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its normal to see profit taking, kyory. It will be more interesting to see the numbers for RWNYC in Q2 and Q3 this year with the phase 1 opening scheduled tomorrow. Imagine local gamblers, high rollers, international visitors staying/visiting NYC had nowhere to play in the city. They will have to travel to Atlantic City / Connecticut to play.
most likely, jackie. i saw the term details and particularly the distribution deferral - The Issuer may defer distributions at its sole discretion, Deferred distributions will be cumulative and there is no limit to number of deferrals, The Issuer must defer distributions during certain events as set out in the conditions of the Securities. Hence, high chance that usd1.25bil will be added to the equity, usd1.5bil removed from liabilities, and usd0.25bil cash deducted. It buys time for GenS, RWLV and RWNYC. Leverage will improve a bit but this will still need to be addressed in the long term for it to go way higher - improved earnings/cash flow to pare down debt over time, to list "GenUS" and use the proceeds to pare down the debt and etc.
saw the line item in the malakoff's qr report. searched it and found the details in Malakoff AR 2017. Here are the details: On 15 March 2017, Tanjung Bin Energy Sdn. Bhd. (“TBE”), a wholly-owned subsidiary of the Company, issued unrated perpetual sukuk of RM800 million in nominal value in accordance with Shariah principle of Wakalah Bi Al-Istithmar (“Sukuk Wakalah”) with an unconditional and irrevocable subordinated cash deficiency support from the Company. Details of the Sukuk Wakalah are as follows:
a) The perpetual sukuk has no fixed redemption date and the Company has an option to redeem all or part of the
perpetual sukuk at the end of the seventh year from date of issuance and thereafter on each subsequent periodic
distribution date;
b) The perpetual sukuk is unsecured and carries a periodic distribution rate of 5.9% per annum, payable semi-annually
from year 1 to year 7. Thereon, the period distribution rate shall be 1% above the prevailing periodic distribution rate;
c) The Company has the right to defer the payment of the periodic distribution amount by giving the required deferral
notice. Deferred periodic distribution, if any, will be cumulative but will not earn additional profits thus there will be no
compounding effect; and
d) The holder of perpetual sukuk shall have no voting rights at any general meeting of the shareholders of TBE
the details showing its no fixed redemption date which means no due date/expiry which is perpetual. Option to redeem all or part at the end of 7th year - fits the definition of non-call. last but not least, has the right to defer the payment of distribution - which is deferral. All the criteria fits into equity instead of liabilities.
interesting interview on site. Rob's message at 2.30 - most favored nation clause! :) What it literally means is that RWNYC will pay the same tax rates as the other two casinos in the future; when they are up and running in 2030. Not aware of that as it was never published or mentioned before. https://www.youtube.com/watch?v=LA2FuxCVJfo
you are welcome, Vin. Just need to manage our own positions well will do in my personal opinion. 3 main drivers to be considered and monitored - (1) refinancing for notes maturing in 2027 - progressing well and refinancing risk eases (2) eps/ebitda - need to show eps/ebitda improvement mainly driven by GenS, RWLV and RWNYC (3) leverage - Gent has to pare down the debt / deleverage over time.
Yes it is, jackie. Leverage will be reduced too as usd1.5bil removed from liabilities. Performance of GenS, RWLV and RWNYC in the near future will be key to higher rerating.
Agreed, Eddy. I have to get the updates from foreign news/media. Boss was there at the opening ceremony. Genting's media / public affairs team couldn't be bothered to provide updates?
possible censor by top management as not to attract much attention. The plan to privatize GenM with low valuation still stand. 1 more month to go before the restriction of the 6 months period is lifted for privatization offer again.
It will be tough to use hopes on the mgmt from my personal opinions, Vin. I am using publicly available information to manage the expectation for my current position in Gent. (1) the new 1.25bil notes has a distribution of fixed 8.3% (series 2) per year interest. My expectation to hold Gent's stock is min 10% capital gain / yr (2) Rating agencies downgraded Gent mainly bcos of leverage - high debt/ebitda. My expectation here is ebitda to keep improving/growing moving forward - GenS, RWLV & RWNYC
Makes no sense to hold Gent stock if Gent cannot deliver these 2 expectations. It's better to opt for the notes if you will. Just my personal criteria / decision making process.
its alright, Eddy. After all, we can still get updates from foreign news/media. All we need to do is just monitor the performance. For RWS, 2026 performance will be critical towards Feb'27 license renewal. Most of the phase 1 intended renovations and disruptions have been completed with The Laurus being the last one end of last year. Realistically, RWS contribution to Gent group from ebitda perspective should at least be above rm800mil per qtr. As for RWNYC, Fitch estimated ebitda usd215mil contribution in 2026 which means rm200mil per qtr. So, Gent's US & Bahamas segment ebitda should at least contribute rm300mil per qtr in Q3'26; full qtr contribution of phase 1 RWNYC and RWLV summer promotion. RWLV q4'25 ebitda is ~ 60mil. Just my own expectations and could be wrong.
