Genting announces conditional $1.6B takeover offer for Genting Malaysia

Viviana Chan

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October 14, 2025

Genting announces conditional $1.6B takeover offer for Genting Malaysia

Genting Berhad has announced a conditional voluntary takeover offer worth MYR6.74 billion ($1.6 billion) to acquire all remaining shares in Genting Malaysia Berhad that it does not already own, aiming to gain full control and potentially delist its leisure and hospitality subsidiary.

The Malaysian conglomerate is offering MYR2.35 ($0.49) in cash per share for the 50.64 percent stake, or about 2.87 billion shares, it does not currently hold in Genting Malaysia, according to a filing to Bursa Malaysia on October 13th. Genting presently owns 49.36 percent of Genting Malaysia’s shares.

The offer represents a premium ranging from 9.8 to 22.9 percent over Genting Malaysia’s recent trading prices. If fully accepted, the total cash consideration will amount to MYR6.74 billion ($1.6 billion), financed through a mix of approximately MYR6.3 billion ($1.5 billion) in debt and internally generated funds.

The takeover bid will become unconditional once Genting secures acceptances that raise its ownership beyond the 50 percent threshold. Upon achieving 90 percent or more, Genting intends to delist Genting Malaysia from Bursa Malaysia and may invoke compulsory acquisition provisions under Malaysia’s Capital Markets and Services Act to purchase any remaining shares.

The proposed privatization seeks to strengthen Genting’s financial position and consolidate its global hospitality portfolio. The company said gaining majority control of Genting Malaysia would ‘cement Genting’s position as the holding company’ and allow it to consolidate the subsidiary’s financials, providing greater flexibility to support large-scale projects such as the proposed $5.5 billion (MYR29.6 billion) integrated resort development in New York, pending a state casino license decision.

Genting Malaysia operates major properties including Resorts World Genting in Malaysia, Resorts World New York City, Resorts World Catskills, and other venues in the UK, Bahamas, and Egypt.

Resorts-World-Catskills, Genting Group — _{Resorts World Genting UK}

For 2024, Genting Malaysia reported a profit after tax and minority interests of MYR251.2 million ($53 million) and net assets of MYR11.9 billion ($2.47 billion).

AmInvestment Bank is acting as the principal adviser for the deal, which is expected to be completed by the fourth quarter of 2025.

The Marathon will open with a keynote by Ivan Montik, Founder of SOFTSWISS, followed by a high-level panel featuring Heathcliff Farrugia, COO of SiGMA, and Pierre Lindh, CEO of Next.io. In this session, experts will deliver ‘the ultimate forecast duel’ – analysing what drives results in 2025 and revealing the disruptive moves set to reshape growth in 2026.

Across four hours, the program will address the industry’s most pressing challenges and opportunities.

Full Agenda

SOFTSWISS takes the stage at SiGMA Central Europe with 2026 iGaming Trends Marathon

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With contributions from SOFTSWISS experts alongside global executives, regulators, and innovators, the 2026 iGaming Trends Marathon promises to spark debate and deliver practical insights for every corner of the ecosystem.

“After publishing the iGaming Trends Report for four consecutive years, we asked ourselves: how can we go further? The Marathon is the perfect metaphor – strong players in this industry know it’s not about short-term wins but about sustainable strategy. iGaming has matured, and meaningful results come from long-distance vision. At the final major industry event of the year, we’ll not only launch the report but also debate the insights live – helping us all to shape the strategy for 2026,” said Valentina Bagniya, CMO at SOFTSWISS.

To be among the first to access the full 2026 iGaming Trends Report, interested professionals can join the waitlist and receive the publication as soon as it is released.

Wazdan teams up with NorthStar Gaming to strengthen presence in Canada

North America

AGBrief Editorial

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October 13, 2025

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Wazdan teams up with NorthStar Gaming to strengthen presence in Canada

Wazdan, the gain-focused iGaming developer behind some of the industry’s most rewarding experiences, has entered a new partnership with NorthStar Gaming, a leading Canadian online casino operator powered by Playtech.

NorthStar players now gain access to Wazdan’s top-performing titles, including 36 Coins, Hot Slot: 777 Cash Out Grand Diamond Edition, Mighty Fish: Blue Marlin, and Mighty Wild: Panther Grand Platinum Edition.

The launch also introduces Ontario audiences to Wazdan’s signature engagement-boosting mechanics, Hold the Jackpot, Cash Infinity, Collect to Infinity, Sticky to Infinity, and Cash Out.

