Genting Malaysia Q2 Revenue Jumps 31% as Resorts World NYC Casino Launch Squeezes Profit

Genting Malaysia Bhd posted a second-quarter revenue jump of 31% to RM3.85 billion (US$952 million), fueled largely by the launch of full commercial casino operations at Resorts World New York City in April. But the growth came at a steep short-term cost: quarterly net profit collapsed 89% to RM47.4 million (US$11.7 million) from RM416.6 million a year earlier, as start-up expenses, higher depreciation, and financing costs tied to the New York expansion weighed on the bottom line.

The results illustrate the tension facing Genting Malaysia as it bets big on the U.S. market. Resorts World New York City opened its full casino floor on April 28 with 242 table games and 2,500 slot machines, later adding another 1,400 machines. That ramp-up drove the company’s U.S. and Bahamas segment to a 166% year-on-year revenue surge to RM1.53 billion (US$378 million), even as Resorts World Genting in Malaysia and the company’s UK and Egypt operations each saw roughly 1% revenue declines.

New York Casino Emerges as Growth Engine, But Not Yet Profitable

Early data suggests the RWNYC table-game rollout is gaining real traction. According to Maybank Investment Bank Research, weekly gross gaming revenue from table games climbed to US$11.1 million, up sharply from US$4.9 million in the property’s opening week, with average daily gross gaming revenue per table reaching US$6,539 — ahead of Maybank’s US$5,500 forecast.

Still, the property is far from turning a corner financially. Genting Malaysia’s adjusted EBITDA for the quarter actually declined 18% to RM844 million, driven in part by an RM18.1 million unrealized foreign exchange translation loss tied to the company’s U.S. dollar-denominated borrowings, compared with a forex gain of RM184.6 million in the same period last year. Stripped of that currency impact, adjusted EBITDA would have risen 2%.

Analysts see the New York project as a long-term catalyst rather than a near-term profit driver. CGS International estimates Genting Malaysia’s 2026 capital expenditure at roughly US$1 billion for the New York gaming license fee and pre-operating costs, with interest on the financing facility being expensed rather than capitalized — a structure that will keep pressuring earnings in the near term. One analyst noted the property’s eventual full-scale build-out, part of a project pegged at US$5.5 billion in total cost, is unlikely to be earnings-accretive over the next one to two years.

Parent Company Genting Bhd Also Feels the Squeeze

The pressure extended up to parent company Genting Bhd, which swung to a net loss of RM27.1 million for the quarter, reversing a RM243.5 million profit a year earlier, even as group-wide revenue climbed 14% to RM7.75 billion on stronger contributions from its leisure and hospitality and plantation divisions. For the first half of 2026, group revenue rose 8% to RM14.41 billion while net profit tumbled 70% to RM74 million from RM248.1 million a year earlier. The company cited higher finance costs, lower interest income, reduced share of profits from joint ventures and associates, and higher depreciation as the main drags on profitability, only partly offset by lower net impairment losses.

Shares in Genting Bhd fell nearly 6% following the results, and one brokerage cut its FY26-28 earnings forecasts for both Genting and Genting Malaysia by an average of 18% and 11%, respectively. That same analysis noted the full-scale expansion of RWNYC could eventually act as a catalyst for Genting Malaysia’s earnings, but was unlikely to be earnings-accretive over the next one to two years given the project’s hefty overall cost. Neither Genting nor Genting Malaysia declared an interim dividend for the period.

What Comes Next for Resorts World New York City

Despite the near-term financial drag, Genting Malaysia is pressing ahead with its Queens property. The company broke ground in July on the next phase of development, aimed at transforming RWNYC from a slots-and-tables casino into a full-scale integrated resort complete with additional hospitality and entertainment offerings. That build-out is part of a broader project pegged at roughly US$5.5 billion in total cost, and Resorts World New York City has the advantage of having launched its first table games on April 28 — ahead of rival properties also racing to bring full casino gaming to the New York City area.

For now, the U.S. and Bahamas segment — excluding Resorts World Las Vegas — is already showing the benefits of that head start, posting higher revenue and EBITDA in the quarter, aided in part by the consolidation of Genting Empire Resorts into the group’s results. Executives are framing RWNYC as the company’s primary long-term growth driver even as the current earnings picture reflects the heavy upfront investment required to get there. For bettors and casino watchers tracking how the Northeast gaming landscape keeps shifting as new properties like RWNYC scale up, it’s worth keeping an eye on how the broader online casino market responds to that added competition.