Genting Malaysia’s dividend history tells a simple story until 2026. A 9 sen payout in 2024. A cut to 4 sen in 2025. A rebound to 7 sen in April 2026. Then silence.
The April payout was real money: 7 sen per share, ex-date March 13, paid April 10. It was a 75% increase over the prior year and, on the surface, a signal of confidence. But it was declared against FY2025 earnings, before the full weight of the New York casino ramp-up hit the profit and loss account.
By August 2026, the board had changed its tone. The 1H26 results announcement contained a single, consequential line: “The Board of Directors has decided not to declare an interim dividend for the current period”. The reason given was “prudent capital management” — balancing business requirements and ongoing investments with efforts to pare down existing debt.
This tracker follows that pivot, quarter by quarter.
The Quarterly Earnings Record: Revenue Up, Profit Down
Genting Malaysia’s 2026 results are defined by a widening gap between the top line and the bottom line.
Q1 2026 was already a warning. Revenue rose 10.5% year-on-year to RM2.87 billion, but the group swung to a net loss of RM3.8 million from a net profit of RM72.7 million a year earlier, dragged by pre-opening costs for RWNYC’s commercial casino conversion and higher financing costs.
Q2 2026 delivered the headline shock. Revenue jumped 32% to RM3.85 billion, driven by the April 28 launch of full commercial casino operations at Resorts World New York City — 242 table games and 2,500 slot machines, later supplemented by 1,400 additional slots in July. The US and Bahamas segment’s revenue more than doubled to RM1.53 billion, with adjusted EBITDA up 83% to RM216.6 million.
But net profit attributable to shareholders collapsed 89% to RM47.4 million from RM416.6 million. Three factors did the damage: an RM18.1 million unrealised forex translation loss on USD-denominated borrowings (versus an RM184.6 million gain a year earlier), ramp-up costs at RWNYC, and higher depreciation and financing costs. Excluding the forex swing, adjusted EBITDA would have risen 2% to RM862.1 million.
1H26 closed with revenue up 22% to RM6.72 billion, but net profit down 91% to RM43.6 million from RM489.3 million. Profit before tax fell 73% to RM186.9 million.
The Malaysia leisure and hospitality segment, which includes Resorts World Genting, was flat: revenue slipped 1% to RM1,765.4 million, with adjusted EBITDA marginally higher at RM615.0 million. Softer visitation and higher payroll costs following the December 2025 union agreement offset cost management and a better VIP win rate. UK and Egypt revenue declined marginally to RM506.2 million, with adjusted EBITDA down 2% to RM68.8 million on softer premium gaming and higher minimum wage costs.
The Dividend History, in Full
Genting Malaysia pays dividends on a semi-annual basis, though the pattern has never been perfectly regular. The table below tracks every payout since 2019.
| Ex-Date | Amount (sen) | Change YoY |
|---|---|---|
| Mar 2026 | 7.0 | +75% |
| Mar 2025 | 4.0 | −33% |
| Sep 2024 | 6.0 | — |
| Mar 2024 | 9.0 | +50% |
| Sep 2023 | 6.0 | — |
| Mar 2023 | 9.0 | — |
| Sep 2022 | 6.0 | — |
| Mar 2022 | 9.0 | +5.9% |
| Mar 2021 | 8.5 | −5.6% |
| Sep 2020 | 6.0 | — |
| Jun 2020 | 5.0 | — |
| Mar 2020 | 9.0 | +12.5% |
| Sep 2019 | 6.0 | — |
| Mar 2019 | 8.0 | — |
Source: Fiscal.ai dividend history for Genting Malaysia Berhad (4715)
The pattern before 2026 was relatively stable: a larger payment around March and a smaller one around September, with total annual payouts of 15 sen in 2023 and 2024. That structure collapsed in 2025, when only a 4 sen payment was made. The April 2026 rebound to 7 sen looked like a partial restoration — until the interim dividend was skipped entirely.
