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The deal will be completed by Jul'26 for downstream while upstream before Feb'27, Vin - Rukun Raharja and its subsidiary, Raharja Energi Cepu (Ratu), will pick up a 5% interest in both the Kasuri production sharing contract in West Papua province (upstream divestment) and in Layar Nusantara Gas, the entity developing the project’s midstream and FLNG facility (downstream divestment).
Genting said the downstream divestment is expected to complete by the end of July, while completion of the upstream deal, which is subject to conditions including approval by Indonesia’s upstream regulator SKK Migas and the host government, is anticipated no later than February 2027.
SBB will be wasteful as it is better to let market dictates the share price. Fifth floor soon unless GenS continues with aggressive SBB. Cash position can be duly depleted once development expenditures fully utilised as part of the licensing renewal requirements.
yup. pause all capex on Bimini Resorts, Catskills and Hudson Valley. It will be better to sell these assets. Keep RWG, RWNYC, RWLV and RWS. RWNYC + RWLV = "RWA"
“GenS VIP business in quarter ended 31 March 2026 was contrary to seasonal trends where the first quarter has typically been the peak quarter for gaming in Singapore. The pace of recovery from RWS2.0 investments has proven materially slower than anticipated. Transformation costs at Resorts World Sentosa were likely to remain elevated through 2026 as part of the gaming licence renewal requirements. Their aggressive and continuous cost cutting exercise in gaming programmes for VIPs, higher airfares that are weighing on travel demand and softening consumer sentiment will significantly affect their VIP hold rate moving forward.”
All eyes on Chen Si to focus on gaming performance; particularly the VIP hold rate. VIP hold rate jump, ebitda jump. Additional bonus if he can further increase the ebitda margin to high thirties.
GenS single digit sequential improvement compared to Q4, Vin. And GenP Q4 performance should not repeat in Q1FY26 and should recover back closer to Q3 if not higher than that. Gent's performance will then depends on impairments and US assets performance. MY assets should not be worse than Q4 due to festive season. Should not be a loss if US assets performance is similar to Q4 and no extraordinary impairments.
200mil impairment in q4 which was huge. If there are no negative surprises for impairment in q1fy2026 and US assets, net profit may stretch higher than that, J
Expected despite the 4 cents dividend. I heard from friends that VIP gaming privileges will be cut further from 1/6/26, which will make it even less competitive with MBS and regional competitors from Q2 onwards. Someone/Analysts should just do a weekend visitation after 1/6/26 to assess the VIP gaming crowd.
the VIP gaming privileges that your friend mentioned is probably referring to the VIP from the loyalty card membership, Daniel? The actual VIP that affects the gaming segment is referring to those that bet millions in rolling chip. I doubt GenS/Gent will touch the privileges for the high rollers VIP. The loyalty card VIP privileges cut is a good move - cost savings.
The Chairman noted that Mr Si had only recently joined the organisation and that Management was
allowing him time to familiarise himself with the Group’s business. The Chairman expressed
confidence that Mr Si would be able to deliver in his role. On Mr Si’s role, Ms Lee clarified that Mr
Si is responsible for significant parts of the IR, including not only the casino, but also the hospitality
business operations
Not the usual loyalty card membership. Apparently, focussing on “Premium Status” players. In any case, let’s see after QR2 results if their cost savings exercise is beneficial. When Management makes wrong cost savings decision, it will be difficult for their Marketing Department to compete with regional competitors. Otherwise, GenS share price should not be dipping < 0.60.
shareholder can expect for greater sentosa plan The Greater Sentosa Master Plan – which is for Sentosa and Pulau Brani – will also see Sentosa’s beachfronts upgraded to accommodate more event spaces catering to a larger variety of activities.
Chen Si seems to have impressive background. I am interested to see the numbers for Q3FY2026 and Q4FY2026 - one year on the job and whether any impact on the VIP hold rate / gaming. 1st qtr on board saw 11% qoq operational improvement for gaming. https://www.gamblinginsider.com/executive/246/chen-si
ooh. the same old story of certain party will close Genting's casino? we have no absolute control on that :) replace the tax revenue from Genting by increasing tax from other areas? Lol, no pun intended.
Overall, negative sentiment on equities with regard to snap elections news and political uncertainties. PAS likely to gain stronger foothold/votes in GE16 and can even snatch a few other States like Pahang
i think for the case of genting - the leverage has a bigger say. higher leverage and low shareholder return. any further debt funded capex moving forward will drag it lower. mgmt has to do something for US assets - freeze capex for catskills, bimini resorts and hudson valley in the mean time :) the longer they take to list US assets, the lower valuation it is? dragged by underperforming US assets.
True. Even GenS might use up all their internal surplus funds for transformation programmes plus dividends and external financing options, including bank borrowings and other funding instruments, would also need to be considered as part of the company’s broader capital management strategy going forward. The underperforming US assets will require a lot of Cash.
GenP results is out and it is better than Q4/closer to Q3 :) GenS is better than Q4:) it's trending to a breakeven QR for Gent assuming GenM performance is same as Q4 (for both MY and US assets) and normalised impairment ~<40mil instead of 200 mil in Q4.
Nevada's GGR/The Strip Area for Q1'26 is not too bad comparing to seasonally strong Q4'25. Mar was really good driven by baccarat - Driven by a sharp increase in baccarat hold, the Las Vegas Strip saw a 14% increase in gaming revenue. The city’s tourism agency is set to release visitor numbers later Thursday that show the month’s statistics are “up meaningfully.”
