Genting Malaysia saw a 21 percent drop in adjusted EBITDA for its leisure and hospitality (L&H) operations in Malaysia in 4Q25, ‘mainly due to lower overall business volumes in the gaming segment at Resorts World Genting’.
According to results released on Thursday, Malaysian L&H adjusted EBITDA totaled RM386.8 million ($99.58 million), amongst a 3 percent decline in segment revenue to RM1.73 billion ($446.13 million).
Despite the downturn in Malaysian gaming, the group saw higher L&H revenue from its operations in the UK and Egypt as well as the United States and Bahamas, year-on-year, boosting adjusted EBITDA from both segments.
UK and Egypt L&H revenue was up 17 percent yearly to RM523 million ($134.64 million), helping a 99 percent yearly increase in adjusted EBITDA to RM110.1 million ($28.34 million). This was ‘primarily due to the contribution from the newly acquired Stratford casino and higher business volume’, offset by a strengthening of the Malaysian ringgit against the British pound.
The group’s US and Bahamas L&H operations saw a 55 percent increase in revenue to RM252.7 million ($65.05 million), ‘primarily due to the consolidation of GERL Group, contributing revenue of RM279.3 million ($71.9 million)’, which was offset by a strengthening of the ringgit against the USD. US & Bahamas adjusted EBITDA totaled RM83.8 million ($21.57 million), up by 10 percent yearly.
Overall, the group saw adjusted EBITDA soar to RM692.7 million ($178.32 million), up from RM180.6 million ($46.5 million) in 4Q24, despite revenue rising by just 10 percent to RM3.01 billion ($775.4 million).
During the quarter, the group reversed a RM368.2 million ($94.8 million) loss in 4Q24 to a RM40.9 million ($10.53 million) gain before tax in 4Q25.
Prospects
Looking ahead, the group notes that its Malaysian and other operation face an uncertain outlook, given ‘global developments’, despite expectations for cross-border tourism to remain positive amongst ‘improving consumer demand, enhanced air connectivity and growing outbound travel from emerging markets, particularly within Asia’.
The group highlights that ‘the regional gaming market is expected to remain stable, supported by tourism-related demand’.
In Malaysia, the group is ‘advancing several initiatives to drive visitation growth at Resorts World Genting’, including a new nature-themed attraction dubbed ‘Eufloria’ and the launch of a revamped 18-hole golf course at Resorts World Awana at Genting Highlands. It also continues ‘selective refurbishment and upgrading works across its facilities’ and is focused on ‘operational discipline and yield optimization to support continued growth’.
In the UK, the group has rolled out additional gaming machines across its properties amongst legislative reforms. It is also commencing the redevelopment of the London Trocadero at Piccadilly Circus into a three-story casino and entertainment venue.
Looking to the US, Resorts World New York City (RWNCY) was awarded a full commercial casino license by the New York State Gaming Commission, ‘marking a key milestone in the Group’s expansion in the US’. The group highlights that this ‘enables RWNYC to transition from a racino into a fully integrated commercial casino’.
‘The initial phase of the development envisages an expanded gaming floor alongside enhanced entertainment, hospitality, and supporting amenities’.
In the Bahamas, the group is aiming to strengthen relations with international cruise operators to increase port calls at Resorts World Bimini. A new international commercial flight route has also recently commenced operations ‘and is expected to enhance connectivity to the island’.
