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.

28th Apr opening of phase 1 RWNYC live table games upon final approval from NY gaming commission. A head start for Gent as the Steve Cohen and Bally's casino anticipated to complete in 2030. And, RWNYC is the only casino in NYC to offer live table games. The nearest live table games casino beyond RWNYC in NYC will be in Atlantic City or Connecticut; slightly more than 2hrs away.

its normal to see profit taking, kyory. It will be more interesting to see the numbers for RWNYC in Q2 and Q3 this year with the phase 1 opening scheduled tomorrow. Imagine local gamblers, high rollers, international visitors staying/visiting NYC had nowhere to play in the city. They will have to travel to Atlantic City / Connecticut to play.

most likely, jackie. i saw the term details and particularly the distribution deferral - The Issuer may defer distributions at its sole discretion, Deferred distributions will be cumulative and there is no limit to number of deferrals, The Issuer must defer distributions during certain events as set out in the conditions of the Securities. Hence, high chance that usd1.25bil will be added to the equity, usd1.5bil removed from liabilities, and usd0.25bil cash deducted. It buys time for GenS, RWLV and RWNYC. Leverage will improve a bit but this will still need to be addressed in the long term for it to go way higher - improved earnings/cash flow to pare down debt over time, to list "GenUS" and use the proceeds to pare down the debt and etc.

saw the line item in the malakoff's qr report. searched it and found the details in Malakoff AR 2017. Here are the details: On 15 March 2017, Tanjung Bin Energy Sdn. Bhd. (“TBE”), a wholly-owned subsidiary of the Company, issued unrated perpetual sukuk of RM800 million in nominal value in accordance with Shariah principle of Wakalah Bi Al-Istithmar (“Sukuk Wakalah”) with an unconditional and irrevocable subordinated cash deficiency support from the Company. Details of the Sukuk Wakalah are as follows:
a) The perpetual sukuk has no fixed redemption date and the Company has an option to redeem all or part of the
perpetual sukuk at the end of the seventh year from date of issuance and thereafter on each subsequent periodic
distribution date;
b) The perpetual sukuk is unsecured and carries a periodic distribution rate of 5.9% per annum, payable semi-annually
from year 1 to year 7. Thereon, the period distribution rate shall be 1% above the prevailing periodic distribution rate;
c) The Company has the right to defer the payment of the periodic distribution amount by giving the required deferral
notice. Deferred periodic distribution, if any, will be cumulative but will not earn additional profits thus there will be no
compounding effect; and
d) The holder of perpetual sukuk shall have no voting rights at any general meeting of the shareholders of TBE

the details showing its no fixed redemption date which means no due date/expiry which is perpetual. Option to redeem all or part at the end of 7th year - fits the definition of non-call. last but not least, has the right to defer the payment of distribution - which is deferral. All the criteria fits into equity instead of liabilities.

interesting interview on site. Rob's message at 2.30 - most favored nation clause! :) What it literally means is that RWNYC will pay the same tax rates as the other two casinos in the future; when they are up and running in 2030. Not aware of that as it was never published or mentioned before. https://www.youtube.com/watch?v=LA2FuxCVJfo

you are welcome, Vin. Just need to manage our own positions well will do in my personal opinion. 3 main drivers to be considered and monitored - (1) refinancing for notes maturing in 2027 - progressing well and refinancing risk eases (2) eps/ebitda - need to show eps/ebitda improvement mainly driven by GenS, RWLV and RWNYC (3) leverage - Gent has to pare down the debt / deleverage over time.

It will be tough to use hopes on the mgmt from my personal opinions, Vin. I am using publicly available information to manage the expectation for my current position in Gent. (1) the new 1.25bil notes has a distribution of fixed 8.3% (series 2) per year interest. My expectation to hold Gent's stock is min 10% capital gain / yr (2) Rating agencies downgraded Gent mainly bcos of leverage - high debt/ebitda. My expectation here is ebitda to keep improving/growing moving forward - GenS, RWLV & RWNYC

its alright, Eddy. After all, we can still get updates from foreign news/media. All we need to do is just monitor the performance. For RWS, 2026 performance will be critical towards Feb'27 license renewal. Most of the phase 1 intended renovations and disruptions have been completed with The Laurus being the last one end of last year. Realistically, RWS contribution to Gent group from ebitda perspective should at least be above rm800mil per qtr. As for RWNYC, Fitch estimated ebitda usd215mil contribution in 2026 which means rm200mil per qtr. So, Gent's US & Bahamas segment ebitda should at least contribute rm300mil per qtr in Q3'26; full qtr contribution of phase 1 RWNYC and RWLV summer promotion. RWLV q4'25 ebitda is ~ 60mil. Just my own expectations and could be wrong.

