We have to give up if LKT/the board no longer interested in Gent - spending SGD$10bil for RWS and USD$5bil for RWLV and RWLV space has yet to be fully developed, Vin. The new board in RWLV mentioned about looking into new development which will then bring the total investment in RWLV to be more than USD$5 bil cumulatively in the future.

GenS is solid, Vin. Showing improvement qoq including the recent qtr which is showing slightly more than 2% topline improvement compared to q4'24. RWLV ebitda margins above mid single digit compared to low single digit in Q4. Still far from 30% ebitda margins benchmark but I hope it can be at least 20% in 2 qtr time.

If sold off Egypt and UK operations easily release US300 to US400 millions debts.. then can focus bidding New York license and no worry too high gearing. Focus improving Malaysia, Singapore and US good enough while monitor Thailand gaming license developments better.

Genting hold it all.. No matters is GenM, GenS, Las Vegas, Plantation or Oil, Power and Gas.. so decision in group as a whole although individual structural wise park under GenM like Kien Huat sold Empire to GenM also left hand to right hand.. hehe

Nowadays, the U.S. economy is not doing well, and because of the impact of policies, social unrest has occurred, which also affects tourists to travel... Do you think the business in the United States will get better? BBQ already you know !!!

Thank God Genting is not Titanic :) Genting is indeed facing turbulence but unlike Titanic, it has diversified assets plantation/properties, O&G, lifescience and operating in different geo. Every storm ends as the saying goes :) Don't just jump from one ship to another but rather understand the course and be prepared to sail ahead. Fear based metaphors are easy, data driven patience is hard :)

云顶在这几年都是发展外国比较多。。
Gens 5b plan... Minion land.. Oceanarium.. Takeover UK casino.. Refurbish hard rock to Laurus hotel marriott... Energy FLNG.. and coming up bid for 纽约赌牌..
资产越做越大.. 在短期内要看profit 是不可能的。。给云顶多几年... 你就是什么是真真的＂云顶＂.. 不要别股价影响到.. 看看pchem.. Sime...还有其他的。。那他们前途也会破产？

How much debt is too much? Either you do your own optimum debt calculations for GenT vs it's actual debt ratio which is pretty complex :) or you can compare it relatively with LVS, MGM and Wynn Resorts; debt to equity ratio. And you can also compare the Moody's and S&P Global's credit worthiness ratings for GenT, LVS, Mgm and Wynn :) looking at these data, I doubt GenT is over leveraged.

Lol, TN... Fear based metaphors are easy and data driven patience is hard :) Thank you for sharing your metaphors and I will take note of it in the future when there is objective evidence that GenT is overleveraged; maybe when debt ratio is more than 1.5 conservatively for two consecutive quarters. Have a great weekend and enjoy your evening.

It will be interesting to see whether q3 results for RWLV will be good since they are the only hotel in the Strip area to do so. coupled with q3 for GenS with the opening of Laurus, Oceanarium and the Weave.

probably in two phases, Vin. Aug last year was the start of the decline due to GenS results impacted by Hard Rock Hotel taken down for refurbishments resulting in lower RevPAR and the RWLV AML violation with fear of hundreds of millions fines with license being revoked coupled with GenM RAV Bahamas shareholder dispute. Fast forward, RWLV ebitda margins showing signs of margins compression in Q4'24 while AML violation fine (USD10mil) sorted out nicely. Q3FY25 will get a sneak preview with Laurus (replacing Hard Rock Hotel) opening and the bigger and better Oceanarium opening in July. The new BODs for RWLV has taken actions (marketing strategies) to entice visitors/tourists to its resorts for the coming summer which is a seasonally low traffic footfall in Las Vegas due to the hot weather. The impact of the action will be seen in Q3FY25 results. Phase one will be to recover from the panic sale driven by the Nevada fine and 2nd phase will be earnings recovery for GenS and RWLV.

Cheng, I went to both attraction at SG... Sentosa Universal studio look great..and ofc can earn money but with high expenses.. compare to maribay sand... They seem like more easier n faster way to make profit with very low expenses.. Especially the garden by the bay /dinosaur theme... Etc

You are welcome, Vin. The two most important and expensive assets for Gent - RWS and RWLV. Hence, my personal expectation is that the ebitda margins for these two assets has to be 30% and above. So far so good for RWS while RWLV seeing margins compression which the BODs should be well aware of it.

Cheng,hope this will your second parkson…………加油everybuddy……….i dun have 马股share in hand now,got time only play fast in fast out only haha……..now got free time,my china factory last order deliver to us is on 15 th June……my customer,local big furniture factory last container to us on 12 June………. 闪入不回复哈哈哈

thanks, FB :) lets continue to monitor any risks that could derail the GenS and RWLV recovery in coming quarters. So far so good - favorable forex, low interest rate environment, launching of The Laurus which will increase the available rooms, the bigger and better Oceanarium and Weave, and marketing strategies to entice Las Vegas visitors to stay in RWLV. Globally, gaming/resorts companies are showing positive signs as can be seen from the movement in BJK ETF and MVIS Global Gaming Index since liberation day tariffs. GenT which has always been mirroring the BJK/MVIS Global Gaming Index is seeing divergence since liberation day. It should converge soon given the on-going positive developments. Just my opinions, could be wrong.

