mixed results with the biggest disappointment coming from not issuing interim dividend as capex spent ate up all the cash generated from ops. the slight bright side - RWLV ebitda margins clawed up higher matching q3fy24 performance though it is just one third of where it should be and MY segment recovered from the shock in Q1 which is not a structural decline for now.

Hello Vin, just my personal opinions, could be wrong - good start as in not a structural decline for MY asset which is a relief and RWLV did not worsen any further despite low footfall traffic to Las Vegas; what doesnt kill you makes you stronger as the saying goes. IBs / fund managers may make some adjustments to their plans with regards to its intrinsic value given the reduction in its dividend but not expecting much downside given that its driven by capex rather than hoarding cash. Better days ahead - year end holiday season, Visit Malaysia 2026, The Laurus opening in Oct, and Nevada ggr in June showing positive sign with better ggr and F1 in Nov.

ok thx for the great explanation!
The main focus still the GENS...
Recently Oceanarium and Weave mall quite crowded...help to boost universal studios as well...
laurus look great but the price quite expensive for mid range people...
Minimum stay for 1 night at least $1350 sgd

You are welcome, Vin. Agreed and it should be both GenS and RWLV. Between the two - GenS is heavy in capex (recovery and growth) while RWLV has to focus on optimization and marketing (recovery) due to the cyclicality. Following is the justification given for not issuing dividend - The Group will continue to exercise prudent capital management to support business needs to drive growth and pare down existing debt. As such, it makes sense for Genting's long term shareholders to monitor the group's net debt situation, GenS and RWLV recovery from the perspective for adjusted ebitda and margins :) Q2FY2025 total borrowings came down by 133mil compared to Q1FY2025 and net debt in Q2FY2025 is at 17.4bil; GenS and RWLV adjusted ebitda at 677 mil and 82 mil respectively. A full recovery + growth for GenS and RWLV should see its adjusted ebitda moving up above 1bil and 150 mil per qtr respectively. A good baseline for RWLV is that its adjusted ebitda should be 1.5x of GenM's US & Bahamas segment to justify the investment spent previously :) Hence, I will not be adding post qtr results unless I am seeing improvements / results for the metrics above due to the justification given for not issuing dividend. Show me the results first if you will :) Just my opinions, could be wrong. Hope it helps.

thx for the great explanation Cheng !
so far genm and gens already stable... Maybe need to worry Is Rwlv...
can't imagine this qe If without land sale and forex gain... still will make profit?? what about Q3...
genting I think need at least 1 or 2 years to recover...wait for the FLNG as well

Not expecting significant forex gain for Q3, Vin. Margins for GenS is stable and adjusted ebitda should pick up gradually with openings of upgraded facilities coupled with Jul and Aug tends to have high tourist count in Singapore. Las Vegas footfall cyclicality will impact RWLV performance and BODs has to operate efficiently to keep the margins up during low cycle/season; within their controls. Not a good investment if RWLV ebitda margin fails to recover to above 30 percent by next year.