Gens results is ok for me personally :) 2% top line and bottom line improvement compared to q4'24. q3 is the one to be watched closely with Laurus launching and bookings starting in May; recovering from the hotel room capacity disruptions. US assets - not feeling good about it. Catskills numbers not so good for q1 compared to q4. The strip area has a mixed performance for q1'25. RWLV q4'24 single digit ebitda margins and q1'25 maybe a challenge. Will need at least 6 to 9 months to measure the results/performance of the new board put in place in q4'24.

yes, Vin. Will continue to hold Gent and consider adding after each qr results if the numbers are decent. My current avg is ~3.4 and I didnt see anything from the last financial results that warrants me to exit; from ebitda and cash generated from ops if you will. After all, i have just bought it less than a year. I will reduce my position if the cash generated from the ops dips below 7bil per annum or two consecutive qtr achieving below 1.75bil per qtr. That's just my plan and my situation may not be the same as yours. Hope it helps.

you are welcome, Vin. No decision from UK MHRA yet for hmtm. As for rebuilding GenM, LKT has contained the damage within GenM with the latest move. RAV Bahamas shareholder dispute will hurt from the legal fees itself as the case will drag to 2026 at the minimum. LKT has to do more to shield Gent from GenM's US assets; its a drag for now particularly the funding to support GenM if the needs arises.

the surprise from yesterday results is that lower revenue from GenM's MY assets comparing to Q4'24 despite major festive seasons. Hopefully it is not structural decline for GenM MY assets. Margins for US segment improved compared to Q4 which is a good thing despite lower revenue. RWLV ebitda margins improved from low single digit to above mid single digit. Ideally, I would like to see the ebitda margins for RWLV to be at between 25% to 35% range; anything less than this range is considered capital misallocation. Will have to wait and give the RWLV board at least 6 to 9 months from Q4'24 to measure their performance.

last qtr ~6.8 mil ebitda and latest qtr 47.2 mil, Vin. Ebitda margins slightly more than 6%. GenS is solid with q1'25 better than q4'24 for both revenue, ebitda and ebitda margins. GenM's revenue dropped by slightly more than 150 mil comparing to q4 which is a surprise. Gent will have to depend on GenS and RWLV in coming quarters.

Genm this qe revenue look weak maybe coz of puasa.. .
Sir Cheng, possible next qe will bring genting huge profit coz of forex gain? Recently Usd weak bring down depreciation as well... Last Q1 24 dep was cost 1b and previously drop to 800m++

you are right, Vin. Q2 forex gain will be higher indeed. And GenS should continue to see recovery heading into Q3. Upcoming two consecutive quarter's performance for RWLV will also be important; ebitda margins has to move up to at least 20% first before moving up to 30%. Anything less than 25% for RWLV will be an investment failure / capital misallocation in my personal opinion. GenS margins at 35% and that should be the benchmark for RWLV :) GenM US assets typically ranging between 15% to 25%.

Gens Q2 will be weak as well....... In the future gens still got up coming 2030 project.. Hope will bring profit achieve 220m Sgd above..
BTW genm seem like got strong support at current price... Maybe will announce the Bahamas case settle soon and year end bid for the NY licence

GenM (49%), GenS (53%) and RWLV (100%) ownership by Gent. GenS and RWLV performance will be key for Gent's recovery/growth. GenM's growth will be challenging unless drastic decision to streamline US assets - divest non performing assets and reallocate the capital for capex on profitable assets.

funds/insti and LKT should keep pushing until Aug or GENT is at risk of being removed from MSCI; same faith as GenM. At least keep the price at the level where it is sufficient to stay in MSCI index instead of being downgraded.

Las Vegas Strip area where RWLV is located showing better numbers in Apr yoy compared to Mar. Table games Baccarat leading the way with 41% yoy ggr compared to -34% yoy ggr in Mar. Overall ggr (table games and slots) recorded -2.8% yoy comparing to -4.7% yoy in Mar and -13.7% yoy in Feb. Not exactly RWLV performance but that's the closest reference to how the Strip area is doing when it comes to ggr :)

The Singapore Tourism Board (STB) has revealed that the country welcomed 1.4 million tourists in April. This marks a sizeable 4.5% increase compared to the same period last year. The month-on-month growth was also notable, with April’s arrivals rising by 7.7% from March. STB’s data suggests steady post-pandemic recovery in the travel sector as visitor numbers continue to climb.

Morning Vin. The tourism numbers in Apr for Singapore looks good. GenS revenue and ebitda has been growing qoq since Q3'24 to Q1'25 which is showing recovery picking up momentum. RWLV ebitda margins showing improvement in Q1'25 and the numbers from NGC for the Strip area in Apr looks good too. Basically, you can imagine the leisure and hospitality equation for Gent which is GenM, GenS and RWLV. GenS and RWLV are in recovery mode which is bottom if you will. Not expecting much from GenM due to the latest Empire decision coupled with Q1'25 results which is a bit disappointing for MY segment; no more growth if you will. Gent's leisure and hospitality segment recovery/growth will be driven by GenS and RWLV if you will.

its picking up and will continue to pick up. Additionally, during the GenS AGM, mgmt mentioned that Genting Berhad and GenS is unlikely to participate in Thai IR project and will continue to focus on RWS2.0 :) Phew... glad that Gent and GenS will not participate.

If GenM is going all out to secure the NYC full casino license, it is unlikely for GenM to participate in the Thai IR project. I personally dont like the idea of Gent/GenS to participate in Thai IR project :) Extracted from the minutes - The shareholder shared his view that it would not be advisable for both Genting Berhad and the Company to bid for the Thailand’s casino licence. Mr Tan shared that the current regulations such as those relating to entry qualifications and levies for Thai nationals as well as the country’s economic conditions made it unlikely for the Company to enter the Thai market. Management remained focused on progressing with the RWS 2.0 transformation.

At the moment, there is no room for GenM to grow further due to the quality of its assets - prolonged poor performance of US assets, Empire decision, Q1'25 MY assets performance is a bit disturbing as tourist count for Malaysia in Q1 is good but revenue for MY assets dropped. As for NYC full casino license, there is a new risk that surfaced up which has led to LVS dropping its bid - there is a legislation being put forward to legalize online gaming in NYC.

TauRx’s Alzheimer’s drug still not get approval (not rejected) because the trial has problems. In the trial, some people know they take fake medicine (placebo). So, some still take other Alzheimer’s drugs. This makes the test not fair. The results not very strong. We don’t know if removing tau protein really helps or not. Maybe a little bit only. Also, the drug might clash with other medicines. We don’t know if it is safe yet. Need more time to study. That is why the drug still not get approval now. Now, if you read the above 3 times, you know you are dealing in novice start up. That is why, good news in the next 6 months is not possible.

you can refer to lecanemab, the IV drugs for Alzheimer that was approved by UK MHRA in 2024 as a reference for timing. the marketing authorization was submitted in May 2023 and approved by UK MHRA in Aug 2024. Donanemab which is another IV drug submitted its application in late 2023/early 2024 and approved by UK MHRA in late 2024. Pretty much depending on when the regulators will make the decision :)