After an opening quarter that fell short of expectations on rising global costs, Genting Malaysia should see a significant improvement in earnings in the June 2026 quarter – primarily on the addition of gaming tables and reduced gaming machine tax rates at Resorts World New York City (RWNYC).
As reported by Inside Asian Gaming, Genting Malaysia booked a 10% year-on-year increase in group-wide revenue to MYR2.87 billion (US$724 million) in 1Q26 but fell to an MYR25.2 million (US$6.4 million) net loss on pre-opening expenses in New York and higher payroll costs elsewhere.
In a note, Maybank Investment Bank analyst Samuel Yin Shao Yang said the company’s earnings should strengthen from 2Q26 onwards, with a seasonally weaker post-CNY period at Resorts World Genting in Malaysia more than offset by table games revenue and lower gaming machine tax rates at RWNYC. As one of three companies to win a full casino license in downstate New York in December, RWNYC launched the city’s first table game operations on 28 April with 250 tables now operational.
Yin said the property will also benefit from the lower gaming machine tax which has fallen from 68% to 56% following conversion from video lottery to slot machines.
“The impact of this is significant as we estimate that this would boost FY26 earnings by US$68 million or US$100 million on a full year basis.”
The analyst also estimates that the addition of more table games in the coming years could see them contribute US$85 million to Genting Malaysia’s earnings by 2028.
With this in mind, Yang said he does “not discount the possibility that [parent company] Genting Berhad will attempt to takeover Genting Malaysia again,” after lifting its stake from around 49.4% to just below 75% over the past year.
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