NorthStar Gaming is a unique and responsible Canadian gaming brand, founded by a trusted local media business. With deep community roots and strong global partnerships, NorthStar combines a world-class sportsbook, proprietary sports content, and leading casino brands.

Radka Bacheva, Head of Sales and Business Development at Wazdan, said: “Expanding our presence in Ontario with such a locally rooted and trusted brand as NorthStar is an exciting milestone. Its strong position in the market, combined with our portfolio of rewarding experiences, ensures we can deliver measurable growth and enhanced entertainment to players nationwide.”

Dean MacNeil, VP Product at NorthStar Gaming, commented: “NorthStar is committed to giving Ontario players a safe, world-class gaming experience that blends trusted local roots with premium global content. Partnering with Wazdan brings innovative features and proven titles to our platform, strengthening our offer.”

Both MGM MACAU and MGM COTAI have achieved the WELL Health-Safety Rating and WELL Equity Rating, further establishing MGM China as an industry leader in stakeholder well-being. In its commitment to green operations, the Company has adopted innovative technologies such as the Winnow Vision AI+ smart food waste tracking system in its kitchens to further enhance waste reduction efficiency.

MGM Grand Macau, MGM China — _{MGM Macau}

MGM Cotai, MGM China, Macau — _{MGM Macau}

“With sustainability embedded in our business DNA, we are proud to be the only integrated resort operator in Macau named to both the Hang Seng Corporate Sustainability Benchmark Index and the ESG 50 Index for the fourth consecutive year,” said Kenneth Feng, President and Executive Director of MGM China Holdings Limited. “This recognition affirms our relentless pursuit of excellence in environmental stewardship, stakeholder well-being, and innovation. We will continue to build on this momentum to lead the way in shaping a more responsible and resilient future for Macau and the Greater Bay Area.”

The HSSUSB is a prestigious component of the Hang Seng Corporate Sustainability Index Series, serving as a vital and objective benchmark for sustainability-focused investments. Inclusion is highly selective, with only the top 20% of companies based on sustainability performance scores being chosen as constituents. The rigorous assessment framework evaluates companies across seven key areas: corporate governance, human rights, labor practices, environment, fair operating practices, consumer issues, and community involvement and development. The review is conducted annually and is by invitation only.

Visitors were offered exclusive sneak peeks into the fascinating visual spectacle and vitality of the epic theatrical experience. Melco’s customized booths also underlined the innovative design of City of Dreams’ iconic Morpheus, winner of “Prix Versailles”, the global architecture and design award from UNESCO, and which was honored as one of the world’s most beautiful hotels.

Melco extends support to MGTO’s regional “Experience Macao” events in Indonesia and Malaysia

Exclusive giveaways, together with entertainment, dining and hotel accommodation packages were also available during the events to help market Macao as a world-class business and leisure destination to Malaysian and Indonesian audiences.

Melco Resorts & Entertainment fully supports the SAR government’s promotion of the unique charm of Macao through various events and channels while innovating and enhancing its tourism offerings.

The development comes as Sands China continues efforts to regain ground after acknowledging underperformance in the second quarter. In July, Las Vegas Sands Chairman and CEO Rob Goldstein admitted the company “was not aggressive enough” in customer reinvestment and launched a more assertive program from late April. He also conceded that the firm “underperformed” in the Macau market during 2Q25, with EBITDA of $566 million falling short of the company’s annual target of $2.7 billion for Sands China.

‘For the results, with Sands China catching up in players’ reinvestments, how rebates and reinvestments (a contra revenue account) trend into 3Q25 will likely also be a focus,’ the memo noted.

Sector growth and 3Q25 preview

CLSA forecasts Macau’s gaming sector EBITDA to rise 10 percent year-on-year to $2.06 billion in the third quarter, supported by a 12.5 percent increase in gross gaming revenue (GGR) to MOP62.6 billion. The brokerage highlighted that strong visitation in July and August and a 2.3 percentage-point increase in five-star hotel occupancy contributed to the improvement.

However, the report cautioned that typhoon-related disruptions — including a 33-hour casino shutdown during Typhoon Ragasa — likely weighed on margins. CLSA projects a 0.5 percentage-point decline in EBITDA margin quarter-on-quarter, partly due to elevated payroll costs and intensified marketing expenses.

