Seriously...I believe alot investor want to do that too lol look at other index stock or any large cap counter ..I can said that ...both genting performance is the worst in this few years....even klci bull market ..what a shame !

JAKARTA – Two oil and gas companies linked to Hapsoro, PT Rukun Raharja Tbk (RAJA) and PT Raharja Energi Cepu Tbk (RATU), are positioning themselves to gain exposure to the Kasuri Block in Papua.
IDNFinancials previously reported that RATU had acquired a 5% participating interest in the Kasuri Working Area from Genting Oil Kasuri Pte. Ltd (GOKPL) for USD 9.65 million.
Meanwhile, its parent company, RAJA, has also acquired a 5% stake in PT Layar Nusantara Gas (PT LNG) worth USD 38.58 million from Genting LNG Pte. Ltd., an entity under Malaysia’s Genting Group, on Friday (8/5) last week.
“The transaction is intended to support the company’s future business development activities,” RAJA’s management said in an official filing to the Indonesia Stock Exchange (IDX) on Monday (11/5).

You are welcome, J. You can refer to the link for the minutes of IDA meeting. Go to page 11 and you will see a letter from Empire Resorts to Sullivan County which mentioned about the usd300mil bond refinancing by Wells Fargo. The progress should be announced once the refinancing is done perhaps? https://www.sullivanida.com/wp-content/uploads/2026/04/IDA-Agenda-Packet-4-13-26.pdf

there are two usd bonds expiring in 2026 and 2027, J. the 2027 has been sorted out with the recent announcement of new perpetual bond; well 600mil plus left to be redeemed by Jan'27. the other bond expiring in Nov'26 is the 300mil Empire Resorts bond. Original announcement mentioned the proceed of the sale of non-gaming assets to Sullivan County LDC will be used to redeem the usd300mil bond but it seems to receive objections from within sullivan county itself. Sullivan County IDA is like gomen's dept - helping to lower the taxes for LDC. Its a bit complicated, lol. Same like Genting's structure, layers of companies.

you are welcome, Vin. yes, usd48mil deal. I would expect Gent to sell a bit more moving forward. possible to a more established O&G upstream players. The Kasturi block project is a big one and Gent needs an experienced upstream partner. the FLNG part is progressing well. Its the onshore part that needs a bit more work.

understood, J. mostly mediocre news since the big Aug'24 AML lawsuit news (license suspension fear) until now. Market didnt react much despite the lawsuit being resolved :) I guessed Gent needs to produce news in 2 categories to create the much needed hype - (1) monetization of gaming and non-gaming assets - O&G, Taurx, listing of US assets, sales of non-performing US assets (2) operational improvement - higher ebitda for RWLV, RWNYC, RWS and lower debt/higher ratings by ratings agencies

if you guys have Instagram, can go check the page "casinocompwallet". The influencer reported a very low earning from RWNYC so far. Early number shows the casino generated 823k from table game, but 240k goes to tax and 500k goes to payroll!

他们目前还在mass和premium mass 阶段Game luck 只有 14% 一般是 20% AGM应该问老板纽约赌桌开张后新增多少赌客数据库才比较重要 赌场不能主动叫人赌打广告宣传赌博会导致道德和合规问题 只能被动等客户来注册才可以积极营销 这个first runner主要是解锁纽约赌客 新增的会员将会被通过免费房间引流填满其他赌场

managed to have a look at it, Vin. While it has yet to meet my personal ebitda expectation, the results is not bad actually. I will normally compare with the preceding qtr (qoq, q4fy25) in this case to see any sequential improvement to decide whether to hold the particular stock or exit. For qoq comparions, total revenue +3% with gaming +11% and non-gaming -10%. Adjusted ebitda margin at 30% which is still good. ebitda +3%, adjusted ebitda +6% and net profit +7%. The non-gaming -10% qoq could be due to seasonal factor year end/xmas holiday versus CNY holiday. Now, you will noticed yoy net profit is down by 55% while ebitda is down by 24%. Dont be surprised with that as interest income is lower due to capex spending and change in interest rates; lower cash balance if you will. Ebitda / adjusted ebitda and the margin is a better comparison for operations perspective :)

q4fy25 GenM MY assets adjusted ebitda dipped to 300+mil compared to the usual range of 600+mil or higher, Vin. lower gaming results if not mistaken. No negative surprises from GenS latest results. Have to see MY assets performance followed by US assets. UK assets were good back in q4fy25.

yup. RWLV negligible improvement in q4 while GenM's US assets ebitda margin dipped to lower tens. Q3FY26 will be the first real test for Gent - RWS (seasonal high visitor arrivals), RWLV, RWNYC - summer and table games contribution; to be announced end of the year. have to manage it until then.

cheng, why the net profit plunge by 55% this quarter? noted on your explanation that this was mainly due to capex and interest income. But, the same capex and interest environment were taking place in q4fy25 and the earning is still very encouraging during this time

You can have a look at GenS annual report for 2025, J. The interest income plunged by more than 50mil and it started the year at 3.5+bil cash and ended the year at 3.2bil cash. So, lower cash balance lower interest income

YoY lower ebitda, lower margins and lower interest income would have contributed to the majority of the 55%; Q1FY25 versus Q1FY26. Maybe a lot of work but it's much easier to keep track the numbers qoq in excel. Just need to update it once a qtr :)

We will know by Q3 whether the sequential improvement seen in q1fy26 will pick up momentum; particularly the VIPs. The improved q1 results which is showing 11% gaming improvement and 6% adjusted ebitda is probably driven by gaming volumes and normal to marginal improvement in VIP hold rate; mainly operational improvement if you will. ebitda will jump much higher if it is way higher VIP hold rate. A lot more work needed to entice the VIPs. 1st qtr gaming performance for the new COO (Chen Si) joined in Dec'25.

