Genting Malaysia reported stronger overall revenue for the fourth quarter of 2025, even as its flagship Malaysian resort recorded weaker gaming results during the period.

The group generated MYR3.01 billion (US$783 million) in revenue for 4Q25, representing a 10 percent increase from a year earlier. Operations in the United Kingdom, Egypt, the United States and the Bahamas lifted the quarterly performance, alongside the consolidation of New York-facing subsidiary Empire Resorts into the company’s financial results.

Across the group, adjusted EBITDA climbed sharply to MYR692.7 million (US$180 million), compared with MYR180.6 million (US$46.5 million) in the same quarter last year. The improvement came as the company benefited from foreign exchange gains linked to the strengthening Malaysian ringgit. When excluding forex movements in both reporting periods, adjusted EBITDA rose 8 percent year-on-year to MYR578.9 million (US$150 million).

During the quarter, Genting Malaysia moved from a loss before tax of MYR368.2 million (US$94.8 million) in 4Q24 to a gain before tax of MYR40.9 million (US$10.53 million) in 4Q25.

Softer Quarter at Resorts World Genting

At Resorts World Genting, located in the Genting Highlands outside Kuala Lumpur, revenue declined 3 percent year-on-year to MYR1.73 billion (US$450 million). Adjusted EBITDA for the Malaysian leisure and hospitality segment fell 21 percent to MYR386.8 million (US$101 million).

The company attributed the decline primarily to lower overall business volumes and reduced win rates, particularly within the VIP gaming segment. Results released Thursday and published by Inside Asian Gaming also described the downturn as occurring ‘mainly due to lower overall business volumes in the gaming segment at Resorts World Genting’.

Additional costs weighed on performance. According to a note from Nomura cited in coverage of the results, the quarter included adjustments to staff expenses following the finalization of a collective wage agreement, with multiple quarters of catch-up costs recorded in 4Q. The group also booked expenses related to constructing a fire station near the resort, as well as certain payroll and contractual obligations.

Despite the softer gaming performance, hotel occupancy at Resorts World Genting reached 98 percent in 4Q25. Local visitors accounted for 64 percent of guests, while 36 percent were international travelers. Arrivals from Singapore, China and India increased, though visitation from Indonesia declined.

For the full year, Resorts World Genting delivered improved results. Revenue at the property rose 5 percent to MYR7.13 billion (US$1.85 billion), and adjusted EBITDA increased 2 percent to MYR2.14 billion (US$556 million), as higher business volumes helped offset rising operating costs.

Overseas Operations Drive Growth

International markets contributed strongly to the quarterly outcome. In the UK and Egypt, leisure and hospitality revenue advanced 17 percent to MYR523.0 million (US$136 million). The company cited contributions from the newly acquired Genting Casino Stratford and higher business volumes. Segment adjusted EBITDA nearly doubled, increasing 99 percent year-on-year to MYR110.1 million (US$28.34 million). Results in this segment were partly offset by the strengthening ringgit against the British pound.

Operations in the United States and the Bahamas also expanded. Revenue for the segment rose 55 percent year-on-year. One set of results showed revenue reaching MYR714.4 million (US$185 million), largely due to consolidating Empire Resorts, Inc and its subsidiaries. Another breakdown reported US and Bahamas leisure and hospitality revenue at MYR252.7 million (US$65.05 million), ‘primarily due to the consolidation of GERL Group, contributing revenue of RM279.3 million ($71.9 million)’, with currency movements against the US dollar tempering the gains. Adjusted EBITDA for the US and Bahamas operations increased 10 percent to MYR83.8 million (US$21.57 million).

In New York, New York State Gaming Commission granted a full commercial casino license to Resorts World New York City. The award was described as ‘marking a key milestone in the Group’s expansion in the US’ and ‘enables RWNYC to transition from a racino into a fully integrated commercial casino’. The company stated that ‘The initial phase of the development envisages an expanded gaming floor alongside enhanced entertainment, hospitality, and supporting amenities’.

In the Bahamas, Genting Malaysia aims to deepen engagement with international cruise operators to increase port calls at Resorts World Bimini. A newly launched international commercial flight route has commenced operations and ‘is expected to enhance connectivity to the island’.

Outlook and Expansion Plans

For the 2025 financial year, Genting Malaysia recorded total revenue of MYR11.9 billion (US$3.09 billion), up 9 percent from the prior year. Adjusted EBITDA for FY25 reached MYR3.30 billion (US$858 million), reflecting a 13 percent increase driven by stronger business volumes across geographical segments.

Looking ahead, the company said it remains “cautiously optimistic of the near-term prospects of the leisure and hospitality industry”. It noted that its Malaysian and overseas operations face an uncertain environment amid ‘global developments’, though it expects cross-border tourism to remain supported by ‘improving consumer demand, enhanced air connectivity and growing outbound travel from emerging markets, particularly within Asia’. The group added that ‘the regional gaming market is expected to remain stable, supported by tourism-related demand’.

In Malaysia, Genting is ‘advancing several initiatives to drive visitation growth at Resorts World Genting’, including the planned launch of a nature-themed attraction known as Eufloria and the completion of a revamped 18-hole golf course at Resorts World Awana in Genting Highlands. The company also continues ‘selective refurbishment and upgrading works across its facilities’ and maintains a focus on ‘operational discipline and yield optimization to support continued growth’.

In the UK, the operator has introduced additional gaming machines following legislative reforms and has begun redeveloping the London Trocadero at Piccadilly Circus into a three-story casino and entertainment venue.