Hospitality and leisure giant Genting Malaysia has disclosed its corporate financial accounts for the first quarter ending March 31, presenting a mixed mixture of climbing headline revenues contrasted against compressed profit metrics.
The group’s total revenue for the three-month period grew an impressive 10% year-on-year to hit RM 2.87 billion (US$ 723.7 million), up from the RM 2.60 billion recorded during the prior-year quarter. Conversely, consolidated adjusted EBITDA fell 13% to close at RM 644.7 million (US$ 162.6 million), down from RM 737.2 million a year earlier.
Preopening Expense Pressures at Resorts World New York City
The operational disclosure highlighted a severe 77% plunge in profit before taxation, which crashed down to RM 43.1 million (US$ 10.9 million). Corporate finance directors clarified that this deep earnings compression was directly attributable to massive preopening expenses and construction overhead connected to Resorts World New York City’s (RWNYC) massive ongoing transition into a full-scale commercial casino resort.
Consequently, Genting Malaysia slid into a total net loss of RM 25.2 million (US$ 6.4 million) for the first quarter of 2026, marking a stark contrast to the healthy net profit of RM 52.0 million logged during the first quarter of 2025.
Detailed Regional Operations Breakdown
The group’s performance across its primary international operating jurisdictions revealed varying performance metrics:
- Malaysia (Resorts World Genting): Revenue from core domestic leisure and hospitality operations expanded by 3% to reach RM 1.67 billion (US$ 421 million), primarily driven by surging premium player turnover inside the gaming segment. However, adjusted EBITDA dipped by 1% to RM 512.1 million, heavily weighed down by climbing local payroll and related labor expenses.
- United Kingdom and Egypt: The group’s European and Middle Eastern hospitality branches reported an 11% increase in revenue to RM 460.7 million (US$ 116.2 million). This expansion was spearheaded by immediate contributions from the newly acquired Genting Casino Stratford integrated into the portfolio in April 2025, which successfully cushioned the adverse operational impact of persistent geopolitical tensions surrounding their property assets in Cairo, Egypt. Standalone adjusted EBITDA for the division closed 8% lower at RM 50.9 million.
- United States and Bahamas: Driven by the comprehensive corporate consolidation of Empire Resorts and its downstream operating subsidiaries, revenue across this North American segment skyrocketed 39% year-on-year to finish at RM 694.4 million (US$ 175.1 million). This volume successfully offset temporary gaming floor disruptions at RWNYC during its physical commercial restructuring. However, due to front-loaded structural hiring costs and compliance training programs required ahead of full commercial activation, adjusted EBITDA for the division plummeted 32% to RM 80.5 million (US$ 20.3 million).
