In the third quarter ending September 30, 2025, Genting Malaysia surpassed market expectations, reporting a 22% year-on-year increase in group revenue, reaching MYR3.36 billion (US$813 million). This surge in revenue was largely driven by heightened gaming activity at Resorts World Genting, particularly within the VIP segment, which experienced significant growth.
Despite a 36% decrease in reported Adjusted EBITDA to MYR838.1 million (US$203 million) and a net loss of MYR53.5 million (US$12.9 million), the underlying financial strength of Genting Malaysia remained robust. The company attributed these figures to much lower foreign exchange gains compared to the previous year. When normalizing for this factor, the Adjusted EBITDA actually rose by 19% to MYR835.3 million (US$202 million), with profit before tax at MYR254 million (US$61.5 million) and net profit reaching MYR94.8 million (US$22.9 million).
Resorts World Genting, situated in the Genting Highlands near Kuala Lumpur, was a key driver of core growth, showing a 19% increase in leisure and hospitality revenue, totaling MYR1.96 billion (US$474 million). This growth was fueled by increased gaming volumes, with executives noting on an earnings call that VIP gross gaming revenue rose by 21% from the previous quarter due to favorable hold rates. Non-VIP gaming revenue also saw a modest increase of 2%. The property enjoyed a hotel occupancy rate of 98%, with local guests making up 66% of this figure and international visitors, predominantly from Singapore, China, and India, accounting for the remaining 34%. Despite a dip in visitors from Indonesia, the overall strength in visitor numbers contributed to a 27% rise in Resorts World Genting’s Adjusted EBITDA, which reached MYR627.4 million (US$152 million), improving the margin by two percentage points from the previous year to 31%.
Genting Malaysia’s international segments presented a mixed performance. In the UK and Egypt, leisure and hospitality revenue saw a slight increase of 2% to MYR546.6 million (US$132 million), largely supported by the acquisition of Genting Casino Stratford, formerly known as Aspers Stratford. However, there was a 17% decline in Adjusted EBITDA to MYR86.3 million (US$20.9 million) due to increased operating and payroll expenses.
In contrast, the US and Bahamas operations experienced robust growth, with leisure and hospitality revenue surging by 64% to MYR774.3 million (US$187 million). This growth was bolstered by the integration of Empire Resorts Inc. and its units from June 2025, which contributed MYR332.8 million (US$80.5 million) to the revenue increase. Adjusted EBITDA in this segment rose by 22% to MYR151.2 million (US$36.6 million).
During the second quarter, following a challenging first quarter, Genting Malaysia intensified efforts to rejuvenate its Resorts World Genting database, making it more dynamic. This included celebrating the property’s 60th anniversary, which successfully attracted both VIP and mass-market players, boosting visitor numbers and gaming turnover.
Coinciding with these positive results, Genting Malaysia is actively pursuing a full commercial license for its currently slots-only Resorts World New York City, located in downstate New York. The bidding for this license closes on December 1, with decisions expected by the end of the year. Analysts Tushar Mohata and Alpa Aggarwal from Nomura highlighted management’s comments on preparations for the license bid, which include reassigning croupiers from Resorts World Catskills and upgrading hotel facilities. Genting Malaysia has earmarked first-phase capital expenditure for potential license fees and initial operational costs, anticipating that operations could commence within six months, with revenue streams beginning by July.
Genting Malaysia’s strong performance in the third quarter underscores its operational flexibility and sets a solid foundation as the company aims for transformative growth through the New York license bid. A successful outcome could significantly speed up their expansion plans, allowing Genting Malaysia to leverage its established strengths in Malaysia while tapping into new opportunities in the US market.
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