Genting Berhad reported a 12 percent year-on-year decline in group revenue for 1Q25, with the downturn largely attributed to weaker performance from its core Leisure & Hospitality Division, which includes its global casino operations.
According to the latest financial results, the group recorded revenue of MYR6.51 billion ($1.54 billion) for the three months ended March 31st, 2025, down from MYR7.43 billion ($1.76 billion) in the same period last year.
Adjusted EBITDA also fell by 23 percent to MYR1.99 billion ($471 million). The decline was primarily driven by softer results across several of Genting’s integrated resorts and casino properties in Malaysia, Singapore, the United Kingdom, Egypt, the United States, and the Bahamas.
Genting Malaysia Berhad (GENM), a subsidiary of Genting Berhad, operates the country’s sole casino complex at Resorts World Genting (RWG) near Kuala Lumpur. The Malaysian flagship posted lower revenue in 1Q25 compared to the same period last year, largely due to the timing of festive seasons and a decline in business volumes in the premium players segment. Consequently, RWG also reported a lower adjusted EBITDA.
In Singapore, Resorts World Sentosa (RWS) faced a double blow from a reduced VIP rolling win rate and the temporary closure of the Hard Rock Hotel for renovations. The resulting drop in room inventory, along with a tougher comparison against a strong Chinese New Year period in 2024, contributed to weaker revenue and EBITDA.
Casino operations in the UK and Egypt also recorded lower revenue, mainly due to unfavorable currency exchange rates. While revenue in local currency terms remained flat—supported by a stronger hold percentage—lower volumes due to seasonal timing and rising operating and payroll-related expenses further pressured EBITDA margins.
In the US and the Bahamas, Genting’s portfolio includes Resorts World New York City, Resorts World Bimini, and Resorts World Las Vegas. Resorts World New York City showed improved operating performance in local currency, but segment revenue declined when converted to MYR. EBITDA was again affected by higher operational costs.
Resorts World Las Vegas, which benefited from a surge in visitation during the NFL Super Bowl period in 1Q24, experienced declines in both revenue and EBITDA in 1Q25. Hotel occupancy fell to 82.3 percent, down from 89.1 percent a year earlier, while the average daily room rate dropped from $298 to $274.
Recovery hopes amid global uncertainty
Overall, the group’s profit before tax dropped to MYR626.2 million ($148 million), down from MYR1.38 billion ($327 million) in the first quarter of 2024. The decrease was mainly due to lower EBITDA and higher impairment losses, partially offset by lower depreciation and finance costs.
While Genting’s other divisions, such as Plantation and Power, recorded year-on-year improvements in both revenue and EBITDA, these gains were not sufficient to offset the slump in Leisure & Hospitality.
From a forward-looking perspective, Genting acknowledged that macroeconomic uncertainties and geopolitical tensions may continue to weigh on consumer sentiment and regional tourism trends. Despite these challenges, the group remains cautiously optimistic about the recovery of international travel and gaming demand.
In its press release, Genting Malaysia Berhad announced plans to enhance RWG’s appeal through new attractions and ecotourism experiences, while celebrating Genting Group’s 60th anniversary with a series of promotional events. Meanwhile, Resorts World Sentosa continues to push forward with its “RWS 2.0” transformation, with several high-profile developments in the pipeline, including the Singapore Oceanarium and the launch of The Laurus, an all-suite luxury hotel.
