Genting Malaysia posts 10% Q1 revenue growth to $731.5m

Genting Malaysia Berhad reported total revenue of RM2.9bn for the first quarter ended 31 March 2026, representing a 10% increase compared with the same period last year. The improvement was driven by revenue growth across all Leisure & Hospitality segments, particularly in the United States, although profitability was affected by higher operating expenses and transition-related costs.

Adjusted EBITDA declined 13% year-on-year to RM644.7m. The group noted that lower net unrealised foreign exchange translation gains of RM14.6m, compared with RM50.4m a year earlier, had an impact on results. Excluding this factor, adjusted EBITDA would have declined by 8%. Profit before taxation fell sharply by 77% to RM43.1m, while the group recorded a net loss of RM25.2m compared with a net profit of RM52m in the corresponding period of 2025. The decline was partly attributable to pre-opening expenses related to Resorts World New York City’s transition into a full-scale commercial casino.

United States expansion and RWNYC milestone

Revenue from the United States and the Bahamas surged 39% to RM694.4m, supported by the consolidation of Empire Resorts and its subsidiaries. The quarter also marked a significant milestone for the group’s US operations, with live table games officially launched at Resorts World New York City on April 28 2026. The opening established New York City’s first full-scale commercial casino and operations commenced ahead of schedule.

However, adjusted EBITDA in the US and Bahamas segment declined 32% to RM80.5m. The reduction reflected higher payroll and operating costs associated with the commercial casino transition, as well as temporary gaming floor disruptions during the upgrade period. Going forward, the group intends to focus on the next phase of development at RWNYC, which includes the rollout of additional facilities and amenities designed to enhance its integrated resort offering. Operational and marketing synergies between RWNYC and Resorts World Catskills are also expected to strengthen customer acquisition and margin performance in the northeastern US market.

Resilient performance in Malaysia and UK

In Malaysia, revenue increased 3% to RM1.7bn, largely driven by higher gaming contributions. Adjusted EBITDA declined marginally by 1% to RM512.1m due to higher payroll and related expenses. The group continues to reinforce Resorts World Genting’s positioning as a leading regional tourism destination ahead of Visit Malaysia Year 2026. Recent additions such as the Eufloria Gardens & Sculpture Park and enhancements to the redesigned 18-hole golf course at Resorts World Awana are intended to broaden leisure offerings and support visitation growth. Selective refurbishment and upgrading works across the resort are ongoing to elevate the overall guest experience.

In the United Kingdom and Egypt, revenue rose 11% to RM460.7m, supported by contributions from the acquisition of Genting Casino Stratford in April 2025. Nevertheless, adjusted EBITDA declined 8% to RM50.9m, reflecting a challenging operating environment influenced by geopolitical tensions in the Middle East, particularly affecting premium gaming segments in London and Cairo. The Group said it remains focused on cost discipline, operational agility and customer engagement initiatives to support performance.

Cautious near-term outlook

Management indicated that global growth momentum may soften amid ongoing geopolitical tensions and broader macroeconomic uncertainties. Inflationary pressures and higher travel costs could weigh on cross-border tourism demand, potentially creating a more challenging environment for regional gaming markets.

Despite these near-term uncertainties, Genting Malaysia remains positive about its longer-term prospects. In the Bahamas, the Group continues to improve operating performance at Resorts World Bimini through partnerships with international cruise operators and targeted marketing initiatives. Across all markets, the emphasis remains on operational discipline, yield management and enhancing integrated resort offerings to sustain growth over time.

Separately, Genting Malaysia announced the redesignation of Dato’ Sri Lee Choong Yan as a Non-Independent Non-Executive Director effective May 1 2026 as part of its leadership succession process.