Gross gaming revenue (GGR) at Resorts World Genting, Malaysia’s casino monopoly at Genting Highlands, seems to have grown sequentially in the second quarter “due to the new Genting Casino mass gaming floor,” said a Friday note from Maybank Investment Bank Bhd. That followed a “poor first quarter” for Genting Malaysia Bhd, said the institution.
Genting Malaysia, promoter of Resorts World Genting, reported on Thursday its results for the three months to June 30.
Maybank’s analyst Samuel Yin Shao Yang observed that “Resorts World Genting second-quarter GGR was up quarter-on-quarter,” with VIP GGR up 17 percent, and mass-market by 5 percent.
“We gather that this was due to the new Genting Casino mass gaming floor that opened in December 2024 ramping up operations,” he added.
Though he also observed that Genting Malaysia “broke with tradition by not declaring an interim dividend per share in second-quarter 2025″.
“It stated that it will declare a final dividend per share in fourth-quarter 2025 after considering its cash flow requirements,” added Mr Yin.
The group also runs casinos in the United Kingdom, Egypt, the United States, and the Bahamas.
On Thursday, Genting Malaysia reported that overall second-quarter revenue from its Malaysian leisure and hospitality business – including Resorts World Genting and some non-gaming resort assets – was just over MYR1.78 billion (US$422.5 million). That was up 9.8 percent quarter-on-quarter, and up 10.3 percent year-on-year.
Maybank said that year-on-year, Genting Malaysia’s earnings before interest, taxation, depreciation, and amortisation (EBITDA) were up, “largely due to Resorts World Genting, where VIP GGR grew 8 percent year-on-year and mass-market GGR grew 21 percent year-on-year.”
That had been “moderated by Resorts World New York, where higher staff and marketing costs weighed,” said Maybank.
The institution reiterated its opinion that Genting Malaysia’s 2026 earnings may get a 24 percent lift from a costs rejig at a loss-making U.S. unit, Empire Resorts Inc. The parent took full control of Empire Resorts in June.
Genting Malaysia announced earlier this month that Empire Resorts is to become “debt-free” via a deal that will see some non-gaming assets sold off for US$525.0-million in cash.
Nonetheless, Maybank said “we still expect Empire to be loss-generating”
“Imputing cost savings of US$33.2 million, we still expect Empire to generate a full-year net loss of US$20.4 million” in full-year 2026, Mr Yin stated.
In its second-quarter results, Genting Malaysia had said its US$5.5-billion proposal for a full downstate casino licence and revamp at Resorts World New York City, was being evaluated by the local authorities.
The company noted: “The New York State Gaming Facility Location Board is expected to make its decision by 1 December 2025, with the issuance of licence expected to take place by 31 December 2025.”
