Genting Malaysia Bhd (KL:GENM) delivered a quarter that looked brilliant at the top line and painful at the bottom. Revenue jumped 32% year-on-year to RM3.85 billion. The commercial casino rollout at Resorts World New York City powered almost all of it. Net profit collapsed from RM416.6 million to RM47.4 million. That 90% plunge sent the share price sliding. It forced analysts to cut their forecasts.
The numbers tell a story of a company in transition. And the transition is expensive.
The Quarter in Numbers
For Q2 2026, Genting Malaysia’s revenue rose 32% to RM3,853.3 million. That was up from RM2,918.6 million a year earlier. The surge came mainly from RWNYC. On April 28, 2026, it began the initial phase of full commercial casino operations. This added live table gaming and slot machines. The facility had previously offered only video gaming machines. The quarter also included a full contribution from Genting Casino Stratford and Empire Resorts, acquired in 2025.
But adjusted EBITDA declined 18% to RM844.0 million, largely because of an RM18.1 million net unrealised foreign exchange translation loss on the group’s USD-denominated borrowings, compared with RM184.6 million in forex gains in the prior-year quarter. Excluding that impact, adjusted EBITDA would have increased 2% to RM862.1 million.
Profit before taxation fell 71% to RM143.8 million. The decline was attributed to ramp-up costs at RWNYC, higher depreciation, and higher financing costs associated with the New York commercial casino project. Net profit for the quarter came in at RM27.0 million in the official Bursa filing.
Why the Two Sets of Profit Numbers Differ
You will see two different net profit figures for Q2 2026: RM27.0 million and RM47.4 million. The difference comes down to what is being measured. The Bursa Malaysia announcement reports the group’s net profit at RM27.0 million. The RM47.4 million figure widely cited in media reports refers to net profit attributable to shareholders of Genting Malaysia, after accounting for minority interests and other adjustments. Both numbers are accurate — they simply measure different things.
For the first half of 2026, net profit plunged 91% to RM43.6 million from RM489.3 million a year earlier. Revenue for the half rose 22% to RM6.72 billion from RM5.51 billion.
The New York Problem
Resorts World New York City is both the engine and the anchor of this quarter.
On the positive side, RWNYC’s transition to a commercial casino more than doubled revenue from the US and Bahamas segment to RM1,533.6 million, while adjusted EBITDA in that region jumped 83% to RM216.6 million. The property launched full casino operations in April 2026 with 242 table games and 2,500 slot machines, with an additional 1,400 slot machines added in July.
On the negative side, the costs are enormous. Public Investment Bank noted that while the New York casino expansion may be seen as a catalyst, it is not likely to be earnings accretive in the next one to two years given its hefty project cost of US$5.5 billion. The bank cut its FY2026–2028 earnings forecasts by an average of 11% and lowered its target price to RM1.88 from RM2.14.
TA Research observed that the US business’s 120.9% revenue growth means it is catching up to the RM1.8 billion quarterly revenue contribution from Malaysia operations — a significant milestone, but one that comes with significant overhead.
Malaysia Operations: Steady but Soft
Closer to home, Resorts World Genting’s performance was flat. Revenue declined 1% year-on-year to RM1,765.4 million, although adjusted EBITDA improved marginally to RM615.0 million. The property saw softer visitation and consumer spending, compounded by higher payroll costs following a contracted union agreement signed in December 2025. Hilltop visitors fell 6% year-on-year. Non-VIP gaming wins declined 3%, while VIP wins grew 2%.
In the UK and Egypt, revenue declined marginally to RM506.2 million, with adjusted EBITDA down 2% to RM68.8 million. The decline was attributed to softer premium gaming performance amid geopolitical tensions in the Middle East and higher payroll costs from national minimum wage increases.
Share Price and Dividend
Genting Malaysia’s share price has had a difficult year. The stock closed at RM1.72 following the Q2 results, down 16% year-to-date. It reached a 2026 high of RM2.04 in April amid optimism over the New York expansion and potential index inclusion, before retreating on the earnings miss.
