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was reading the AGM presentation slides and the pre-AGM questions and answers. The responses from the mgmt gave me a feeling of "its everyone else's problem and not mine". Highly defensive, unwilling to concede strategic mistakes, and focused on reframing concerns from all the questions as temporary, non-cash and cyclical if you will.
lol, chunye low. please dont live and die with Genting. We can buy the weakness but do not hesitate to dump it if it fails to return 10% capital appreciation yearly :) The mgmt's response in AGM speaks a lot about the company's stance - reinvestment instead of distribution to shareholders. Basically, telling shareholders that debt/costs incurred today and benefits will arrive years later. In other words, TRUST? Lol, no pun intended.
additionally, the Kasturi block picture speaks a lot about the readiness. The offshore part (FLNG) looks good. The onshore part has a lot more work to be done - the extraction facilities shown in the picture are still at the early construction phase while transport pipeline from the extraction site to offshore is not visible yet .
thanks, Vin. Just had a look at it. Its really good. hold rate for the last two weeks at 20% and 21%. such hold rate percentage will be catching the eyes of analysts :)
This is a good news. it demonstrates the financial strength of the US operation and the sale is a bonus move all along and the management has a worst case scenario backup plan.
Two perspectives, philip (1) its a good news for Empire but the bigger question is where did the 300mil capital for the redemption come from? This is the most important question for GenM shareholders; the minority shareholders should ask. I have shared previously that Empire is in the process of refinancing with Wells Fargo for credit facilities. I am not sure whether this is the option that is being used to fund the 300mil capital for the redemption or GenM providing the capital for the redemption. (2) positive for GenT shareholders :) Empire becomes debt-free. The US assets listing prospect becomes brighter. A debt-free assets can fetch higher multiples if you will. As Is - Gent's conglomerate discount is more than 50% and a successful US assets listing will unlock the value of GenT.
it could remain as value in the books. not that the shareholders would be rewarded via the US listing with special dividends. Probably the capital raise with US IPO could be used to par down some debts and also reinvested in more US assets or business especially for the development of NY casino. in the mid to long run, it still remains with how the market value GenT. book value such as NTA just remain as accounting number. just see the NTA now and how the market value it with huge discount
There are a lot of positive chain effects with a successful listing of GenT business in the US. Debt can be pared down and thus credit ratings will improve. Borrowing cost will be lower subsequently and better dividends can also be paid out with improved cash flow. More dividend funds will buy in and share price appreciation can be expected.
Nevada GGR reported strong numbers for the month of May. The Las Vegas Strip area where RWLV is located reported strong numbers for current month and 3 monthly comparing to previous year; 20% higher :) Baccarat was the main driver for the higher performance. Fingers crossed that a stronger q2 and q3 numbers for RWLV in the making.
Empire Resorts is now moved/restructured under Genting Americas Inc instead of under Genting Empire Resorts LLC. With that, RWNYC, RW Bimini, Empire Resorts (Catskills & Hudson Valley). Ooh boy, consolidating US assets under Genting Americas Inc :)
Gent America is 100% owned by GenM, Vin. Gent owned 73.8% of GenM and that makes it Gent America is 73.8% owned by Gent. The GGR is good as the hold rate is now hovering around 19% to 20%. And if you can recalled when RWNYC first launched its table games and slots, some analysts pointed out that the table games GGR at usd$4.9mil per week is kinda low / slow start. weekly table games ggr is now hovering around usd9mil to usd10mil which is doubled the initial launching performance :)
hehe...thx Cheng !!
hope Q2 and Q3 will be huge profit contribute to gent... and last few months gent sold a little % of FLNG...will gain 130m profit as well on Q3...
july and aug month are usually the highest tourist arrivals in SG and summer holidays/package in US, daniel. That will give a good baseline of US assets performance.
Cheng , if u notice the latest GGR from rwny.. actually not bad.. table slot GGR break new highest which is 100% from the day opening 4m usd until now 10m usd... slot tax reduce 12% ..
but can't believe share price drop til can't recognize my parent face
Hot money in other sectors, Vin. Industrial, energy and techs for the last few months :) As for Gent, I guessed no one will buy prospects anymore after years of disappointment and people prefer to wait for Gent to show results first.
There is a possibility GENT will never manage to recover before privatisation by the LIM family. If they want to privatise, it's in their best interest that the share price stays suppressed. Also, religion rhetoric by a certain party is a real constant threat.
project and bussiness model is not bad,but soxai thai can play bad anything in his hand.............youngest at now,less thing his cannt play bad de,genting,genm,gens is good some jo,play half bad only,is company good ending jo,another u think,is u think so much only..............Hahahahaha
it was the most hated stock in klse when it continued to retrace but love is in the air when it is going up. Lol, no pun intended. Is it a dead cat bounce or something else is brewing? we will know by end of the month
Cheng, as long as RWNYC is doing well and RWLV is doing better than last year, IPO of Genting US entities will propel the stock back to RM4 and above next year after listing.
q3 will be more important for GenS as jul and aug are seasonally high months for tourist arrival. as for Gent, best is to wait for LKT to deliver results first instead of buying the prospects to avoid disappointment :)
Patience. Just wait until GenS announce their QR2 results. According to my Singaporean friends, their VIP gaming area really quiet since June 2026 until August 2026 todate !
