Bad news good for the company? Mgmt that did not disclose the patent infringement case speaks a lot about their transparency and integrity.

you can add one more question to the boss in the AGM - when is Genting going to list US assets and use the proceeds from listing to pare down the debt?

not so fast, Vin. Maybe when it is fully completed PLUS igaming must not be approved for NYC. RWNYC + RWLV should contribute at least 300mil adjusted ebitda. We have seen latest report showing US assets contributed ~280mil.

Ptrans became smarter, daniel. wakalah 1 uses ebitda and its a problem as Ptrans is not earning enough. wakalah 2 uses cumulative cash flow instead of ebitda. Moments later.... calculated FSCR jumped higher than 1.25. Lol, no pun intended. you can have a look at it in page 201 of the annual report. Just be mindful with Ptrans capitalised interest.

In the financial year ended 31 December 2025, the Company established a Sukuk Wakalah Programme with a total nominal value up to RM1.5 billion, which is structured based on theShariah Principle of Wakalah Bi Al-Istithmar, with a perpetual tenure. In the same financial year, the Company had issued the first tranche unrated Sukuk in nominal value totalling RM700 million, with a tenure of nine (9) years from the date of the first issuance of the Sukuk.The purposes of the Sukuk Wakalah (2) is meant for full redemption of the Sukuk Murabahah, Sukuk Wakalah (1) and settlement of term loan and revolving credit during the financial year.

rolling in the deep, Eddy. Sukuk over Sukuk if you will. And in this case, Sukuk 1 is in trouble (FSCR < 1.25) and Ptrans has to use Sukuk 2 to redeem Sukuk 1 or face default risk. FSCR in FY2025 was at 0.90 which is lower than 1.25. Definition of FSCR: The FSCR is a covenant imposed by licensed banks (for both Sukuk Murabahah and Sukuk Wakalah) and shall not at any time be less than 1.25 times.

its accurate, Vin. that's the one we were discussing earlier with J and Daniel. What you are seeing is not even the peak yet :) the hold rate can go higher to 18% to 20% range versus the current 3 weeks data. The change is from VLT to Slots + Table Games; two revenue streams. Do note that there are no poker tables yet and that will come in phase 2.

Decent but not cheap, yong. (1) Australia segment typically contributes between 200mil to 300mil per year. The sale of Wasco Australia will potentially means the loss of that segment revenue. (2) PEnergy is a drag to Wasco. Risk of single digit mil of losses still. (3) Total orderbook is below 3bil and it's off the peak. Need to see orderbook growth again. For me, I need higher mos in order to consider holding wasco, not at this price though. Just my opinions, could be wrong. Hope it helps.

Agreed. There's still ~300mil worth of inventories. Next qtr inventory impairment should be lower?

Good thing that EPF managed to get out from D&O. I doubt mgmt will ever mentioned about the patents infringement case :)