Malaysian conglomerate Genting Berhad, the parent company of Genting Malaysia Berhad and Genting Singapore Limited, swung to a second-quarter net loss attributable to shareholders despite stronger revenue and growth from its US casino operations.
The group recorded a net loss of MYR27.1 million ($6.7 million), compared with a MYR243.5 million profit a year earlier, according to results released on Thursday.
Revenue rose 14 percent year-on-year to MYR7.75 billion ($1.92 billion), while adjusted EBITDA increased 2 percent to MYR2.12 billion ($524.5 million). Profit before tax fell 46 percent to MYR569.6 million ($141 million), partly due to higher finance costs and lower interest income.
Maybank Investment Bank said the results ‘missed our expectations,’ with second-quarter core profit of MYR145.1 million bringing the first-half total to MYR260.6 million, or 35 percent of its full-year estimate.
The brokerage said the earnings shortfall was exacerbated by higher-than-expected net interest expenses. It subsequently reduced its Genting core profit forecasts for 2026 through 2028 by between 20 percent and 26 percent.
Maybank described the group’s US operations as ‘a tale of two stories,’ with the ramp-up of Resorts World New York City contrasting with sequential weakness at Resorts World Las Vegas.
Revenue from Genting’s US and Bahamas leisure and hospitality segment increased 67 percent to MYR2.26 billion ($559.4 million), while EBITDA rose 56 percent to MYR313.3 million ($77.5 million).
Maybank said the 242 gaming tables introduced at Resorts World New York City on April 28th helped US EBITDA rise 56 percent year-on-year and 12 percent quarter-on-quarter.
The brokerage said the property’s gross gaming revenue had continued to trend higher during the third quarter. Resorts World New York City plans to increase its table count to 400 by early 2027, including the deployment of VIP tables.
By contrast, Resorts World Las Vegas EBITDA declined 52 percent quarter-on-quarter to $24 million. Genting attributed the sequential decline to seasonal softness, according to Maybank.
The brokerage expects the Las Vegas property to improve in the second half of 2026, supported by a stronger convention calendar and the Formula 1 Las Vegas Grand Prix in November.
Maybank expects Genting’s second-half core profit to be slightly higher than in the first half, supported by the New York ramp-up and a seasonal recovery in Las Vegas. The improvement could be moderated by potentially lower VIP win rates at Resorts World Genting.
Genting did not declare an interim dividend, citing ongoing investments, business requirements and efforts to reduce existing debt.
