GEN Malaysia U.S. operations seen at 36pct of group EBITDA in 2027: Maybank

Genting Malaysia Bhd’s United States and Caribbean operations are forecast to contribute 36 percent of the group’s annual earnings before interest, taxation, depreciation, and amortisation (EBITDA) in 2027, up 20 percentage points from 2025. That would be based on a projected 63.1 percent year-on-year increase in the U.S. and Caribbean segment’s EBITDA, to MYR1.45 billion (US$358.5 million) in 2027, from an estimated MYR889.2 million this year, led by performance at the Resorts World New York City (RWNYC) casino complex. So said Maybank Investment Bank Bhd in a Friday note, following Thursday’s issuance of Genting Malaysia’s second-quarter earnings. The casino firm returned to profit in the period, supported by soaring revenue in the U.S. “We forecast Genting Malaysia’s U.S. operations – Resorts World New York City, Resorts World Catskills, Resorts World Hudson Valley,” and “Resorts World Bimini” in the Bahamas, “to contribute 36 percent to group EBITDA in full-year 2027 or up 20 percentage points from full-year 2025,” wrote analyst Samuel Yin Shao Yang. That would translate to MYR1.45 billion, though Genting Malaysia’s flagship Malaysian casino monopoly, Resorts World Genting, was expected to remain the biggest EBITDA contributor for 2027, with MYR2.25 billion. Maybank said that, in particular, it was “bullish” on RWNYC, in downstate New York. RWNYC had been an electronic-games venue, but relaunched at the end of April as a full-service casino after winning a full casino licence from the state authorities. The venue will undergo a US$5.5-billion expansion up to 2030, as a condition of its new licence. “From 242 new tables deployed” at RWNYC “on 28 April 2026, U.S. EBITDA jumped 169 percent quarter-on-quarter to MYR216.6 million,” Mr Yin observed. The analyst added: “Third-quarter 2026 to date, RWNYC gross gaming revenue (GGR) has also been trending higher as operations ramp up. It plans to raise its table count – including deploying VIP tables – to 400 by early next year.” The 400 figure had been mentioned by Maybank in a December 2025 note about RWNYC. “An additional 150 tables is expected to be added by January 2027 in existing space, bringing the total number of table games to 400. The final casino should allow for 6,000 slots and 800 tables by January 2029,” said the investment bank at the time. While Maybank is bullish on RWNYC, it noted that Genting Malaysia was “cautious” on Resorts World Genting, which currently supplies most of company earnings. “Second-quarter 2026 Resorts World Genting mass market GGR fell 3 percent year-on-year,” Mr Yin stated. That was “reflecting cautious consumer spending due to inflation caused by geopolitical tensions in the Middle East and gaming spend diversion to the FIFA World Cup (11 June to 19 July 2026),” added the analyst.