.9m), while adjusted EBITDA declined 13 per cent to MYR644.7m (US$162.8m).
Revenue rose 10 per cent to MYR2.87bn (US$724.0m), supported by improved performance in Malaysia, the US, the UK, Egypt and the Bahamas. However, finance costs increased 34 per cent to MYR246.7m (US$62.3m), mainly due to borrowings linked to the expansion of Resorts World New York City (RWNYC) and the refinancing of Empire Resorts’ senior secured notes.
RWNYC began offering live table games on April 28, becoming New York City’s first full-scale commercial casino. The group’s US unit raised US$755m (MYR3.06bn) through a senior secured credit facility to fund licence costs and RWNYC capital expenditure.
Genting’s US and Bahamas segment saw a 39 per cent rise in revenue to MYR694.4m (US$175.4m), driven by contributions from Empire Resorts. However, segment EBITDA dropped 32 per cent to MYR80.5m (US$20.3m) as operating and staff-related costs increased.
In Malaysia, revenue rose 3 per cent year-on-year to MYR1.67bn (US$421.4m), although adjusted EBITDA was down 1 per cent to MYR512.1m (US$129.3m) as payroll costs increased. Resorts World Genting visitor numbers fell 4 per cent year-on-year to 5.5 million, partly due to fewer school holiday periods.
Genting Malaysia said geopolitical tensions and broader macroeconomic uncertainty could weigh on tourism demand in the near term. However it maintained a positive long-term outlook.
Profit before tax fell 77 per cent year-on-year. Malaysia.- Genting Malaysia Bhd has posted a net loss of MYR25.2m (US$6.4m) in the first quarter of 2026, missing expectations of a return to profitability amid rising spending and borrowing costs and tied to the expansion of its New York casino. Profit before tax fell 77 per…
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