Genting Malaysia could report a core net loss in 2Q26 after the FIFA World Cup and the Middle East conflict weakened gaming activity in Malaysia and the UK, according to Maybank Investment Bank.
The brokerage cut its FY2026 core net profit forecast by 28 percent to MYR480 million ($119 million), from MYR662.7 million ($164 million). Its assumptions now point to a 5 percent decline in gross gaming revenue (GGR) at both Resorts World Genting and Genting UK, compared with previous forecasts of 2 percent growth and flat performance, respectively.
Maybank said the second quarter is normally seasonally weaker following Chinese New Year, but channel checks indicated that 2Q26 could be unusually soft.
Higher diesel prices linked to the Middle East conflict reportedly affected VIP and mass-market play at Resorts World Genting. The conflict may also have discouraged Middle Eastern customers and travelers transiting through the region from visiting Genting UK’s London VIP clubs.
The FIFA World Cup, held between June 11th and July 19th, also diverted gaming spending from the two operations, Maybank said.
The brokerage did not rule out a 2Q26 core net loss, compared with a MYR10.2 million ($2.5 million) core profit in the previous quarter.
However, Maybank cut its FY2027 and FY2028 profit forecasts by only 4 percent, saying the ‘negative catalysts are transient’. It expects core net profit to more than double to MYR975.2 million ($241 million) in 2027.
New York growth offsets near-term pressure
Maybank said the expansion of table gaming at Resorts World New York City was supporting Genting Malaysia’s longer-term earnings outlook.
Weekly table GGR increased from $4.9 million during the opening week to $11.1 million in the week ending July 19th. Daily GGR per table reached $6,539, exceeding Maybank’s forecast of $5,500.
Slot GGR has fallen by about 12 percent since tables were introduced on April 28th. However, Maybank said the changing revenue mix remained positive because table games are subject to a 30 percent gaming tax, compared with 56 percent for slots.
The reduction of the slot tax rate from 68 percent to 56 percent is expected to add about $120 million to annual group EBITDA.
Resorts World New York City added 1,400 slot machines on July 21st, bringing its total to about 3,900. It plans to add approximately 160 tables by the end of 2026 or early 2027.
Maybank expects Genting Malaysia’s US operations to contribute 36 percent of group EBITDA in 2027, up from 16 percent in 2025. It maintained its buy rating but lowered its target price.
