Genting Malaysia comfortably beat forecasts in the three months to 30 September 2025, with group-wide revenues rising 22% year-on-year to MYR3.36 billion (US$813 million) on higher gaming revenues at flagship Resorts World Genting – particularly in the VIP segment.
Although reported Adjusted EBITDA fell 36% to MYR838.1 million (US$203 million) with a net loss of MYR53.5 million (US$12.9 million), the company explained that this was entirely due to substantially lower Forex gains compared with 3Q24. Excluding this effect in both years, Adjusted EBITDA was up 19% year-on-year to MYR835.3 million (US$202 million) with a profit before tax of MYR254.0 million (US$61.5 million) and a net profit of MYR94.8 million (US$ million).
At Resorts World Genting – located in the Genting Highlands outside Kuala Lumpur – revenue from leisure and hospitality operations grew 19% year-on-year to MYR1.96 billion (US$474 million) driven by higher overall business volumes in the gaming segment. The company told analysts during an earnings call that this included a 21% quarter-on-quarter improvement in VIP GGR with high hold, while non-VIP grew by 2%. It added that occupancy at RWG’s hotels was at 98% for the quarter while 66% of visitors in 3Q25 were locals and 34% were foreigners. The increase in foreign visitation came from Singapore, China and India, whereas Indonesia visitation declined.
As a result, RWG booked a 27% year-on-year increase in Adjusted EBITDA to MYR627.4 million (US$152 million), with an adjusted EBITDA margin of 31%, representing a two-percentage point improvement from 3Q24.
Elsewhere, Genting Malaysia’s UK and Egypt segment saw revenue from leisure and hospitality operations rise 2% to MYR546.6 million (US$132 million), aided by contributions from the newly acquired Genting Casino Stratford – formerly known as Aspers Stratford – although Adjusted EBITDA declined by 17% to MYR86.3 million (US$20.9 million) due to higher operating and payroll related expenses.
In the United States of America and the Bahamas, leisure and hospitality operations reported a 64% increase in revenue to MYR774.3 million (US$187 million), mainly attributable to the consolidation of Empire Resorts, Inc and its subsidiaries from June 2025, which added MYR332.8 million (US$80.5 million) in revenue. This contributed to a 22% increase in Adjusted EBITDA to MYR151.2 million (US$36.6 million) for the quarter.
The company explained that, having endured a slow start to the year in Q1, it had focussed on mining its RWG client database more intensely, while RWG’s 60th anniversary celebrations helped drive visitor arrivals and GGR growth in both VIP and mass.
The positive 3Q25 results come with Genting Malaysia on the verge of securing a full commercial license for its existing slots-only property Resorts World New York City in downstate New York. A final decision on winning bids is expected by next Monday 1 December with results to be announced before the end of the year.
In a note, Nomura analysts Tushar Mohata and Alpa Aggarwal cited commentary from Genting Malaysia management who revealed that preparatory works at RWNYC had already begun, with plans to relocate some croupiers from Resorts World Catskills and room refurbishment in anticipation of a positive result.
“On funding, they mentioned that first phase capex is already secured, which will be drawn down if Genting Malaysia wins the license (in order to pay the license fee upfront, along with capex),” they wrote.
“If Genting Malaysia wins the license, the company needs six months to get operational and is likely to start generating revenues from July.”
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