‘The tail-end strength of GGR post-Golden Week and players’ reinvestments will be in focus,’ the analysts wrote. CLSA expects overall 3Q25 EBITDA to improve 2 percent from the prior quarter, with sector GGR maintaining momentum into October if holiday demand holds.

Outlook for 2026–2027

Over the medium term, CLSA raised its sector-wide GGR forecasts for 2026 and 2027 by 1.3 percent and 1.2 percent, respectively, citing continued RMB appreciation and improving industrial profitability indicators in mainland China. The brokerage now expects Macau’s annual GGR to reach MOP273 billion ($33.9 billion) by 2027 — about 93 percent of the 2019 level.

EBITDA growth across concessionaires is projected to expand 7 percent year-on-year in 2025 and 8 percent in 2026, driven by a sustained mass-market recovery and stronger non-gaming revenues. CLSA maintains “Outperform” ratings on all six major operators, with Galaxy Entertainment and MGM China identified as top picks.

Sands China’s market share is estimated to recover to around 23.3 percent in 3Q25, supported by marketing catch-up efforts and higher reinvestment levels. CLSA expects its dividend yield to climb to as much as 7.4 percent by 2027, though near-term margins may remain under pressure.

The rise in gaming tax receipts aligns with the city’s casino gross gaming revenue (GGR), which totaled MOP181.3 billion ($22.58 billion) from January to September—up 7.1 percent from the same period last year. In August alone, gaming tax revenue reached MOP8.53 billion ($1.06 billion), reflecting the sector’s continued post-pandemic recovery momentum.

Macau September GGR slips to $2.27B after August peak

Under Macau’s current 10-year gaming concession framework, which began on January 1st, 2023, the effective tax rate on casino GGR remains around 40 percent.

Earlier this year, the government revised its 2025 full-year GGR forecast downward by 5 percent, from MOP240 billion ($29.86 billion) to MOP228 billion ($28.37 billion), while estimating gaming tax revenue at MOP88.56 billion ($11.02 billion).

As of September 30th, DSF data showed that gaming taxes accounted for about 85.2 percent of Macau’s total current revenue of MOP82.63 billion ($10.27 billion), underscoring the city’s ongoing fiscal reliance on the gaming industry. The amount collected so far represents 79.5 percent of the government’s annual gaming tax target.

“FANTASY is not a machine. It’s an experience that wakes up your senses,” said Johnny Ortiz Viveiros, Founder of ZITRO. “We wanted to build more than just a cabinet — we wanted to build a gateway to new sensations. Every light, color, curve, and texture was designed to tell a story, one that invites players to step beyond the game and into an immersive world where emotion and technology merge. That’s the power of FANTASY.”

Macau’s GGR in September rose 6 percent year-on-year to MOP 18.3 billion ($2.27 billion). While the gain was slower than the 17 percent average annual growth recorded between June and August, and below market expectations of a 9 percent rise. CreditSights said the softer performance reflected seasonal trends and the adverse weather conditions brought by Typhoon Matmo.

Macau September GGR totals $2.27B, up 6% yearly

‘Despite the temporary impact of the typhoon, visitation trends remain solid and should provide a buffer for October GGR,’ the analysts said. ‘The Golden Week data suggest a sustained recovery in Macau’s tourism base and point to continued resilience in the mass-market segment, which remains the key driver of revenue growth.’

During the eight-day Golden Week holiday from October 1st to 8th — which was extended by one day due to the Mid-Autumn Festival — Macau welcomed around 1.14 million visitors, a 17 percent year-on-year increase.

Average daily arrivals reached about 143,000, up 2 percent from the previous year, with October 4 marking the busiest day at 191,000 entries.

For the traditional seven-day comparison period, total visitors reached 1.06 million, 7 percent higher year-on-year and 8 percent above 2019 levels. Mainland Chinese tourists accounted for roughly 83 percent of total arrivals, or 879,700 visitors, representing an 8 percent increase from last year and 11 percent above 2019 figures.

Chen and Bussey said that the strong recovery in visitor arrivals underscores the continued normalization of cross-border travel and the strength of Macau’s non-VIP tourism segment.

‘We expect the solid fundamentals in visitation and consumer activity to sustain momentum into year-end, keeping the full-year GGR target within reach’, they added.

Genting announces conditional $1.6B takeover offer for Genting Malaysia

Genting Berhad has announced a conditional voluntary takeover offer worth MYR6.74 billion ($1.6 billion) to acquire all remaining shares in Genting Malaysia Berhad that it does not already own, aiming to gain full control and potentially delist its leisure and hospitality subsidiary.

