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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.
The Las Vegas Strip area where RWLV is located, delivered 7.75% higher yoy performance from Apr’26 to Jun’26 compared with Apr’25 to Jun’25, while RWNYC’s weekly table-games hold rate has consistently remained above 19% compared with the initial 13-17% in the first 3 weeks of launching.
July tourist arrivals for SG is out :) Solid 1.63mil visitors, highest for 2026 with avg length of stay of 3.4 days. Q3 performance is off to a great start. New York / Nevada gaming commission ggr data typically lags by 1.5 months. Hence, RWNYC and RWLV ggr trending for July and Aug will be available by Sep and Oct.
Cheng, RWNYC published their weekly report in New York State commission website every week, so we don’t need to wait that long to know the business performance.
Cheng, My Singaporean friends told me that the crowd in GenS was exceptionally high over the weekend due to China summer holidays and Indonesia long weekend public holidays in August (15/8-17/8) although VVIP gaming area was really quiet in July 2026.
thanks, assassin. saw the remarks from analyst that VIP gaming is picking up actually - q2fy26 VIP volume recovered 21% qoq and drove VIP volume share to recover to 36% from 19% in q1fy26 and q2fy26 mass market ggr inched up 2% qoq and drove mass market ggr share to recover to 27% from 26% in q1fy26.
Without active buying by Foreign Funds, it is difficult to go up significantly (unless QR exceptional) since local GLCs heavy weight investment funds cannot buy. Foreign funds are still exiting Malaysia equities in 2026 and still continuing way into Q3 to date in August 2026. Also, Budget 2026 nearing and will always have the risk of higher gaming tax and political considerations.
Genting has also expanded in Singapore via RWS2.0, UK and securing RWNYC license. Lots of things going on within Genting group itself; O&G, GenP and etc. Just a matter of when the boss will deliver the results.
Tourists arrival increasing in July 2026 but the gains in Singapore have been heavily skewed toward MBS. VVIP gaming in RWS was exceptionally quiet in July 2026. Only spillover effect on weekends in August 2026 when MBS occupancy at 100%. The competition between the two casinos in Singapore is likely to remain intense. RWS will lose the battle and even more market share if they continue with their cost cutting exercise to cut the perks for their VVIP customers as their high rollers will opt for MBS instead due to the close proximity within Singapore.
Buy only at appropriate level and always take profit as and when necessary. Monitor the high rollers QR gaming revenue based on QoQ basis closely. Mass Market & non gaming can only contribute towards high industry operating and investment costs.
Exactly but wealthy high rollers have the added privacy of private rooms. This is the segment that contributes to the gaming profitability. MBS must be doing it right to be able to garner more VVIP market share from RWS on YoY basis.
time will tell whether Singapore's gomen plan with regards to Greater Sentosa Master Plan will meet its objectives of integrating the development of Sentosa with the neighbouring 120-hectare (200,000-square-metre) Brani Island, creating an expanded tourism precinct featuring new landmarks, reimagined beaches and coastlines, enhanced transport infrastructure and a stronger emphasis on nature-based experiences.
true but not up to us to decide unfortunately, jackie. GenS will be the most likely candidate if LKT decided to participate; from Genting's group of companies perspective. hopefully, LKT will seriously consider US assets listing asap :)
GenS will not have the financial resources to embark on expansion to Japan at present. US assets listing is the only way forward for Genting Group. With the additional financial resources available, they can then made RWS property more premium and more appealing to higher-value customers before MBS completes their Tower 4 expansion. There are very few casinos that have the financial muscle to buy out RWS at fair valuation currently based on casino duopoly in one of the world’s top gambling venues.
lets wait for the results then. rwlv adjusted ebitda in q1 was ~200mil while q4 was ~60mil. potential rerating if q2 delivers more than 200mil. lets wait for LKT to deliver the results first.
Soon, they will be working for the banks if borrowings position and interest rate/funding cost continues to increase ! Borrowings position kept increasing QoQ/YoY and high finance cost that ate into meagre QR profit for a gaming industry PLC.
From previous Cash rich company to high Nett borrowing company.
Malaysia’s tax/duty increases on gambling and casino gaming in Budget 2027 (only 2 months away) is always a meaningful possibility since Government need additional revenue. The government might even consider raising the annual casino gaming licence fee from RM120 million to RM150 million and gaming tax on casinos to 35% of gross gaming revenue (GGR).
@cheng this quarter RWLV ebitda at RM100M. Not as good as last quarter RM200M, but can see their business is pickup up nicely. Last year total annual ebitda only RM250M.
adjusted ebitda for rwlv is indeed at ~100mil which translates to 13.3% margin versus 200mil 24% margin in q1fy26, daniel. fy25 quarterly adjusted ebitda margin for rwlv was below 10%. feels like a mix of seasonal revenue and fixed cost if you will. RWG and RWS adjusted ebitda margin are good. Its the US assets dragging the performance again whereby the margin is in tens.
RWLV recovery is making progress, jackie. Hope to see qtrly adjusted ebitda touching 30% for RWLV in q3. GenM's US & Bahamas segment is probably dragged down by Empire and Bimini resorts.
US assets return just not good enough due to stiff competition despite taking up such high Group debts. Otherwise, other more prominent global gaming company would have pursued previous US licence bidding. Without US assets listing soon, it is better to exit the position.
Ever since RWLV was built, depreciation charges to Genting has increased ~RM1B a year. Together with interest expenses around RM0.5B a year, RWLV has to make at least RM1.5B in annual ebitda to breakeven. At the current run rate of ~RM500M annual ebitda, there will be at least RM1B of loss coming from RWLV alone. That's why we are seeing profit in almost all other businesses such as GenS,GenM,GenP but still seeing losses in GenB.
Besides that, GB is owning 100% of RWLV comparing to just ~50-70% in GenS/GenM/GenP, therefore making it more susceptible to incur loss in its quarterly/annual results.