non-gaming is indeed good but VIPs hold rate can make a very big difference to the ebitda, lim :) 11% improvement for the 1st qtr by Chen Si is not too bad. Lets see whether his previous VIP clients will follow him over to RWS in the future.

its not mentioned in the report usually, lim. Its just a generic statement of vip hold rate trend - higher or lower. Analysts tends to get the info from the mgmt via investor briefing / notes. The latest report did not mention anything about high or low hold rate. Hence, I assumed its normal to marginal improvement compared to q4.

its probably the headlines of 55% net profit down without understanding the underlying factors, daniel :) as for the improved gaming results in q1fyfy26 vs q4fy25: 11% higher qoq gaming revenue and 6% higher qoq adjusted ebitda - its probably just a marginal improvement/flattish VIP hold rate; nothing unusually high or deteriorating. The interest income contribution will not increase in the short term due to RWS2.0 final phase towards 2030, hence, the yoy baseline comparison for net profit will not reflect the true picture. The qoq adjusted ebitda/ebitda and margin will be a better comparison coupled with market share of RWS in my personal opinions. I am just using simple methodology for market share - GenS gaming revenue divided by total gaming revenue for GenS and MBS.

I still think GenS needs to work harder to increase the VIPs hold rate, jackie. They have to figure out how to entice the VIPs to spend in their property instead of MBS :) At the same time, GenS has to keep the ebitda margin at 30%/above. Anything below 30% is not good. It is impossible to challenge MBS due to location which is understandable. Lets monitor and see whether Chen Si can increase RWS gaming market share towards 30%.

As I said, GENT is severely lacking of impactful and undisputed good results. Notwithstanding the analysis by Cheng, the improvement is marginal and not significant. At the end of the day, the fact is net profit drops 55%. In my opinion, harping on EBITDA is also not good enough. You may have improving or high EBITDA, but the moment you reported low net profit, that's the undisputed poor performance indicator. If looking beyond the surface number is helpful to share price, will not be at rm2.5

That'll be even worse. I can tell GENT doesn't care about the share price now. it's goal is to expand outside regardless of the cost to guard against the possible morality police in Malaysia if a certain party came to power. This is a real risk. Pahang is at borderline losing ground. Selangor isn't that safe too. Not sure the current Malaysia casino is at which state

in fact, i feel that GENT doesn't want it's share price to be high as to not attract attention from the religious bigot. You can imagine the spin in media by a certain bigotry politicians on how can Malaysia allows a "gambling" company to play a significant role in Bursa

The probable reason why Catskills non-gaming asset sale status has been quiet; restriction on asset sale arising from the Wells Fargo refinancing plan - Officials have not publicly clarified whether the refinancing replaces the earlier proposal or whether the LDC transaction remains under consideration as a parallel or contingency option. The Sullivan County Industrial Development Agency declined to comment on the refinancing and whether it affects the LDC transaction. Meghan Taylor, senior vice president of government affairs and public relations for Resorts World New York, also declined to answer questions about the company’s plans.
In a statement, Stefan Friedman, a spokesman for Resorts World Catskills, did not directly address whether the refinancing would replace the earlier proposal. “We continue to explore all options for refinancing Resorts World Catskills and appreciate the longtime work and support of both the county and the IDA,” Friedman said. A local attorney who has closely followed the IDA’s handling of Resorts World Catskills said the refinancing structure could ultimately determine whether the earlier proposal moves forward. David Brittenham said refinancing through a private credit facility would address the company’s near-term debt obligations independently of the LDC plan. “The likelihood here… they’re probably doing a five-to-seven-year term loan,” Brittenham said. He added that such financing arrangements typically include restrictions on major asset sales.
“There’s going to be… a covenant that says you can’t sell assets… and an asset sale of that size would simply be prohibited,” he said. Brittenham said those restrictions could make a transaction like the previously proposed LDC asset purchase difficult to execute under a new financing structure.

The deal will be completed by Jul'26 for downstream while upstream before Feb'27, Vin - Rukun Raharja and its subsidiary, Raharja Energi Cepu (Ratu), will pick up a 5% interest in both the Kasuri production sharing contract in West Papua province (upstream divestment) and in Layar Nusantara Gas, the entity developing the project’s midstream and FLNG facility (downstream divestment).
Genting said the downstream divestment is expected to complete by the end of July, while completion of the upstream deal, which is subject to conditions including approval by Indonesia’s upstream regulator SKK Migas and the host government, is anticipated no later than February 2027.

1.6bil revenue from New York casino and RWNYC revenue at 980mil. RWNYC is the highest grossing casino in US but ebitda margin trending down to below 20%. What is RWNYC mgmt doing? Lol, no pun intended. https://www.americangaming.org/wp-content/uploads/2026/05/AGA-State-of-the-States-2026.pdf

SBB will be wasteful as it is better to let market dictates the share price. Fifth floor soon unless GenS continues with aggressive SBB. Cash position can be duly depleted once development expenditures fully utilised as part of the licensing renewal requirements.

“GenS VIP business in quarter ended 31 March 2026 was contrary to seasonal trends where the first quarter has typically been the peak quarter for gaming in Singapore. The pace of recovery from RWS2.0 investments has proven materially slower than anticipated. Transformation costs at Resorts World Sentosa were likely to remain elevated through 2026 as part of the gaming licence renewal requirements. Their aggressive and continuous cost cutting exercise in gaming programmes for VIPs, higher airfares that are weighing on travel demand and softening consumer sentiment will significantly affect their VIP hold rate moving forward.”