revenue in q4'25 fell compared to q3'25 for all leisure and hospitality segment except RWLV, Vin. US assets were the usual culprit when it comes to ebitda margin. GenM's US assets - margin contraction despite revenue growth for 2nd half of 2025 compared to 1st half while RWLV - both the revenue and margin contracted for 2nd half of 2025. GenS and MY assets ebitda margin were still at 30% and above range throughout 2025; thats the minimum standard for me personally and anything below is not good. US assets are far off from 30% (single digit to below 20% range) despite huge amount of invested capital.

Mar's performance for GenM's US assets (RWNYC, Catskills and Hudson Valley) were better compared to Jan and Feb. Resorts World Bet data is no longer updated by the gaming commission as it has been closed mid of last year; could not penetrate the market it seems as it is one of the lowest contributor in NY sports betting market. less than 100 mil contribution in a 20 bil sports betting market. https://gaming.ny.gov/revenue-reports

It's been a while since GenM carried out share buyback, boy2. What I meant here is actual share buyback and not just approval for share buyback. Gent's percentage of shareholding will increase in this case bcos share buyback is basically reducing the total free float shares; parked as treasury shares if you will.

In general, GenM will have to announce that it is not meeting 25% public shareholding spread requirement; non-compliant if you will, Vin. And if Gent intends to delist GenM, EGM will be called to vote for the delisting - The proportion of shareholders or holders objecting to the delisting must not be more than 10%. Exit offer for the shareholders will be tabled in the meeting too. Additionally, Bursa may also consider lower public shareholding spread in some cases; depending on the liquidity.

Alright. Will be good to ask the Kasuri block onshore facility readiness for gas extraction and transportation to the offshore FLNG docking point - how many percent and timeline for completion. The offshore FLNG construction is at 70% as I read it from O&G online news and will be delivered by Q1'27. The leisure and hospitality part will probably be asked by others. As for TauRx, can press the mgmt for more transparency especially on whether has TauRx responded to all the questions from UK MHRA.

the results over the years speak volumes about the performance of each US assets, jackie. No doubt its the biggest market, however it is also crowded. High competition, stable but low growth market. Resorts World Bet is a good example - 20 bil sports betting market in NY, and RWBet contribution is less than 100mil. Las Vegas Sands exited US market entirely to focus in Macau and Singapore; they are doing really well if you will. RWNYC, Catskills and Hudson Valley are pretty close to each other too. Additionally, there is also the growing push for online gaming and NY online gaming legislation is underway.

not much changes in terms of total shareholdings held by the top 30 for Gent in AR2025. Some exited some joined some increased and some reduced. two big funds exited with more than 20 mil each but interestingly, two individual popped up in the top 30. One with 27.6 mil shares and the other with 7.7 mil shares. Rare to see individual names popped up in top30 for Gent.

TauRx did not publish the complete list of request from UK MHRA and that makes it difficult to anticipate, Vin. But I believed this paper is the key action item given the complication for the primary endpoint in the previous clinical trial results. And I noticed there are citation count to the paper which is good; meaning reviewed and cited by others. TauRx seems to be confident and plans in place if they were to receive maa - Should the company receive marketing authorisation, TauRx’s ambition is to launch its potentially transformative treatment for dementia from the north-east, which would make it the first independent biotech company in Scotland to launch a major drug treatment across the UK. https://taurx.com/news/industry-news/thriving-life-sciences-sector-under-the-microscope-as-taurx-bosses-meet-scotlands-first-minister

My personal opinions for the share price - seems pretty obvious that there were forced selling at the last week of Mar. Have not seen strength since then until now (no action from boss/insiders/funds). I am still waiting for them to take action first.

Thanks, Philip. Gent trying to refinance the USD1.5bil notes expiring in Jan'27 - settle old Notes (Jan'27) with new Notes (longer maturity). Extracted the following from the doc - Rationale for the Offer: The Issuer is making the Offer as part of a refinancing exercise. The Offer, together with the concurrent proposed new issue of U.S. dollar denominated securities (“New Issue”), is intended to extend the Guarantor and its subsidiaries’ (the “Group”) debt maturity profile.
Financing Condition: The consummation of the Offer is conditional upon the Group obtaining available funds through the New Issue, which funds are sufficient to pay the portion of the Purchase Consideration and Accrued Interest Payment with respect to all validly tendered Notes to be accepted for purchase by the Issuer.

This is the 2nd refinancing news thus far. The first one was the Empire Resorts 300mil bond expiring in Nov'26 and will be refinanced via credit facility by Wells Fargo it seems. Another USD denominated notes to be "refinanced" in 2027 will be ~700mil RWLV term loan expiring in Oct'27. Thereafter, Genting RMTN and Genting Capital MYR denominated notes which is slightly more than 2bil will have to be "refinanced" too.

