Take a look at....

USD/MYR rate of ~ 1 USD = MYR 4.159637 and assuming the rate moves from a weaker MYR (say USD = MYR 4.30) to the stronger rate, we can estimate potential savings/gains for USD-denominated debt.

GENM Estimate

If GENM has USD 2.89 billion long‐term debt:

At USD = MYR 4.30 → MYR equivalent = 2.89 billion × 4.30 = MYR 12.427 billion

At USD = MYR 4.159637 → MYR equivalent = 2.89 billion × 4.159637 = MYR 12.030 billion

Difference = ~ MYR 397 million

So because of the rate move, GENM could have ~ MYR ≈ 400 million reduction in the MYR equivalent debt cost (or potential translation benefit) assuming all debt is USD and no hedging etc.

Given they already posted ~RM 601.8 million gain in one quarter, this ballpark seems reasonable.

Genting Berhad Estimate

If Genting Berhad has USD 9.05 billion debt:

At 4.30 rate → MYR 9.05b × 4.30 = MYR 38.915 billion

At 4.159637 rate → MYR 9.05b × 4.159637 = MYR 37.639 billion

Difference = ~ MYR 1.276 billion

So for the parent company, the beneficial impact from the rate move could be around MYR ≈ 1.3 billion in favourable translation/servicing cost terms.


✅ Summary

GENM: ~ MYR 400 million potential gain from rate movement under the assumptions.

Genting Berhad: ~ MYR 1.3 billion potential gain under similar assumptions.

Worth reading

Resorts World Las Vegas has 40 acres of undeveloped land

The site is located on the northern end of the Las Vegas Strip and is seen as a major opportunity for future development given its size, prime location and the fact that much of the surrounding north Strip has been under-developed historically.

Here are some of the key speculative concepts being floated in the market and in media commentary:

Additional hotel towers / room capacity – Since RWLV is “entitled for up to 10,000 rooms”, one obvious expansion path is the construction of more hotel towers beyond the current room count. (RWLV currently has ~3,500 rooms).

Entertainment / sports arena – In commentary about the north Strip, one of the “game-changer” ideas mentioned is a sports arena (15,000-20,000 seats) that could anchor traffic. RWLV’s land is specifically cited as a potential landing spot for such an arena.

Mixed-use development – Mixed uses such as retail, restaurants, entertainment venues, perhaps office or other non-casino amenities are very likely given the large land holdings.

1️⃣ Ringgit

Strengthening to RM 4.17 per USD — GOOD NEWS
Genting Berhad holds USD-denominated debt, especially for Resorts World Las Vegas (RWLV).

When the Ringgit strengthens, the value of that USD debt shrinks in Ringgit terms.
→ Lower reported gearing, lower interest expense in Ringgit.

It also boosts the group’s net-asset position (RM debt looks smaller vs USD assets).

✅ Net impact: Stronger Ringgit = lower leverage + healthier balance sheet = POSITIVE.


2️⃣ US Federal Reserve Rate Cut — GOOD NEWS

Genting Berhad’s USD loans (especially in the U.S.) are often floating-rate linked to LIBOR/SOFR.
→ When Fed cuts rates, Genting’s interest burden drops immediately.

Lower U.S. rates also:

Stimulate travel, consumption and gaming spend in the U.S. (helping RWLV).

Support global equity sentiment and tourism recovery.

Improve asset valuations (esp. for its large U.S. property and resort assets).

✅ Net impact: Cheaper financing + stronger visitor spending = POSITIVE.

? Conclusion
> Genting Berhad enjoys two independent tailwinds:
① Ringgit appreciation (balance-sheet benefit)
② Fed rate cut (financing & demand benefit)

Together, these form a double good-news catalyst for Genting Berhad’s earnings outlook and valuation.