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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.
the 68% is something that I learned from the article too :) the 56% tax rate on slot machines was what RWNYC proposed for the casino license and the 68% seems to be the tax rate for RWNYC VLT prior to that.
rwnyc included a clause of most favored nation in its bid which is what J mentioned above - lowered tax to match Bally's Bronx and Metropolitan Park tax rate; estimated 4 years later
3 weeks revenue at around USD82 mil. by assuming the same momentum every three weeks, this will work out to USD1.4 bil per year. Assuming 70% cost and tax, yearly profit will be ~USD430 mil, which is equal to RM1.8 bil/yr. Every quarter is ~RM450 mil profit from RWNYC alone.
LKT must get GenM privatise asap, then list the US operations with rwny+rwlv. After listing, debt can be pared down and Genting will not be bothered by the huge debt and finance cost in the future. Genting report card will score A every single quarter by then.
Thanks, daniel. The data looks really good. I am comparing the before and after data. The before (VLT) data is showing avg win/VGM per day is ~ 446. The after (commercial casino) 3 weeks data showing two revenue stream (1) Slots/ETG - avg win/unit per day ranging from 1.2k to 1.5k which is ~3x higher than VLT era (2) New revenue stream - Table games ggr per week ranging from 4.9mil to 7.5mil; translating to 14% to 17% hold rate. Not too bad for a start but not at the peak yet. Catskills table games hold rate is ranging from 18% to 20%. Higher ggr (slots and table games) and lower tax rate (from VLT to commercial casino) - higher ebitda :)
not reflected in the share price. this is what I said manipulation by the boss for his own interests. less than a week b4 expiry of 6 months restrictions.
boss needs to sort out the 300mil bonds for Empire Resorts due by Nov'26. No official comms yet. Q2 RWNYC full casino sneak preview and Q3 will be the first real test on how much it can make/ggr especially in the month of Jul.
With all these uncertainties, I decided not to buy GenS @ 0.59 even with the attractive 2 cents dividend. Cost cutting can backfire and bad news for gaming sector as loss of VIP market share can be significant. Safer to stay invested in banking shares in Singapore.
I will wait for Q3 results to decide. for now, still the same personal ebitda targets for RWS and US&Bahamas segment; 800mil and 300mil respectively. RWNYC should be able to contribute 100mil by itself and 200mil from RWLV. Will exit if Q3 fails to meet the targets.
also, the management has been renewing the share buy bank mandate for several years already without exercising the mandate. what's the point of renewing the mandate then?
GGR total for slot and table game...average around 27-28m usd per week...before expenses.. 1 month possible around 110m... 300-350m usd per quarter...what a wonderful figure! hope is accurate
its accurate, Vin. that's the one we were discussing earlier with J and Daniel. What you are seeing is not even the peak yet :) the hold rate can go higher to 18% to 20% range versus the current 3 weeks data. The change is from VLT to Slots + Table Games; two revenue streams. Do note that there are no poker tables yet and that will come in phase 2.
Those are very encouraging numbers. I was worried that the current trend is moving away from gambling/smoking/drinking. Turns out, this is not the case and hopefully the momentum for RWNYC can sustain and eventually reflect onto GENT bottom line. Ultimately, I hope to see Malaysia casino operation move to a more liberal country. Then the constant fear of being closed down is removed forever, which bode well for share price
not so fast, Vin. Maybe when it is fully completed PLUS igaming must not be approved for NYC. RWNYC + RWLV should contribute at least 300mil adjusted ebitda. We have seen latest report showing US assets contributed ~280mil.
you can add one more question to the boss in the AGM - when is Genting going to list US assets and use the proceeds from listing to pare down the debt?
That's true Cheng. At the same time the complete takeover of GENM is a good optics and will bode well for the share price. We ultimately wants the share price to go up regardless of what. If business good but share price is low, that's useless for us too
That's a real concern Cheng. The owner plans with a generational timeline, which doesn't align with our goals. Considering the boss age, succession planning and laying the foundations for the next generation is more important to him than the share price or ratings of agencies. Those are only number on screen to him. But we depends on that for profit. This misalignment is a real concern
The way I see it, I think the share price will only increase if this event benefits the boss. Now, in what scenarios do the increase of share price benefits the boss?
one more trading day to go b4 it enters June, Gent can acquire more than 2% outstanding shares but cant acquire above 2.35 price, world cup season in US, and not forgetting Taurx HMTM may obtain approval from UK MHRA after 24 months since the first application in June 2024.
not easy to approve but not rejected yet, Vin. The investment in TauRx is a done deal, and it is now just a matter of when Genting will monetise it / at which price.
the last transacted price for TauRx - TORONTO, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the “Company” or “Dundee”) announced today that it has sold to a private investor 8,000 of the 1,015,008 shares it holds in TauRX Pharmaceuticals Ltd. (“TauRx”) at a price of US$125 per share for proceeds to the Company of US$1,000,000. The transaction remains subject to TauRx board approval. Following the completion of the transaction Dundee will continue to hold 1,007,008 TauRx shares.
Regarding Taurx, I'm surprised there are inventors who are willing to buy in now given the uncertainty around the approval of the drug. Even approval is granted, there is still uncertainty on the market uptake.