at this juncture, I personally will not trust the BODs as they have poor track records of making poor investment decisions or rather destroying value. It is what it is :) Latest decision for not issuing dividend driven by growth and managing debt. That's what the BODs said. Personally for me - I will believe it when I see proof in the balance sheet in future QRs - net debt, adjusted ebitda and margins. They can spend all the capex dollars, but if the returns from those investments do not make a meaningful impact on the balance sheet, it is once again destroying value.

Singapore's visitor arrivals in Jul increased by 34% compared to Jun. Aug should be equally good as Jul and Aug are seasonally strong months for visitor arrivals. All eyes on Q3 and Q4 performance for GenS; should be showing signs of recovery barring any unforeseen delays.

Hoping to see at least 800 mil adjusted ebitda for GenS, Vin. Ideally, should be marching towards 1 bil adjusted ebitda by early next year. As for RWLV, nevada ggr for July is good - Nevada GGR rose 4% to $1.35 billion. On the Strip, revenue jumped 5.6% to $749 million. Hoping to see at least 100 mil to 150 mil adjusted ebitda for RWLV and ideally 1.5x of overall GenM US assets adjusted ebitda by next year with margins above 30%.

Rwlv seem very weak...
EBITDA 2025
Q2 18m usd
Q1 4m USD
hope can recover back to 2023 which was 80m to 100m

I am seeing adjusted ebitda of 47mil and 82mil for Q1 and Q2 with margins slightly above 10% while GenM US assets at ~110mil with margins at 20%. Recovery for me will be 1.5x of GenM's US assets and margins to be above 30%. Hence, I will add position if next QR showing RWLV delivering at least 100 mil adjusted ebitda and margins inching up higher.

True as a lot of money invested in RWLV and I would expect the margins to be at min 30%. It's showing improvement qoq since Q4'24 and hopefully the momentum will continue for RWLV. I would expect Q3 and Q4 to be better for GenS and RWLV; marching closer towards ideal targets. As for GenM, lower interest expense as 25 basis point interest rate cut is expected in two weeks time. Not much impact to its adjusted ebitda but net income and cash outflow should be better. Two rate cuts expected this yr.

Sir Cheng , any update on the rw Catskill deal with Sullivan county? today is the last day to deal with ? or maybe call off again ??
Once fed reduce the rate possible will help genting a lot too .. what I knew...gent got around 4.9b USD debt

Didn't get any latest information with regards to the funding for the purchase, Vin. These were the last update - A high-yield municipal bond transaction that would fund the purchase of businesses related to a casino in upstate New York has been delayed, people familiar with the matter said. The unrated deal, managed by KeyBanc Capital Markets, was expected to price on Aug. 27, according to investor roadshow documents. The transaction has been postponed for the hiring of legal counsel to advise investors in the transaction, said the people, who were not authorized to speak publicly because the matter is private. The move is known in the market as the hiring of purchaser’s counsel.
Proceeds of the sale are expected to fund the purchase of the non-gaming businesses at Genting Group’s Resorts World Catskills in Sullivan County, New York.

My guess is that the reason Genting is not paying dividends is related to its bonds. Genting’s net debt has been rising, and the projected capex in the coming quarters is expected to be heavy. I guess Genting may intend to issue new bonds to supply to its Capex, but due to its leverage level, the cost of those bonds would be quite high. so they onhold dividends to improve cash flow.

The latest report showing all the cash generated from ops went into capex for ppe and repayment of borrowings, Mirai. RWS 2.0 capex requirements will be substantial and RWLV optimization and improvements to attract VIPs will be critical to its recovery. Some signs of improvement in the latest qtr performance and barring any unforeseen circumstances, second half will be better given F1 and other events/convention. As for potential new bonds, it pretty much depends how the cash from the bonds will be utilized. Its either end of the spectrum - bad if the proceed is being used for capex as that will increase net debt / leverage; against the reasons for not issuing dividend which is support growth and pare down borrowings. Good if the proceed is being used to replace / refinance higher cost debt; net debt remains flat while debt maturity increases with better rates. Small retail investors will have to observe and weigh the decisions made by the BOD before blindly buying/adding. Funds/insti will be watching closely too and they are the "chart maker" given the resources they have :)

It should move up gradually until risks start to appear in the earnings or balance sheet, Vin :) July's numbers for tourist arrivals in Singapore and Nevada/the Strip ggr showing good numbers, 25 basis point interest rate cut in Sep and highly possible another cut in Dec; making it two cuts in 2025. Q3 and Q4 GenS and RWLV should continue to show improvements qoq.

