Genting Malaysia warms up for New York licence reveal with strong 3Q25 beat on improved gaming revenues at Resorts World Genting
Summary
Genting Malaysia reported a stronger-than-expected 3Q25, with group revenues up 22% year-on-year to MYR3.36 billion (US$813 million), helped by improved gaming revenues at Resorts World Genting (RWG), notably in the VIP segment.
Reported Adjusted EBITDA fell 36% to MYR838.1 million (US$203 million) and a net loss of MYR53.5 million (US$12.9 million) was recorded, but the company says this was driven entirely by much smaller forex gains versus 3Q24. Excluding forex effects, Adjusted EBITDA rose 19% year-on-year to MYR835.3 million (US$202 million), delivering profit before tax of MYR254.0 million (US$61.5 million) and net profit of MYR94.8 million.
At RWG, leisure and hospitality revenue climbed 19% year-on-year to MYR1.96 billion (US$474 million) as gaming volumes rose. VIP GGR showed a 21% quarter-on-quarter improvement (with high hold), non-VIP grew 2%, hotel occupancy hit 98%, and foreign visitors (34% of total) increased, mainly from Singapore, China and India. RWG’s Adjusted EBITDA was MYR627.4 million (US$152 million), up 27% year-on-year, with a 31% margin.
Other segments: UK & Egypt leisure revenue edged up 2% to MYR546.6 million (US$132 million) but Adjusted EBITDA fell 17% to MYR86.3 million due to higher operating and payroll costs. US & Bahamas leisure revenue jumped 64% to MYR774.3 million (US$187 million), largely reflecting consolidation of Empire Resorts from June 2025 (adding MYR332.8 million), and Adjusted EBITDA there rose 22% to MYR151.2 million (US$36.6 million).
Importantly, the results arrive as Genting Malaysia awaits a final decision on a full commercial licence for Resorts World New York City. Bids are expected to be decided by 1 December, with announcements before year-end. Management has begun preparatory works at RWNYC, relocated some staff and secured first-phase capex to pay a licence fee and initial capex if the licence is won. Management expects six months to get operational and potential revenue generation from July (if successful).
Key Points
- Group revenue rose 22% year-on-year to MYR3.36 billion (US$813m) in 3Q25.
- Reported Adjusted EBITDA fell 36% to MYR838.1m due to much smaller forex gains year-on-year; on a like-for-like basis Adjusted EBITDA was up 19% to MYR835.3m.
- Resorts World Genting leisure and hospitality revenue increased 19% to MYR1.96bn; RWG Adjusted EBITDA up 27% to MYR627.4m with a 31% margin.
- VIP GGR saw a 21% quarter-on-quarter improvement; non-VIP grew 2%; hotel occupancy was 98%.
- US & Bahamas revenue surged 64% following consolidation of Empire Resorts, contributing materially to group growth.
- UK & Egypt revenue rose marginally but EBITDA was hit by higher costs.
- Genting Malaysia is preparing RWNYC pending a New York licence decision (expected 1 December); first-phase capex is secured and the company says it could be operational within six months if successful.
Why should I read this?
Short and sharp: Genting just posted a solid trading quarter and looks set to make a big move in New York. If you care about casino operators, shares, or who’s expanding in the US market, this is the update you don’t want to miss — it explains where the growth is coming from and how ready Genting is if the licence comes through.
Context and Relevance
This result matters beyond the headline numbers. Strong performance at RWG (especially VIP) shows domestic recovery and improved international visitation from key markets. The Empire Resorts consolidation materially boosted US revenue, and the potential award of a full commercial licence for Resorts World New York City would be transformational — adding a downstate footprint and new revenue streams. For investors and competitors, the combination of operational momentum, secured capex and an aggressive timetable to get RWNYC operational (six months) makes this both a financial and strategic story to monitor closely.
Author style
Punchy: This isn’t just another quarterly beat — it’s a runway for a possible major market entry. Read the detail if you want the nuance on EBITDA adjustments, the RWG VIP rebound, and the practical steps Genting has already taken in New York.
