Genting Malaysia Bhd recorded a net loss of MYR25.2 million (US$6.4 million) for the first quarter ending March 31, 2026, reversing a net profit of MYR52.0 million (US$13.1 million) in the same period last year. The decline occurred despite a 10% increase in total revenue to MYR2.87 billion (US$724 million), driven by stronger contributions across Malaysia, the United Kingdom, Egypt, the United States, and the Bahamas. The company attributed part of the loss to pre-opening expenses associated with Resorts World New York City’s (RWNYC) transition into a full-scale commercial casino, which launched live table games on April 28.

Adjusted EBITDA fell 13% to MYR644.7 million (US$163 million), reflecting lower net unrealized foreign exchange gains from US dollar-denominated borrowings. Excluding these currency impacts, adjusted EBITDA declined 8% year-on-year. Profit before tax dropped 77% to MYR43.1 million (US$10.9 million), with RWNYC pre-opening costs and higher finance charges contributing to the decrease.

Performance by Region

In Malaysia, revenue at Resorts World Genting rose 3% to MYR1.67 billion (US$421 million), led by gaming operations. Adjusted EBITDA declined slightly to MYR512.1 million (US$129 million), affected by increased payroll and related expenses.

Operations in the United States and the Bahamas saw revenue climb 39% to MYR694.4 million (US$175 million), boosted by the consolidation of Empire Resorts and its subsidiaries. Adjusted EBITDA for the region fell 32% to MYR80.5 million (US$20.3 million), largely due to higher operating costs and payroll tied to RWNYC’s transition.

Revenue in the United Kingdom and Egypt grew 11% to MYR460.7 million (US$116 million), supported by the newly acquired Genting Casino Stratford. Adjusted EBITDA in these markets decreased 8% to MYR50.9 million (US$12.9 million), impacted by geopolitical tensions in the Middle East.

Ongoing Development and Strategic Focus

Looking ahead, Genting Malaysia said it remains cautious about near-term prospects due to global economic uncertainty and geopolitical risks. As reported by Inside Asian Gaming, the company continues to focus on operational discipline and yield management in Malaysia, including enhancements to Resorts World Genting in conjunction with Visit Malaysia Year 2026. Projects such as Eufloria Gardens & Sculpture Park and the redesigned 18-hole golf course at Resorts World Awana aim to broaden the resort’s leisure offerings.

In the U.S., the company is progressing with the next phase of RWNYC, which includes adding new facilities and amenities. Genting Malaysia also plans to leverage synergies between RWNYC and Resorts World Catskills to expand its customer database, improve margins, and reinforce its presence in the northeastern U.S.

Genting Malaysia acknowledged that cross-border tourism may face challenges from rising travel costs and weaker outbound trends, creating a more demanding operating environment. Nevertheless, the company maintains a positive long-term outlook, continuing selective refurbishments and upgrades across its properties to enhance guest experiences and drive visitation growth.