Genting Malaysia returns to profit in 2Q, as U.S. revenue soars and domestic performance is flat

Global casino operator Genting Malaysia Bhd reported a profit of MYR27.0 million (US$6.7 million) for the second quarter of 2026. That was an improvement on the MYR25.2-million loss it recorded for the first three months of 2026, but far from the MYR398.1 million profit of the second quarter of 2025. The quarterly profit was helped by a 32.6 percent year-on-year increase in group-wide revenues from leisure and hospitality operations, to nearly MYR3.81 billion, the company said in a Thursday filing to Bursa Malaysia. The firm decided not to declare an interim dividend for the period. “The group will continue to exercise prudent capital management, balancing business requirements and ongoing investments with efforts to pare down existing debt, with a focus on delivering sustainable long-term value to shareholders,” it said. Genting Malaysia noted that its quarterly performance benefited from the commencement of the initial phase of full commercial casino operations at Resorts World New York City on April 28, with the introduction of live table gaming and slot machines. The property continued its “phased commercial casino rollout” with 1,400 additional slot machines coming online in July, Genting Malaysia said in a press release accompanying its second-quarter results. Genting Malaysia said, fuelled by Resorts World New York City’s performance, revenue for its United States and the Bahamas segment more than doubled year-on-year, to MYR1.53 billion, while adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the segment increased by circa 82.9 percent to MYR216.6 million. The Resorts World New York City property (pictured) in Queens, New York City, was previously an electronic gaming venue. The complex, run by a unit of Genting Malaysia, is being upgraded and expanded as a full-scale casino resort after the group was awarded a full casino licence by the New York State Gaming Commission. Genting Malaysia’s latest quarterly results also included a full-quarter contribution from Genting Casino Stratford in the U.K. capital, London, acquired in April 2025, as well as Empire Resorts Inc, included in the group’s operations in May 2025. The firm reported group-wide adjusted EBITDA of MYR844.0 million in the second quarter this year, 18.0-percent lower than in the prior-year period. The decline was mainly due to the recognition of a net unrealised forex loss of MYR18.1 million in the second quarter of 2026, compared with forex gains of MYR184.6 million a year earlier, “arising from the translation of the group’s U.S. dollar-denominated borrowings”, Genting Malaysia stated. Excluding this impact, adjusted EBITDA would have hit MYR862.1 million. Malaysia performance flat Genting Malaysia has a Malaysian casino monopoly at Resorts World Genting, near that country’s capital Kuala Lumpur, and also runs casinos in the United Kingdom and Egypt, and the United States and the Bahamas. Genting Malaysia reported a 71.4 percent year-on-year decline in profit before taxation to MYR143.8 million, which was “partly attributable to ramp-up costs, higher depreciation and higher financing costs for the development of Resorts World New York City’s commercial casino project.” Second-quarter revenue in the Malaysia leisure and hospitality segment, including the casino operation, was MYR1.77 billion, compared to MYR1.78 billion a year earlier. Adjusted EBITDA improved marginally to MYR615.0 million, from MYR606.3 million in the second quarter of 2025. “The performance was mainly impacted by softer visitation and consumer spending, as well as higher payroll costs,” Genting Malaysia said. Adjusted EBITDA margin was 35 percent in the second quarter of 2026, one percentage point higher than a year earlier. For the first six months of 2026, Genting Malaysia reported total revenue of MYR6.72 billion, an increase of 21.9 percent from the same period last year. Adjusted EBITDA declined by 15.7 percent, to MYR1.49 billion, while net profit stood at MYR1.8 million, compared with a net profit of MYR450.1 million in the opening half of 2025. In Thursday’s filing, Genting Malaysia said the global economic environment remained “uncertain” amid “renewed geopolitical tensions in the Middle East and macroeconomic risks”. The firm said it remained “cautious” about the business outlook in Malaysia, as “regional and domestic tourism are expected to remain under pressure as higher airfares and travel-related fuel costs continue to weigh on consumer travel decisions.” Genting Malaysia said it was focused on “operational discipline and yield management” domestically, while investing “selectively” in infrastructure, attractions and new experiences at Resorts World Genting to “broaden its offerings and strengthen its competitiveness”. The company, however, added it expected the United States market “to remain resilient, underpinned by robust consumer spending and a steady labour market.”