Genting Malaysia Bhd fell to a net loss of MYR25.2 million (US$6.4 million) in the three months to 31 March 2026, with revenue increases across the board offset by pre-opening expenses at Resorts World New York City, where the company recently launched live table games.
While total revenue grew by 10% year-on-year to MYR2.87 billion (US$724 million) in Q1, Adjusted EBITDA fell by 13% to MYR644.7 million (US$163 million) on lower net unrealized foreign exchange translation gains from its USD-denominated borrowings, or by 8% when normalized. Profit before tax fell 77% to MYR43.1 million (US$10.9 million), which Genting Malaysia said was partly attributable to the pre-opening expenses in relation to RWNYC’s transition into a full-scale commercial casino. The MYR25.2 million net loss in 1Q26 reversed a net profit of MYR52.0 million (US$13.1 million) in 1Q25.
At flagship Malaysian property Resorts World Genting, the company reported a 3% increase in revenue to MYR1.67 billion (US$421 million) on higher contributions from the gaming segment, although Adjusted EBITDA fell by 1% to MYR512.1 million (US$129 million) due to higher payroll and related expenses.
In the US and the Bahamas, revenue grew 39% to MYR694.4 million (US$175 million) with the consolidation of Empire Resorts and its subsidiaries, which Genting Malaysia said partially offset the impact of gaming floor disruptions at RWNYC during its transition to a commercial casino. Adjusted EBITDA declined by 32% to MYR80.5 million (US$20.3 million), partly due to higher operating and payroll related expenses associated with the transition at RWNYC.
And in the UK and Egypt, revenue increased by 11% to MYR460.7 million (US$116 million) as contributions from the newly acquired Genting Casino Stratford cushioned the adverse impact of the geopolitical tensions in the Middle East. Adjusted EBITDA was lower by 8% to MYR50.9 million (US$12.9 million).
Looking ahead, Genting Malaysia said it remains cautious due to ongoing geopolitical tensions in the Middle East and broader macroeconomic uncertainties but said it continues to work on maximizing operations – particularly in Malaysia and New York.
“In Malaysia, the Group continues to maintain emphasis on operational discipline and yield management, while reinforcing Resorts World Genting’s position as a leading regional tourism destination in conjunction with Visit Malaysia Year 2026 through ongoing enhancements to its integrated resort experience,” the company explained.
“The recent opening of Eufloria Gardens & Sculpture Park, a new nature-inspired attraction at the mid-hill, together with the redesigned 18-hole golf course at Resorts World Awana, broadens the Group’s range of leisure and lifestyle offerings. In addition, the Group continues to undertake selective refurbishment and upgrading works across its facilities to elevate the overall guest experience and drive visitation growth.
“In the US, the opening of live table games at RWNYC on 28 April 2026 marked the launch of New York City’s first full-scale commercial casino, with operations commencing ahead of schedule. The Group is now focused on the next phase of development at RWNYC, which includes the rollout of additional facilities and amenities to further enhance its integrated resort offerings.
“In addition, the Group will continue to leverage operational and marketing synergies across both RWNYC and Resorts World Catskills to grow its customer database, improve margins and reinforce its presence in the northeastern US region.”
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