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Light & Wonder to delist from Nasdaq, have sole listing on ASX starting mid-November

Light & Wonder has announced that it is planning to delist from the Nasdaq Stock Market and transition to a sole listing on the Australian Securities Exchange (ASX).

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SOFTSWISS to drive industry dialogue with 2026 iGaming Trends Marathon at SiGMA Central Europe Summit

SOFTSWISS will present a four-hour deep dive into iGaming’s future at the SiGMA Central Europe Summit on 5 November 2025.

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Wazdan teams up with NorthStar Gaming to strengthen presence in Canada

Wazdan, the gain-focused iGaming developer behind some of the industry’s most rewarding experiences, has entered a new partnership with NorthStar Gaming, a leading Canadian online casino operator powered by Playtech.

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MGM China recognized for fourth consecutive year in Hang Seng Sustainability Index Series

MGM China Holdings Limited has been named to the Hang Seng Corporate Sustainability Benchmark Index (HSSUSB) for the fourth year in a row.

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Melco partners with MGTO to promote “Experience Macao Mega Sale” across Southeast Asia

To continue highlighting Macau’s appeal as a World Centre of Tourism and Leisure to global audiences, Melco Resorts actively participated in MGTO’s “Experience Macao Mega Sale” events held in Indonesia and Malaysia between October 9-12.

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Gaming tax revenue in Macau up 6% to $8.78B in January–September period

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ZITRO debuts FANTASY cabinet at G2E Las Vegas, marking its most advanced release

At this year’s G2E Las Vegas, ZITRO introduced FANTASY, its most advanced cabinet yet, delivering a seamless fusion of innovation, aesthetics, and player engagement.

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Macau’s Golden Week visitations resilient despite typhoon; 2025 GGR target within reach – CreditSights

Macau’s tourism and gaming sectors showed notable resilience during the recent Golden Week holiday despite disruptions from Typhoon Matmo, with visitor numbers surpassing those recorded in both 2024 and the pre-pandemic year of 2019, according to a report by CreditSights analysts.

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ENQUIRIES & SUBSCRIPTIONS

CONTACTS

FOLLOW AGB

Genting Berhad has announced a conditional voluntary takeover offer worth MYR6.74 billion ($1.6 billion) to acquire all remaining shares in Genting Malaysia Berhad that it does not already own, aiming to gain full control and potentially delist its leisure and hospitality subsidiary.

Table of Contents

Light & Wonder has announced that it is planning to delist from the Nasdaq Stock Market and transition to a sole listing on the Australian Securities Exchange (ASX).

Table of Contents

SOFTSWISS will present a four-hour deep dive into iGaming’s future at the SiGMA Central Europe Summit on 5 November 2025.

Full Agenda

Wazdan, the gain-focused iGaming developer behind some of the industry’s most rewarding experiences, has entered a new partnership with NorthStar Gaming, a leading Canadian online casino operator powered by Playtech.

Table of Contents

MGM China Holdings Limited has been named to the Hang Seng Corporate Sustainability Benchmark Index (HSSUSB) for the fourth year in a row.

Table of Contents

To continue highlighting Macau’s appeal as a World Centre of Tourism and Leisure to global audiences, Melco Resorts actively participated in MGTO’s “Experience Macao Mega Sale” events held in Indonesia and Malaysia between October 9-12.

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The impact of Sands China’s high-profile NBA China Games 2025 on its market share is expected to become a key discussion point for investors as Macau’s gaming sector heads into the upcoming earnings season, according to a new investment memo from CLSA analysts Jeffrey Kiang and Leo Pan.

Sector growth and 3Q25 preview

Outlook for 2026–2027

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Macau’s government collected MOP70.41 billion ($8.78 billion) in gaming-related fiscal revenue during the first nine months of 2025, marking a 6 percent year-on-year increase, according to data from the Financial Services Bureau (DSF).

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At this year’s G2E Las Vegas, ZITRO introduced FANTASY, its most advanced cabinet yet, delivering a seamless fusion of innovation, aesthetics, and player engagement.

Table of Contents

Macau’s tourism and gaming sectors showed notable resilience during the recent Golden Week holiday despite disruptions from Typhoon Matmo, with visitor numbers surpassing those recorded in both 2024 and the pre-pandemic year of 2019, according to a report by CreditSights analysts.

Table of Contents

ENQUIRIES & SUBSCRIPTIONS

CONTACTS