Genting Bhd’s latest quarterly results came in slightly above expectations, driven by stronger-than-anticipated gaming revenue at Resorts World Genting (RWG), Maybank Research analysts said, prompting an upward revision of earnings forecasts and a higher valuation target.
The group’s core net profit reached MYR220.5 million ($53.4 million) in the third quarter of 2025, bringing nine-month earnings to MYR669.1 million ($162.0 million).
Analysts said the performance was buoyed by firmer VIP and mass-market turnover at RWG, aided by targeted customer engagement and the resort’s 60th-anniversary promotions which lifted visitor arrivals.
VIP gross gaming revenue at RWG rose 5 percent year-on-year in the first nine months of 2025, beating Maybank Research’s projection for a modest 2 percent increase. Mass-market gaming revenue jumped 15 percent over the same period, also outpacing expectations.
While RWG strengthened, the group’s Las Vegas property, Resorts World Las Vegas (RWLV), continued to struggle, with third-quarter EBITDA falling to $12 million from $18 million in the preceding quarter.
Maybank Research noted that the mandatory general offer (MGO) for Genting Malaysia (GENM) has reached a 63.4 percent acceptance rate ahead of its December 1st 2025 deadline, though Genting has not indicated whether the offer will be extended.
Reflecting stronger contributions from GENM and Genting’s higher stake in the unit, the analysts raised their earnings forecasts for FY2025 to FY2027 by between 5 and 8 percent. Their valuation target was lifted to MYR4.24 ($1.03) from MYR3.94 ($0.95), partially offset by weaker expectations for RWLV.
Attention is now turning to GENM’s bid for a downstate New York commercial casino license.
The license would allow table-game operations at Resorts World New York City (RWNYC), a move analysts say could significantly boost Genting’s long-term earnings. Should Genting succeed in fully privatizing GENM, all potential gains from the license would accrue directly to the parent group.
Genting said fourth-quarter performance may soften due to seasonal cost pressures at RWG and lower visitor flows across its Western and Singapore operations.
Third-quarter EBITDA rose 16 percent year-on-year, supported by RWG’s robust gaming volumes and stronger performance at Resorts World Sentosa (RWS), where VIP turnover climbed roughly 15 percent and win rates improved.
Quarter-on-quarter, group EBITDA increased 6 percent, lifted by recovering mass-market activity and a rebound in non-gaming revenue at RWS.
For the first nine months of 2025, however, group EBITDA slipped 8 percent year-on-year, weighed down by softer VIP win rates at RWS and lingering weakness at RWLV.
