Cheng, from my observation, ever since the gaming revenue dropped from 2024, GenS share price has never recovered above $1. The drop in the gaming revenue directly correlates to the decrease in EBITDA. As for the hold rate will almost even out over a period of time, the main culprit is definitely the rolling chip.

my personal expectation is just mid to high thirties adjusted ebitda margin, daniel. q2fy26 adjusted ebitda margin for gens is at ~35%. same expectation for RWLV and RWLV is at high single digit now. RWLV adjusted ebitda margin was at 1% back in q4fy24.

快線水上 慢線水下 下峰鎖定 上峰稀缺
上軌運行 仍是看多 桂狀圖青色 行情未變 陰跌轉上後的震盪向上 慣性未來可期

洗盤嗎？回調買上漲嗎？追漲不殺跌 利益最大化 就像買菜乎 求益也
小賺離場者命理有時終須有 命理無時莫強求 持股待漲者 學而時習之 非一般凡人

The Las Vegas Strip area where RWLV is located, delivered 7.75% higher yoy performance from Apr’26 to Jun’26 compared with Apr’25 to Jun’25, while RWNYC’s weekly table-games hold rate has consistently remained above 19% compared with the initial 13-17% in the first 3 weeks of launching.

July tourist arrivals for SG is out :) Solid 1.63mil visitors, highest for 2026 with avg length of stay of 3.4 days. Q3 performance is off to a great start. New York / Nevada gaming commission ggr data typically lags by 1.5 months. Hence, RWNYC and RWLV ggr trending for July and Aug will be available by Sep and Oct.

Cheng, My Singaporean friends told me that the crowd in GenS was exceptionally high over the weekend due to China summer holidays and Indonesia long weekend public holidays in August (15/8-17/8) although VVIP gaming area was really quiet in July 2026.

thanks, assassin. saw the remarks from analyst that VIP gaming is picking up actually - q2fy26 VIP volume recovered 21% qoq and drove VIP volume share to recover to 36% from 19% in q1fy26 and q2fy26 mass market ggr inched up 2% qoq and drove mass market ggr share to recover to 27% from 26% in q1fy26.

Without active buying by Foreign Funds, it is difficult to go up significantly (unless QR exceptional) since local GLCs heavy weight investment funds cannot buy. Foreign funds are still exiting Malaysia equities in 2026 and still continuing way into Q3 to date in August 2026. Also, Budget 2026 nearing and will always have the risk of higher gaming tax and political considerations.

Tourists arrival increasing in July 2026 but the gains in Singapore have been heavily skewed toward MBS. VVIP gaming in RWS was exceptionally quiet in July 2026. Only spillover effect on weekends in August 2026 when MBS occupancy at 100%. The competition between the two casinos in Singapore is likely to remain intense. RWS will lose the battle and even more market share if they continue with their cost cutting exercise to cut the perks for their VVIP customers as their high rollers will opt for MBS instead due to the close proximity within Singapore.

Exactly but wealthy high rollers have the added privacy of private rooms. This is the segment that contributes to the gaming profitability. MBS must be doing it right to be able to garner more VVIP market share from RWS on YoY basis.

time will tell whether Singapore's gomen plan with regards to Greater Sentosa Master Plan will meet its objectives of integrating the development of Sentosa with the neighbouring 120-hectare (200,000-square-metre) Brani Island, creating an expanded tourism precinct featuring new landmarks, reimagined beaches and coastlines, enhanced transport infrastructure and a stronger emphasis on nature-based experiences.

GenS will not have the financial resources to embark on expansion to Japan at present. US assets listing is the only way forward for Genting Group. With the additional financial resources available, they can then made RWS property more premium and more appealing to higher-value customers before MBS completes their Tower 4 expansion. There are very few casinos that have the financial muscle to buy out RWS at fair valuation currently based on casino duopoly in one of the world’s top gambling venues.

Soon, they will be working for the banks if borrowings position and interest rate/funding cost continues to increase ! Borrowings position kept increasing QoQ/YoY and high finance cost that ate into meagre QR profit for a gaming industry PLC.
From previous Cash rich company to high Nett borrowing company.

根据彭博市场数据，云顶过去52周累计下跌26%，表现逊于彭博追踪的同业股平均跌幅1.2%，同期富时马股指数则上涨11%。

不过，云顶近期股价走势明显回暖，过去5个交易日累计上涨8.1%，过去30天则上涨0.4%。

估值方面，云顶目前以未来12个月预估每股盈利13倍交易，过去12个月每股盈利则相当于0.7倍。

该股目前市账率（P/B）约0.3倍。

Malaysia’s tax/duty increases on gambling and casino gaming in Budget 2027 (only 2 months away) is always a meaningful possibility since Government need additional revenue. The government might even consider raising the annual casino gaming licence fee from RM120 million to RM150 million and gaming tax on casinos to 35% of gross gaming revenue (GGR).

adjusted ebitda for rwlv is indeed at ~100mil which translates to 13.3% margin versus 200mil 24% margin in q1fy26, daniel. fy25 quarterly adjusted ebitda margin for rwlv was below 10%. feels like a mix of seasonal revenue and fixed cost if you will. RWG and RWS adjusted ebitda margin are good. Its the US assets dragging the performance again whereby the margin is in tens.

US assets return just not good enough due to stiff competition despite taking up such high Group debts. Otherwise, other more prominent global gaming company would have pursue previous US licence bidding. Without US assets listing soon, it is better to exit the position.