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.”

GenS single digit sequential improvement compared to Q4, Vin. And GenP Q4 performance should not repeat in Q1FY26 and should recover back closer to Q3 if not higher than that. Gent's performance will then depends on impairments and US assets performance. MY assets should not be worse than Q4 due to festive season. Should not be a loss if US assets performance is similar to Q4 and no extraordinary impairments.

Expected despite the 4 cents dividend. I heard from friends that VIP gaming privileges will be cut further from 1/6/26, which will make it even less competitive with MBS and regional competitors from Q2 onwards. Someone/Analysts should just do a weekend visitation after 1/6/26 to assess the VIP gaming crowd.

the VIP gaming privileges that your friend mentioned is probably referring to the VIP from the loyalty card membership, Daniel? The actual VIP that affects the gaming segment is referring to those that bet millions in rolling chip. I doubt GenS/Gent will touch the privileges for the high rollers VIP. The loyalty card VIP privileges cut is a good move - cost savings.

The Chairman noted that Mr Si had only recently joined the organisation and that Management was
allowing him time to familiarise himself with the Group’s business. The Chairman expressed
confidence that Mr Si would be able to deliver in his role. On Mr Si’s role, Ms Lee clarified that Mr
Si is responsible for significant parts of the IR, including not only the casino, but also the hospitality
business operations

Not the usual loyalty card membership. Apparently, focussing on “Premium Status” players. In any case, let’s see after QR2 results if their cost savings exercise is beneficial. When Management makes wrong cost savings decision, it will be difficult for their Marketing Department to compete with regional competitors. Otherwise, GenS share price should not be dipping < 0.60.

Chen Si seems to have impressive background. I am interested to see the numbers for Q3FY2026 and Q4FY2026 - one year on the job and whether any impact on the VIP hold rate / gaming. 1st qtr on board saw 11% qoq operational improvement for gaming. https://www.gamblinginsider.com/executive/246/chen-si

i think for the case of genting - the leverage has a bigger say. higher leverage and low shareholder return. any further debt funded capex moving forward will drag it lower. mgmt has to do something for US assets - freeze capex for catskills, bimini resorts and hudson valley in the mean time :) the longer they take to list US assets, the lower valuation it is? dragged by underperforming US assets.

True. Even GenS might use up all their internal surplus funds for transformation programmes plus dividends and external financing options, including bank borrowings and other funding instruments, would also need to be considered as part of the company’s broader capital management strategy going forward. The underperforming US assets will require a lot of Cash.

GenP results is out and it is better than Q4/closer to Q3 :) GenS is better than Q4:) it's trending to a breakeven QR for Gent assuming GenM performance is same as Q4 (for both MY and US assets) and normalised impairment ~<40mil instead of 200 mil in Q4.

Nevada's GGR/The Strip Area for Q1'26 is not too bad comparing to seasonally strong Q4'25. Mar was really good driven by baccarat - Driven by a sharp increase in baccarat hold, the Las Vegas Strip saw a 14% increase in gaming revenue. The city’s tourism agency is set to release visitor numbers later Thursday that show the month’s statistics are “up meaningfully.”

The Strip had $779.9 million, up 14.4% from $681.6 million in March 2025, according to numbers from the Nevada Gaming Control Board.

depending on what makes you thinking of whether to buy Gent or not, Steven. If you are thinking about price is at the low side but scared going lower, then, you should wait for the qr first. there is no rush and you get to avoid the volatility from the qr noise.

RWLV saved the day and solid recovery in ebitda margin from single digit to mid twenties. RWG flattish revenue but ebitda margin recovery back to thirties. GenM's US and Bahamas assets ebitda margins flattish revenue and margin. Q2 for GenM's US and Bahamas segment is the first real test due to RWNYC live table games contribution.

The hold rate for baccarat in Mar across the Strip Area (RWLV is located here) was good; coming in at 20% vs 14% the previous year, Jackie. The higher footfall traffic & hold rate plus cost optimisation are probably the reasons that contributed to the recovery of RWLV. The ideal ebitda margin for me should be at thirties.

FLNG deal will be completed by Jul'26, Vin. Will be in Q3 unless the deal is closed by next month. GenS 570mil adjusted ebitda vs personal target of 800mil and US assets 280mil vs 300mil personal target. GenS will have to count on Chen Si to bring in more VIPs and increase the hold rate.

Not that I am aware of, Vin. after all, the adjusted ebitda typically do not include gain/loss from asset disposal. I saw the remarks noted RWLV occupancy was at 92% and adr at 290. It was at lower 80% occupancy and adr averaging at 260 last year. There is also remarks of higher high-end play with increased table volumes and hold percentage within range. And this is also noted in the report - RWLV remains focused on re-establishing VIP play and building a consistent casino loyalty base. In addition, RWLV will continue to leverage the new hotel system, which now allows RWLV to own the hotel customer database, giving RWLV flexibility to provide real time hotel offers and enhanced customer experience to guests. Combined with investment in an upgraded casino offer management system, RWLV will yield a stronger customer mix via casino, convention and direct bookings

Tan said they’re fortunate in finding Carlos Castro as the new CEO, who often works until 8 p.m. and sometimes stays at the property overnight. He said he was shocked Castro gets going so early in the morning as well. https://cdcgaming.com/resorts-world-las-vegas-financial-performance-is-a-blip-and-will-improve-genting-berhad-ceo-says/