It's impossible to derive a conclusion from our end, Philip. The reason is we do not know who are the institutional/investors for the 1.5bil notes and they may have their own reason to keep receiving the distribution until Jan'27. From Gent perspective, the balance usd617.5 mil in the doc will have to be redeemed by Jan'27. And usd1.25 bil notes has been listed SGX which means there will be a net cash movement for Gent of usd300+ mil (1.25bil - 882mil).
Gent will have to fund the balance (617mil - 300+ mil) to fully redeem it by jan'27. Can be funded by dividend income from gens/genm, existing cash balance, interest income or even the additional income from rwnyc. I do not see any risk coming from the notes expiring in jan'27
Marina Bay Sands (MBS) charted another new high for the first quarter, with earnings climbing 30.2 per cent to US$788 million – or S$1 billion – for the three months ended Mar 31.
Its adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) was US$605 million in the corresponding year-ago period. This came as net revenue picked up 27.9 per cent year on year to US$1.5 billion, from US$1.2 billion previously.
Gaming segment lost badly to MBS. This year performance will be critical for GenS - (1) for Feb'27 license renewal (2) Phase 1 disruptions and renovations have been completed with the Laurus being the last one end of last year. Will be interesting to see whether the gaming performance will show qoq & yoy improvement.
Cheng last Q...gens only got 174m sgd EBITDA... as you predicted..800m EBITDA convert to sgd around 258m sgd for Q1 ? if yes. ..consider very good news :-)
That's right, Vin. I take it as the disruptions in phase 1 causes lower footfall traffic instead of changing consumer behaviors. Non-gaming segment is good while gaming segment is not good. MBS previous results were strong showing demand for gaming is strong. q4'25 MBS results is almost equivalent to full fiscal year performance of GenS in 2025. That's how strong the demand is.
luxury all-suite hotel with low occupancy rate is a failure. it will be a wrong direction if The Laurus fails to bring back the VIPs, jackie. I dont think that is the case until the data shows otherwise :) For now, the hotel occupancy rate in Singapore is above 80% in Q1'26. Feb is pretty high at 88%. Jul and Aug is always the peak for Singapore's tourism. I am following the tourism statistics from the following link https://stan.stb.gov.sg/content/stan/en/tourism-statistics.html
its true that location makes a difference, jackie. I am just wondering the traffic footfall contributed to the RWS non-gaming segment but not the gaming segment. And it cannot be consumer behavior shifts as MBS gaming segment is doing really well. nevertheless, it will be interesting to see whether The Laurus will be able to entice the VIPs over.
The Laurus is targeting VIPs in my opinion, jackie. The room rate per night ranging from sgd800 per night to sgd6k per night. Lets see whether GenS will be able to deliver this year. Q1 and Q3 results will be good enough to determine whether its on the right track or off track :)
I can understand that, Vin. Gent has to show the results from RWS, RWLV and RWNYC. Ebitda has to show improving trend and cap the debt at the same time; debt/leverage will improve over time if you will. Just my own expectations for Gent in FY26
RWS was doing well before Hard Rock hotel was taken down to make way for The Laurus. Wavefront development progressing and scheduled to be released by 2030. Let's not forget there were some mgmt changes in 2024 and 2025 too. So, we need to see some results in 2026 to be convinced it's on the right track
Their Chief casino officer resigned end of 2024 and Chen Si came on board in Dec'25 as COO. His role is also covering the casino/gaming segment. Let's see how he is doing - may need 6 to 9 months. Q3 results will be a good measurement for the new mgmt.
RWLV saw major shake-up on their leadership; due to the Aug'24 AML charges. Negligible improvement on its ebitda as of last qr. Would like to see it going above 100mil qtrly ebitda this year; experienced folks from the industry after all.
As for HMTM - should post the question in the AGM for updates. Now, assuming TauRx has provided all the information requested by UK MHRA, then, we should pay attention to the following dates - May: 21-22; June: 25-26; July:30-31. These are the meeting schedule where UK MHRA will discuss / review all the relevant matters including maa. May not be in the agenda on these dates if TauRx has yet to complete the request for information.
Seriously...I believe alot investor want to do that too lol look at other index stock or any large cap counter ..I can said that ...both genting performance is the worst in this few years....even klci bull market ..what a shame !
it seems like RWNY much better than RWLV..genm qe look great in this few years even without table game ..but RWLV huge loss and drag whole genting qe to red..