On the dividend front, Genting Malaysia paid an annual dividend of 7 sen per share in April 2026, with an ex-date of March 13 and a payment date of April 10. This represented a 75% increase from the 4 sen paid in April 2025. The company’s current dividend yield stands at approximately 4.6%. The dividend is paid on a semi-annual basis, with the next payout expected in the second half of 2026.
What Analysts Are Saying
The analyst community is divided but cautious.
UOB Kay Hian maintained a BUY call with a target price of RM2.36, arguing that RWNYC’s stronger earnings delivery provides visible upside towards 2H26 and 2027. The broker noted that 1H26 EBITDA was within expectations, making up 51% of its full-year forecast.
Public Investment Bank kept a HOLD call with a lowered target price of RM1.88, citing weak earnings visibility due to uncertainty surrounding the US economy.
TA Research upgraded to HOLD from SELL with a target price of RM1.82, after the stock’s recent correction.
Hong Leong Investment Bank cut its FY2026–2028 forecasts for Genting Malaysia by 40.4%, 29.8%, and 18.2% respectively, citing lower EBITDA margin assumptions for UK/Egypt and US/Bahamas operations. HLIB kept a HOLD call with a target price of RM1.74.
FAQ
What was Genting Malaysia’s Q2 2026 net profit?
Genting Malaysia reported a net profit of RM47.4 million for Q2 2026, an 89–90% decline from RM416.6 million in the same quarter last year. The Bursa Malaysia filing reported group net profit of RM27.0 million, which differs due to minority interest adjustments.
Why did Genting Malaysia’s profit drop so much?
The decline was driven by an RM18.1 million unrealised foreign exchange translation loss on USD-denominated borrowings, ramp-up costs at Resorts World New York City, higher depreciation, and increased financing costs for the New York casino project.
What is Genting Malaysia’s dividend for 2026?
Genting Malaysia paid an annual dividend of 7 sen per share in April 2026, a 75% increase from 4 sen in April 2025. The ex-date was March 13, 2026, and the payment date was April 10, 2026. The current dividend yield is approximately 4.6%.
What is Genting Malaysia’s share price in 2026?
Genting Malaysia’s share price closed at RM1.72 following the Q2 earnings release. It reached a 2026 high of RM2.04 in April and has fallen approximately 16% year-to-date. The stock’s 52-week range is roughly RM1.70 to RM2.39.
Is Resorts World New York City profitable?
RWNYC’s revenue more than doubled the US and Bahamas segment’s topline to RM1.53 billion in Q2 2026, with adjusted EBITDA up 83% to RM216.6 million. However, the project’s US$5.5 billion cost and ramp-up expenses mean it is not expected to be earnings accretive until 2027–2028.
Sources
- Genting Malaysia Berhad — “Group Announces Results for the Second Quarter and Half Year Ended 30 June 2026,” Bursa Malaysia, August 20, 2026.
- Genting Berhad — “First Quarter Results for the Period Ended 31 March 2026,” Bursa Malaysia, May 21, 2026.
- Free Malaysia Today — “US biz a double-edged sword for Genting Malaysia,” August 21, 2026.
- The Edge Malaysia — “Genting shares slip in early trade after 2Q earnings miss,” August 21, 2026.
- The Edge Malaysia — “Genting, Genting Malaysia surge on New York expansion prospects, index inclusion hopes,” April 24, 2026.
- UOB Kay Hian — “Genting Malaysia (GENM MK): 2Q26: RWNYC Gaining Momentum, Better 2H26 Ahead,” August 21, 2026.
- Public Investment Bank / TA Research / Hong Leong Investment Bank — Analyst notes cited in Free Malaysia Today and The Edge, August 2026.
- Fiscal.ai — Genting Malaysia Berhad dividend history.
- MarketScreener — “Genting Malaysia Berhad announces Annual dividend, payable on April 10, 2026,” February 26, 2026.
- Investing.com — Genting Malaysia dividend yield data, September 2026.