The Strip had $779.9 million, up 14.4% from $681.6 million in March 2025, according to numbers from the Nevada Gaming Control Board.
The hold rate for baccarat was pretty good too. Anyway, assuming RWLV performance is the same as Q4 and GenM similar as Q4, and normalised impairment, it's trending to breakeven QR conservatively, Vin. Q3 is the real test.
GenM's MY assets (RWG) didn't do very well in Q4'25, the ebitda margin dipped quite a bit. The outcome in Q1'26 will be different if the margin recovers.
depending on what makes you thinking of whether to buy Gent or not, Steven. If you are thinking about price is at the low side but scared going lower, then, you should wait for the qr first. there is no rush and you get to avoid the volatility from the qr noise.
When u expected something bad. . when is ready come ..u won't feel much sad... Learn from Dr . phycologist.. I always visit Dr once in 3 months before genting qe
RWLV saved the day and solid recovery in ebitda margin from single digit to mid twenties. RWG flattish revenue but ebitda margin recovery back to thirties. GenM's US and Bahamas assets ebitda margins flattish revenue and margin. Q2 for GenM's US and Bahamas segment is the first real test due to RWNYC live table games contribution.
The hold rate for baccarat in Mar across the Strip Area (RWLV is located here) was good; coming in at 20% vs 14% the previous year, Jackie. The higher footfall traffic & hold rate plus cost optimisation are probably the reasons that contributed to the recovery of RWLV. The ideal ebitda margin for me should be at thirties.
The recovery in ebitda margin looks promising. GenS working on gaming enhancements and let's see whether Q2 will be better than Q1. Need the hold rate to go up.
FLNG deal will be completed by Jul'26, Vin. Will be in Q3 unless the deal is closed by next month. GenS 570mil adjusted ebitda vs personal target of 800mil and US assets 280mil vs 300mil personal target. GenS will have to count on Chen Si to bring in more VIPs and increase the hold rate.
The Strip area did really well in Mar as reported by Nevada gaming commission, daniel. Strong baccarat ggr and hold rate as I read it. This could also contributed to the recovery.
Not that I am aware of, Vin. after all, the adjusted ebitda typically do not include gain/loss from asset disposal. I saw the remarks noted RWLV occupancy was at 92% and adr at 290. It was at lower 80% occupancy and adr averaging at 260 last year. There is also remarks of higher high-end play with increased table volumes and hold percentage within range. And this is also noted in the report - RWLV remains focused on re-establishing VIP play and building a consistent casino loyalty base. In addition, RWLV will continue to leverage the new hotel system, which now allows RWLV to own the hotel customer database, giving RWLV flexibility to provide real time hotel offers and enhanced customer experience to guests. Combined with investment in an upgraded casino offer management system, RWLV will yield a stronger customer mix via casino, convention and direct bookings
Thx for the info Sir Cheng !
Hope Rwlv result will getting better in the future... World cup coming soon ... definitely will boost rwlv result as well... recently gens keep sbb...maybe privatise soon ? like genm ... hehe..
Hopefully Genting can get GenM privatised soon. Once RWNY ramps up in 2027/28, Genting can list their RWLV+RWNY operations in the states. Pare down the debts and we shall see much better quarterly result and credit rating too.
Pressure is off from RWLV's BODs for now. All eyes on GenS, RWLV and RWNYC. RWNYC’s first mover advantage over Metropolitan Park and Bally’s Bronx will keep it in the spotlight in the coming quarters.
She has just took over mid of last year, Jackie. and Chen Si joined Dec'25. Give it until end of the year to judge her and her team of directors :) RWLV board of directors were put in place in end of 2024 after the AML lawsuit and it took almost 1.5 years to see recovery gaining traction.
you're right Steven. but whenever I raised this up, no one seems willing to address this directly. it's a real risk until proven otherwise. those ppl are crazy
Q3 shall be the first real test for her and Chen Si. Chen Si's focus will be on gaming. Non-gaming provides the footfall traffic and not a bad idea if she can keeps the visitors coming back again and again. We have seen operational improvement from q4 to q1 for RWS. The key to recovery will be on VIP hold rate and margin improvement - all eyes on Chen Si.
I can understand the frustration but we have no controls over the mgmt plans, jackie. It will be easier to set your own target for GenS to assist your decision making on whether to hold or sell. My personal target to measure GenS's recovery is 800mil adjusted ebitda and Q3 will be the first test since Jul and Aug are seasonally high tourist arrivals for Singapore. Q1 at ~570mil.
don't expect recovery now until Genting boss settles the GenM delisting. another 10 days to go before they can do any big move with GenM especially on acquiring genm shares from open market.
I am thinking the boss may not rush it now, Eddy. This is due to RWNYC and Catskills situation. RWNYC just launched live table games and the focus will be on ramping up the operation; taking full advantage of the first mover advantage and to produce strong initial ggr in the first 6 months. Catskills on the other hand has to refinance the 300mil bonds and potentially restricting the non-gaming asset sales plan.
Borrowings position for Genting & GenM continue to increase QoQ and YoY. In addition, cash pile in GenS will continue to deplete due to RWS transformation programmes and licensing renewal requirements. US operations will require more and more financing. These are the parameters to be watched closely.