Most welcome Cheng! We all hope for Genting glorious day to come back soon.. most probably 2026 or 2027 when Power and Gas division earning kick in and successful bid of New York licence.. but US5.5 billion not small amount to invest too.. like US4 billion+ in Las Vegas last time but New York potential higher.. it as been profitable since operations even without full scale casino license

RWLV and GenS recovery will be significant for Gent given the shareholding percentage and the fact that their consolidated earnings into Gent in 2024 were at the lower end. We should be seeing Gent's recovery to pick up pace given that Laurus, Oceanarium and Weave are opening in Q3, and aggressive marketing strategies being put in place for RWLV.

The Review-Journal caught up with McMahon to talk about his new role, how Resorts World is positioning itself in a competitive gaming market and what guests can expect from the slot floor in the months ahead. https://www.reviewjournal.com/business/casinos-gaming/strip-casino-hotel-names-new-exec-over-slot-operations-3391063/?utm_campaign=widget&utm_medium=section_row&utm_source=homes&utm_term=Strip%20casino-hotel%20names%20new%20exec%20over%20slot%20operations

Dated 6th of June 2025 - TauRx can confirm it has completed the request for information (RFI) received from the Medicines and Healthcare products Regulatory Agency (MHRA) in relation to its UK Marketing Authorisation Application (MAA) for hydromethylthionine mesylate (HMTM). The only oral tau therapeutic to have completed Phase 3 trials, research suggests that if it is approved by regulators HMTM could slow the progression of Alzheimer’s disease – providing a major step forward in neurodegenerative disease research.
The company is committed to working with the MHRA and other bodies to address one of the world’s greatest unmet medical needs and eagerly awaits the outcome of the review.
Further updates on the application will be provided when appropriate.

Lol, big news for funds that focuses a lot on sustainability index, Vin. Taurx has confirmed they have completed the RFI from UK MHRA as of early of June. And they have started to bring in new members into the board - Healthcare industry player :) Maybe they are preparing for something?

Extracted from the document - Conclusion:
For the reasons stated above, the Court finds that RAV’s claims are derivative in nature and must be brought on behalf of BBE. Because BBE is an indispensable party, and RAV has not yet brought this action derivatively or joined BBE, the current Complaint
cannot proceed. Accordingly, it is ORDERED AND ADJUDGED that Genting’s Motion to Dismiss (D.E. 16) is GRANTED IN PART AND DENIED IN PART consistent with this Order; RAV’s Complaint (D.E. 1) is DISMISSED WITHOUT PREJUDICE; and RAV
is granted leave to file an Amended Complaint consistent with this Order. The Amended Complaint shall be filed within 21 days of the date of this Order.

Yeah. The outcome will probably be the same :) The last hurdle for GenM is RWNYC full casino license. I hope the license will be awarded to others. GenM has not disclose the financing plan up till now and their US investment track records are not good either.

true. But Genting is no longer carrying the title of casino business, jiashen. Its integrated resorts business - casino, theme park, shopping, dining, business conferences / events / concerts and hotels. It will not last long if it is still banging on casino itself.

That's also true, but only for the learned persons. The general laymen sentiment is that genting still equal casino, which can easily mask ongoing diversification effort, and this carries political risk. From bottomline perspective, casino still constitute a significant portion though.

GenS recovery with The Laurus launching in Q3 coupled with Ocenarium and Weave opening in July, Vin. And aggressive marketing actions for RWLV. Market should be pricing ahead the recovery gradually. Additionally, the divergence of Gent with BJK providing the additional support. As for hmtm, its back to UK MHRA since TauRx mentioned that it has completed the RFI. So, we just wait for last thurs and fri of each month for possible news/decision from MHRA :)

Not necessary holding company have great market cap on the son like YTLPower also higher than YTLCorp. However, as of today closing of GenM valued at RM12.2 bil, GenS at SGD9 bil, Genting Plantation of RM4.5 bil by percentage hold of these subsidiary companies which is 49%, 52.7% and 55% respectively taking into holding company discount and debts still undervalued. Yet count the oil, gas, power and potential of biotech.

valuing company like Genting Berhad is not an easy job, Kyory. Can be challenging even for a seasoned analyst due to Gent's presence in different countries, different business and with so many subsidiaries. And the complexity here means there will be different risks and growth. You can imagine assigning weightage to each individual business; the sotp as you mentioned. These weightage can change over time and not to mention the business/fundamentals. The good thing is Gent is at the bottom since the start of the Aug'24 downward movement and all the factors contributed to the momentum have been priced in and no longer a concern; recovery phase if you will :)

Ya agreed Cheng. Can't based on one valuation factor and technical indicator. For now seem below RM3 gain supports and rebound as mentioned gonna rebound during July or Aug month.. anyway, nothing is 100%, too much uncertainty and geopolitical factors including tariffs, war and etc

Genting Singapore's earnings may be dampened by macroeconomic uncertainties despite expectations of support from its post-renovation launches, DBS Group Research analysts say in a report. Regional tourists are likely to be more cautious on discretionary gaming spending due to economic pressures, they say, adding that these uncertainties are expected to persist into FY 2026. The analysts lower their FY 2025 and FY 2026 adjusted Ebitda estimates by 2% and 3%, respectively. There's also a risk of being excluded from the MSCI Singapore index amid its current share price weakness. DBS downgrades its rating to hold from buy and trims its target price to S$0.80 from S$0.90. Shares were last at S$0.735.