Genting Malaysia has reported a 10% year-on-year increase in group-wide revenue to MYR3.01 billion (US$783 million) in 4Q25, aided by strong growth in the UK and US markets and the consolidation of New York-facing subsidiary Empire Resorts into the group’s results.
However, flagship Malaysian property Resorts World Genting, located in the Genting Highlands outside Kuala Lumpur, saw revenue decline by 3% to MYR1.73 billion (US$450 million) and Adjusted EBITDA by 21% to MYR386.8 million (US$101 million). According to the company, this softer performance at RWG was mainly due to lower overall business volumes and win rates, particularly in the VIP gaming segment, plus certain one-off expenses relating to payroll and contractual obligations.
Nomura elaborated in a note that these expenses included adjustments made to staff costs after finalising the collective wage agreement where multiple quarters’ catch-up costs were all booked in 4Q, as well as the cost of building a fire station near RWG.
Genting Malaysia also revealed that occupancy at RWG’s hotels in 4Q25 was strong at 98% for the quarter, with 64% of visitors being locals and 36% foreigners. An increase in foreign visitation was driven by arrivals from Singapore, China and India, although Indonesia visitation declined.
Group-wide EBITDA in 4Q25 soared by 284% to MYR692.7 million (US$180 million), with the group benefitting from the strengthening of the Malaysian Ringgit – resulting in foreign exchange gains. Excluding the impact of Forex movements in both periods, adjusted EBITDA improved by 8% to MYR578.9 million (US$150 million), the company said.
Genting Malaysia’s UK and Egypt business booked a 17% increase in revenue to MYR523.0 million (US$136 million), mainly attributable to contributions from the newly acquired Genting Casino Stratford as well as higher business volumes and improved cost efficiencies.
In the US and the Bahamas, revenue increased by 55% to MYR714.4 million (US$185 million), mainly attributable to the consolidation of Empire Resorts, Inc and its subsidiaries.
For FY25, Genting Malaysia booked a 9% increase in total revenues to MYR11.9 billion (US$3.09 billion) on higher business volumes across all geographical segments, while Adjusted EBITDA rose by 13% to MYR3.30 billion (US$858 million).
The FY25 result included a 5% increase in revenue at RWG to MYR7.13 billion (US$1.85 billion) and a 2% increase in Adjusted EBITDA to MYR2.14 billion (US$556 million), with the higher business volumes mitigating the effects of higher operating costs.
Genting Malaysia said it remains “cautiously optimistic of the near-term prospects of the leisure and hospitality industry”, adding that it was advancing several initiatives to drive visitation growth at RWG in line with Visit Malaysia Year 2026.
Key enhancements, it said, include the planned launch of Eufloria, a new nature-themed attraction at the mid-hill, and the upcoming completion of the revamped 18-hole golf course at Resorts World Awana, “further strengthening RWG’s position as a leading regional leisure and entertainment destination”.
“In addition, the Group continues to undertake selective refurbishment and upgrading works across its facilities to enhance the overall guest experience. The Group remains focused on operational discipline and yield optimization to support continued growth,” the company explained.
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