On an ADR basis, the April 2026 payment was equivalent to approximately 42 US cents per ADR, with a yield of around 3.8% at the time. The current trailing yield on the local shares is approximately 5.7%, reflecting the 7 sen payment against a share price near RM1.27. That yield is backward-looking. It does not account for the missing interim payout.
What Analysts Now Expect for Dividends
The dividend outlook has darkened since the April payment.
Kenanga Investment Bank cut its FY26-27 dividend per share forecast from 7 sen to 5 sen, after noting that no dividend was declared in 1HFY26. The research house also downgraded FY26 core earnings per share by 15%, citing slower-than-expected RWNYC ramp-up and still-high opening costs.
More aggressive forecasts surfaced earlier in the year. In January 2026, analysts suggested Genting Malaysia could maintain “zero dividend” for FY2025 through FY2027, as the group retains cash to reduce debt and fund the New York integrated resort development. That call looked extreme after the April 7 sen payment. It looks less extreme after the 1H26 interim dividend was skipped.
UOB Kay Hian’s model implies a dividend yield of around 5.0% for FY2027, but that is a forecast, not a commitment. The gap between the highest and lowest dividend expectations is unusually wide, which reflects genuine uncertainty about how much cash the board is willing to return while the New York project consumes capital.
The Debt Constraint Behind the Dividend Decision
The missing interim dividend is not a discretionary choice in isolation. It is a response to a balance sheet that has become significantly more levered.
Genting Malaysia’s borrowings rose 23% as New York casino costs squeezed the group. At the Genting Berhad consolidated level, total borrowings reached RM45.3 billion as of end-June 2026. Fitch Ratings downgraded Genting Berhad to BBB- in September 2026, citing slower deleveraging due to substantial capex needs in Singapore and New York. Fitch subsequently downgraded Genting Malaysia as well.
The capex burden is not temporary. Fitch projects Genting New York will incur average annual capex of approximately US$800 million over the medium term, with New York EBITDA forecast at US$450 million by 2028 — up from US$208 million in FY2026. Capital commitments not yet spent stood at RM41.4 billion as of June 2026.
In October 2026, Genting Berhad announced a RM1.25 billion renounceable rights issue, with RM800 million earmarked for debt repayment. The stock fell as much as 17% — its biggest one-day decline since 1998 — and Fitch’s downgrade followed. Maybank Investment Bank’s analyst Samuel Yin downgraded the stock to sell, warning that the exercise “signals that Genting may have limited success in trying to refinance its borrowings” and that “more equity fundraising efforts or fewer dividends” could not be ruled out.
That is the context in which the interim dividend was skipped. The board is prioritising debt reduction over shareholder distributions.
The Analyst Split: Buy the Recovery or Hold the Debt
Sell-side opinion on Genting Malaysia is unusually divided.
UOB Kay Hian maintains a BUY with a target price of RM2.36, arguing that RWNYC’s stronger earnings delivery provides visible upside towards 2H26 and 2027.
Public Investment Bank keeps a HOLD with a lowered target price of RM1.88 (from RM2.14), cutting FY2026-2028 earnings forecasts by an average of 11%. It notes that while New York may be a catalyst, it is “not likely to be earnings accretive in the next one to two years” given the US$5.5 billion project cost, and that earnings visibility “remains weak” amid uncertainty over the US economy.
TA Research upgraded to HOLD from SELL with a target price of RM1.82, after the stock’s correction, acknowledging the US segment’s 120.9% revenue growth but stopping short of a buy call.
CIMB Research maintains a HOLD with a target price of RM2.30 (lowered from RM2.45), expecting a stronger 2H26 driven by RWNYC and Resorts World Las Vegas, but forecasting a 50% decline in FY26 core earnings per share due to New York’s initial drag from depreciation and interest.