Details of the notes and expiry dates can be retrieved from the 2025 annual reports under notes 36 for borrowings. In summary, 2026 and 2027 expiring notes will be the drag for Gent. Refinancing to a longer maturity date will provide the time for earnings to catch up & debt to come down.

Yes it is, Philip. The reason is that it gives time for earnings to catch up with the longer maturity date. And if you can recalled, the rating agencies downgraded Gent due to the debt on hands and in fact, the concern is these debt/notes that are expiring in 2026 and 2027.

Are you referring to the publication in the journal, lkk? I saw it has been cited as shared yesterday and it's a good thing. It carries more weight than a paper with 0 citation. We do not know the full list of info requested by UK MHRA but I believed this paper is one of it.

Got it, you are referring to the pricing in of getting the maa from UK MHRA. Just have to wait for the outcome. Not too late to add on post maa, lkk - risk mgmt if you will. In terms of valuations - the last transacted price for TauRx share was USD$125 per share in 2024. It should go higher if maa is granted.

Must be painful for margin buyers that were squeezed out on the last week of Mar. Its showing slight strength today and nearly close at the open price of day 1 forced selling on 24th Mar. The more refinancing or redemption news of the 2026 and 2027 expiring notes, the higher it should go; until earnings of GenS and RWLV showing otherwise.

Another hype coming next week - A big week for gamblers is in the cards.

New York City’s first-ever full-fledged casino offering live table games will open next Tuesday — at Resorts World next to the Aqueduct racetrack in Queens.

Queens-bred rapper Nas will attend the ribbon-cutting and ceremonial throw of the first dice after Genting-owned Resorts World was one of three bidders awarded a state license last December to offer live table games.

Never bet against the house as the saying goes, Ah Choon. LKT is the casino tycoon after all. Lol, no pun intended. I was surprised with what I read in the latest annual report for RWNYC; usd500mil license fee paid instead of usd600mil per the bid :) Didnt expect that as the market's expectation was 600mil per the bid document. A good question to ask in AGM by the shareholders will be the tax rate for RWNYC full casino. The bid came with 56% for slots and 30% for table games.

It is usd100mil cost saving if what is stated in the annual report is accurate, Philip. Here's the exact statement from the report - In January 2026, GENNY utilised this facility for payment of commercial casino licence fee amounting to USD500.0 million.

RWS license renewal in Feb'27 which means this year performance will determine whether its a 2 years or 3 years renewal - mission critical :). RWNYC live games opening next week heading into summer, RWLV summer deal - https://www.rwlasvegas.com/press/resorts-world-las-vegas-debuts-the-strips-first-luxury-inclusive-experience-exclusively-at-conrad/

most of the negatives have been addressed such as penalty by the Las Vegas Authority and also winning the court case with its Bahmas partner and successfully obtained the NY license. instead of rebound, it cont to dive down until 2.20 price which is around the margin call price.

The good news is the bonds issuance, Vin :) Old notes expiring in Jan 2027 will be replaced with the new bonds. And this new bond is where LKT raised the bet and bankers called. It is perpetual and non call :p Perpetual here meaning no expiry date and non call here means Genting cannot redeem until the agreed date.

correction probably not, Vin :) Profit taking is possible. Privatise GenM to make way for "GentUS" listing in the future will be the best one as IPO proceeds can be used to pare down the debt significantly :) Boost the share price directly.

Genting raised to outperform from market perform by CreditSights after the details of new bonds issuance published by Gent, Vin :) Refinancing is no longer a concern if you will. I would expect funds that are optimistic with Gent will continue to load up. The next 3 qtrs earnings will determine whether Gent will continue to climb or stay low - (1) GenS performance will determine whether its a 2 years or 3 years license renewal in Feb'27 and whether The Laurus can bring back the VIPs (2) Sneak preview of phase 1 performance of RWNYC in Q2 and followed by full qtr contribution in Q3 (3) Summer deals for RWLV - Q3 performance that will be published by end of the year will provide better clarity of RWLV recovery potential.

ooh ok. maybe you should consider to build a watchlist of ETFs if you are active in the US market :) Use it to provide a sense of direction where the market is heading and whether its risk off or risk on mode :)

LKT raised the bet, bankers called, Mr. Market acted accordingly and now, analysts rerated :) Analysts have revised the stock price targets upwards for Gent :) It was median of 3.44 before this and latest revision showing median of 4.42 with low of 3.54. Not surprising as refinancing/credit risk eases, the details of the new perpetual non call notes may potentially resulted in leverage improvement due to - old notes usd1.5bil will be deducted from the total liabilities, usd0.25bil cash deducted and usd1.25bil added to equity. It buys time for Gent to focus on RWS2.0 expansion and recovery, RWLV and RWNYC.