It's impossible to derive a conclusion from our end, Philip. The reason is we do not know who are the institutional/investors for the 1.5bil notes and they may have their own reason to keep receiving the distribution until Jan'27. From Gent perspective, the balance usd617.5 mil in the doc will have to be redeemed by Jan'27. And usd1.25 bil notes has been listed SGX which means there will be a net cash movement for Gent of usd300+ mil (1.25bil - 882mil).

Gent will have to fund the balance (617mil - 300+ mil) to fully redeem it by jan'27. Can be funded by dividend income from gens/genm, existing cash balance, interest income or even the additional income from rwnyc. I do not see any risk coming from the notes expiring in jan'27

Marina Bay Sands (MBS) charted another new high for the first quarter, with earnings climbing 30.2 per cent to US$788 million – or S$1 billion – for the three months ended Mar 31.

Its adjusted property earnings before interest, taxes, depreciation and amortisation (Ebitda) was US$605 million in the corresponding year-ago period. This came as net revenue picked up 27.9 per cent year on year to US$1.5 billion, from US$1.2 billion previously.

Gaming business is doing very well in Singapore.

Gaming segment lost badly to MBS. This year performance will be critical for GenS - (1) for Feb'27 license renewal (2) Phase 1 disruptions and renovations have been completed with the Laurus being the last one end of last year. Will be interesting to see whether the gaming performance will show qoq & yoy improvement.

That's right, Vin. I take it as the disruptions in phase 1 causes lower footfall traffic instead of changing consumer behaviors. Non-gaming segment is good while gaming segment is not good. MBS previous results were strong showing demand for gaming is strong. q4'25 MBS results is almost equivalent to full fiscal year performance of GenS in 2025. That's how strong the demand is.

luxury all-suite hotel with low occupancy rate is a failure. it will be a wrong direction if The Laurus fails to bring back the VIPs, jackie. I dont think that is the case until the data shows otherwise :) For now, the hotel occupancy rate in Singapore is above 80% in Q1'26. Feb is pretty high at 88%. Jul and Aug is always the peak for Singapore's tourism. I am following the tourism statistics from the following link https://stan.stb.gov.sg/content/stan/en/tourism-statistics.html

its true that location makes a difference, jackie. I am just wondering the traffic footfall contributed to the RWS non-gaming segment but not the gaming segment. And it cannot be consumer behavior shifts as MBS gaming segment is doing really well. nevertheless, it will be interesting to see whether The Laurus will be able to entice the VIPs over.

The Laurus is targeting VIPs in my opinion, jackie. The room rate per night ranging from sgd800 per night to sgd6k per night. Lets see whether GenS will be able to deliver this year. Q1 and Q3 results will be good enough to determine whether its on the right track or off track :)

I can understand that, Vin. Gent has to show the results from RWS, RWLV and RWNYC. Ebitda has to show improving trend and cap the debt at the same time; debt/leverage will improve over time if you will. Just my own expectations for Gent in FY26

RWS was doing well before Hard Rock hotel was taken down to make way for The Laurus. Wavefront development progressing and scheduled to be released by 2030. Let's not forget there were some mgmt changes in 2024 and 2025 too. So, we need to see some results in 2026 to be convinced it's on the right track

Their Chief casino officer resigned end of 2024 and Chen Si came on board in Dec'25 as COO. His role is also covering the casino/gaming segment. Let's see how he is doing - may need 6 to 9 months. Q3 results will be a good measurement for the new mgmt.

RWLV saw major shake-up on their leadership; due to the Aug'24 AML charges. Negligible improvement on its ebitda as of last qr. Would like to see it going above 100mil qtrly ebitda this year; experienced folks from the industry after all.

As for HMTM - should post the question in the AGM for updates. Now, assuming TauRx has provided all the information requested by UK MHRA, then, we should pay attention to the following dates - May: 21-22; June: 25-26; July:30-31. These are the meeting schedule where UK MHRA will discuss / review all the relevant matters including maa. May not be in the agenda on these dates if TauRx has yet to complete the request for information.