The consensus across 12 analysts is BUY, with an average 12-month target price of RM2.19, a high of RM2.85, and a low of RM1.74. That consensus is skewed by a handful of bullish calls. The median analyst is closer to hold.
What to Watch in the Next Quarter
Three data points will determine whether the dividend resumes and whether the analyst split resolves.
First, 2H26 earnings at RWNYC. The New York property added 1,400 slot machines in July and broke ground on the next phase of its integrated resort development in the same month. If the revenue ramp translates into EBITDA growth, the case for a FY2027 dividend strengthens.
Second, deleveraging progress. The rights issue proceeds and any asset monetisation will determine how quickly the group can bring leverage back below Fitch’s tolerance threshold. The rating agency’s projection of US$450 million in New York EBITDA by 2028 is the number to track.
Third, the FY2026 final dividend decision, expected alongside the Q4 results in early 2027. If the board declares a final dividend, it would signal that the interim skip was a timing issue rather than a policy shift. If it does not, the “zero dividend” scenario moves from outlier forecast to base case.
For now, the record is unambiguous: Genting Malaysia paid 7 sen in April, skipped the interim, and is prioritising debt over distributions. The next payout is not a forecast. It is a decision the board has not yet made.
FAQ
What dividend did Genting Malaysia pay in 2026?
Genting Malaysia paid a 7 sen per share annual dividend on April 10, 2026, with an ex-date of March 13. This was a 75% increase from the 4 sen paid in April 2025.
Did Genting Malaysia declare an interim dividend for 1H26?
No. The board decided not to declare an interim dividend for 1H26, citing prudent capital management and the need to pare down debt while funding the New York casino development.
Why did Genting Malaysia’s Q2 2026 profit fall 89%?
The decline was driven by an RM18.1 million unrealised forex translation loss on USD borrowings, ramp-up costs at Resorts World New York City, higher depreciation, and higher financing costs. Excluding the forex swing, adjusted EBITDA would have risen 2%.
What do analysts expect for Genting Malaysia’s FY2027 dividend?
Kenanga cut its FY26-27 DPS forecast to 5 sen. UOB Kay Hian’s model implies a FY2027 yield of around 5.0%. Some analysts have raised the possibility of zero dividends through FY2027 as the group prioritises debt reduction.
What is the analyst consensus on Genting Malaysia?
The consensus across 12 analysts is BUY, with an average target price of RM2.19, a high of RM2.85, and a low of RM1.74. However, several brokers maintain HOLD calls with targets in the RM1.74–1.88 range, reflecting uncertainty over New York’s earnings drag and the group’s debt load.
How much debt does Genting Malaysia have?
Genting Malaysia’s borrowings rose 23% in 2026 as New York casino costs increased. At the Genting Berhad consolidated level, total borrowings reached RM45.3 billion as of end-June 2026. Fitch downgraded both entities to BBB- in September 2026.
Sources
- Genting Malaysia Berhad — “Group Announces Results for the Second Quarter and Half Year Ended 30 June 2026,” Bursa Malaysia, August 20, 2026.
- Free Malaysia Today — “US biz a double-edged sword for Genting Malaysia,” August 21, 2026.
- Fiscal.ai — Genting Malaysia Berhad (4715) dividend history and yield data.
- Investing.com — Genting Malaysia (GENM) analyst consensus, price targets, and stock data, October 2026.
- The Star — “Genting poised for a more robust recovery in second-half of 2026,” August 25, 2026.
- Free Malaysia Today — “Genting shares tumble most since 1998 on rights issue plan,” October 12, 2026.
- Bondsupermart — “Genting Bonds: Stretched, Not Broken,” October 29, 2026.
- The Edge Malaysia / Fitch Ratings — Fitch downgrade of Genting Berhad and Genting Malaysia to BBB-, September 2026.
- Kenanga Investment Bank — Genting Malaysia research note, dividend forecast revision.
- China Press — “保留资金发展纽约赌场 云顶大马或3年不派息,” January 9, 2026.
