Genting Malaysia’s total borrowings rose 23 percent in the first half of 2026, as financing and ramp-up costs associated with its Resorts World New York City casino expansion weighed on profitability, according to the company’s latest financial results released on Thursday, August 20th.
Borrowings increased to MYR15.70 billion ($3.85 billion) at the end of June, from MYR12.72 billion ($3.12 billion) at the end of 2025.
The results showed that second-quarter net profit attributable to shareholders fell 89 percent year-on-year to MYR47.4 million ($11.6 million), despite a 32 percent increase in revenue to MYR3.85 billion ($944 million).
Adjusted EBITDA declined 18 percent to MYR844 million ($207 million), largely due to an unrealized foreign-exchange loss compared with a sizeable gain in the previous-year period. Excluding the currency impact, adjusted EBITDA increased 2 percent to MYR862.1 million ($211 million).
During the first half, Genting New York drew $755 million from a secured credit facility to fund the commercial casino license fee and capital expenditure at Resorts World New York City.
Genting Americas also entered into a new $2 billion secured credit facility in June to refinance existing New York debt, redeem $300 million in notes issued by Empire Resorts and support the development and operation of the Queens casino.
New York operations expand
Revenue from Genting Malaysia’s United States and Bahamas segment more than doubled to MYR1.53 billion ($376 million) in the second quarter, while adjusted EBITDA increased 83 percent to MYR216.6 million ($53.1 million).
The improvement was primarily attributed to the launch of full commercial casino operations at Resorts World New York City on April 28th. The property opened with 242 gaming tables and 2,500 slot machines before adding another 1,400 slots in July.
However, the expansion also contributed to higher pre-operating expenses, depreciation and financing costs. Group finance costs rose 43 percent to MYR281 million ($68.9 million) during the quarter.
Genting Malaysia disclosed MYR15.36 billion ($3.76 billion) in authorized capital commitments not provided for in its financial statements. This included MYR12.56 billion ($3.08 billion) in development expenditure related to Resorts World New York City.
The company said it would continue exercising ‘prudent capital management’, balancing ongoing investments with efforts to reduce existing debt.
In Malaysia, second-quarter leisure and hospitality revenue slipped 1 percent to MYR1.77 billion ($433 million), affected by softer visitation and consumer spending. The group remains cautious about the market’s near-term outlook, citing higher airfares and travel-related fuel costs.