Q2 is April to June 2026. These are wealthy individuals (just by consistently holding the 3 big Singapore banking stocks) with VVIP and Premium gaming status. Of course, the Mass market gaming downstairs is doing well but for gaming industry VVIP hold rate is more important.
Is this a good result ? Gaming revenue continues to drop in Q2 2026 despite comparing with a very weak Q1 2026 and 1H 2025 financial results. Impairment on gaming receivables very high indeed. Non gaming results will of course improve QoQ in 2026 and 2027 in view of the completion of Weave and RWS transformation 2.0. Going forward, it will involve significant additional cash outlay and high depreciation charges.
if you looked at yoy, margins are eroding. if you looked at qoq, margins improved a lot :) Both are true. 2 consecutive quarters of improvement in adjusted ebitda and margins. A 3rd consecutive higher adjusted ebitda margin in Q3 means the heavy investment in GenS is working and not just for show.
Of course the EBITDA will improve (initial visitations) based on the heavy investments but still inadequate in relation to the ROI. In addition, it is in non gaming instead of in gaming. Gens committed to an ongoing S$6.8 billion multi-year redevelopment and expansion program for Resorts World Sentosa (known as RWS 2.0) in order to satisfy regulatory expectations, casino licence renewal and maintain its integrated resort destination status. The cash position will be used up in due course.
ermm... maybe i can add some clarity here, assassin. Adjusted ebitda definition in the report itself - is based on a measure of adjusted earnings before interest, tax, depreciation, amortisation and share of results of joint venture, excluding the effects of share-based payment, net exchange gain/(loss) relating to investment business and other income/(expenses) which include but not limited to write-off/ gain/(loss) on disposals of property, plant and equipment and intangible assets, fair value gain/(loss) on financial assets at fair value through profit or loss, preopening/development expenses and other non-recurring adjustments. Which means, revenue minus operating cost excluding those items above. While qoq (q1fy26 versus q2fy26) revenue is flattish, qoq adjusted ebitda and margin jumped double digit. It means revenue mix is on the higher margin side and operating cost is on the lower side. As for yoy (H1fy26 versus H1fy25), adjusted ebitda was lower by single digit though revenue was flat due to the operating cost are all rising for H1fy26 - salaries, employees CPF, utilities, repair and maintenance and etc - makes sense due to ramp up of The Laurus, Weave, Minion Land. basically, lower adjusted ebitda yoy not bcos revenue shrank per se but due to operating costs related to the ramp up of RWS2.0 attractions. So, yoy (H1fy26) numbers showing the cost of LKT all in GenS (RWS2.0) while qoq (q2fy26) numbers showing early sign that LKT might be winning.
you will see a better picture by using the 6 months results (H1FY26) minus the Q1FY26 results, daniel. In this case, gaming defended pretty well in q2 (401mil) versus q1 (403mil) while non-gaming q2 (194mil) versus q1 (204mil); overall lower by less than 2%. My personal opinions is that revenue mix on the higher margins side for gaming and non-gaming and lower operating cost; hence, higher adjusted ebitda despite flattish revenue.
Early signs that LKT is winning the all in gamble on RWS2.0, Vin :) I am referring to early signs bcos RWS2.0 upgrades will stretch all the way to 2028/2030.
there is a catch with regards to gaming revenue, daniel. its a combination of two parameters - rolling chip and hold rate. not possible for retailers to determine good or bad. analysts will probably have that information as they have access to the mgmt. it can be lower rolling chip higher hold rate or higher rolling chip lower hold rate which give you the same revenue number. hold rate is beyond mgmt's control as that is up to the VIPs' luck. Mgmt can influence the rolling chip by attracting more VIPs to gamble in GenS instead of MBS :) VIPs rolling chip + hold rate can send the revenue number to both extreme ends
Share price really sxxk...Now I only can wait .. since I won't sell or top up....
don't care the price even though plunge below RM2...
In Chinese called 灰心.. disheartened...
Cheng, from my observation, ever since the gaming revenue dropped from 2024, GenS share price has never recovered above $1. The drop in the gaming revenue directly correlates to the decrease in EBITDA. As for the hold rate will almost even out over a period of time, the main culprit is definitely the rolling chip.
my personal expectation is just mid to high thirties adjusted ebitda margin, daniel. q2fy26 adjusted ebitda margin for gens is at ~35%. same expectation for RWLV and RWLV is at high single digit now. RWLV adjusted ebitda margin was at 1% back in q4fy24.