It's an experience and you will be better, Vin. Hopefully it's a worthwhile wait for us. I joined last year after hard rock hotel closure. Still managing the position on hands based on the performance. Was hoping to see some signs in Q2 results; a year after Hard Rock hotel was taken down for refurbishment but Laurus was delayed to Oct. Look forward to Q3 and Q4 then.

Sounds favorable! Agreed! However, concerning Hard Rock and Laurus...the cost exhibits a substantial disparity... I've lodged at Hard Rock previously... approximately 1.2k MYR plus, whereas Laurus caters to a more affluent client...entailing a nightly minimum of approximately 1.5k SGD...Hoping Genting initiates dividend payouts once more in Q4...otherwise, it might struggle to entice numerous investors.

Yes it is luxury all suite hotel and hopefully providing a great customer experience for the casino VIPs. As for dividend, I can accept it as long as it's showing net debt coming down qoq and adjusted ebitda going up. I cannot accept it if no dividend was issued bcos of additional investments on GenM's US and Bahamas assets; makes no sense to invest on these assets instead of focusing on MY assets, RWS and RWLV.

Pg12 showing the strip area performance where RWLV is located. July performance is surprisingly good especially baccarat :) Sep, Oct and Nov should be strong too - The NFL season, which is a huge sports betting and overall tourism draw, kicks off this Thursday. The MLB playoffs start 30 September and the NHL and NBA seasons begin 7 October and 21 October, respectively. The third annual Formula One Las Vegas Grand Prix, a huge event for international travel specifically, is set for 22 November.

you are welcome, Vin. favorable external headwinds currently - interest rate cut in Sep and possible another in Oct/Dec, not expecting negative surprises from forex due to interest rate cut, second half happenings for RWS and RWLV which will impact tourism positively.

that's a tough question, Vin :) The answer pretty much depends on leisure and hospitality segment since there are other segments like plantation, power, o&g, property and others. My take is that quarterly adjusted ebitda has to be at ~1.9 bil for at least a breakeven qr and preferably leisure and hospitality segment contributing most of it :) Ideally - GenS (1 bil), RWLV + GenM US segment (300 mil) + MY (600 mil). Anything higher than these numbers while other segments are generating positive adjusted ebitda will resulted in Gent reporting positive profit. The 1.9 bil estimate came from pg19 of Q2 report (depreciation + finance cost + impairment) + taxation from pg1. Q1 showing similar number and safe to assume 1.9 bil is the breakeven point assuming everything else is 0 :) Hence, the information in pg19 is always the first thing that I will look at for Gent's report.

RWLV adjusted ebitda picking up, Vin. From Q4FY24 to Q2FY25; qoq for the last 3 qtrs. It's slightly more than 80mil now while GenM' US Bahamas at slightly over 100 mil. Ideally, RWLV has to be at 1.5x of GenM US Bahamas segment. Q3 should be over 100 mil for RWLV barring any unforeseen circumstances.

When profit margin improving n back to level of 2023- early 2024, without forex n disposal land Genting will make profit too. Malaysia operation should be normalise by Q4 25, Singapore will be improving started from Q3 n should be normalise by Q1 26, US will be improving started from Q4 n should be normalise by Q1 26, UK mostly flat. Let see when market will re-rate them hopefully by Q4 by looking at the forward earning. Many things will be happening in Q4 let wait n see

There will be around 8 catalysts to push the price by 1 Dec 25 . If all these unable to bring it back to 5, uncles lim need to convince the investors with Q4 25 result in Feb 26. Logically thinking, I don’t think the funds absorb the selling on 26/8 choose to quit unless somebody willing to buy from them but definitely not penny retailers哈哈哈哈。 Let wait n see timing just nice n need little bit patience n holding power. Book value of 0.36 is extremely low for a giant as it tend to enjoy book value close to 1 in the past.

thats right, Vin. No dividend for growth + lower net debt is acceptable. Growth on RWS + optimization on RWLV and MY assets will be good but not GenM's US assets. I would prefer return to shareholders as dividend / share buyback instead of spending on GenM's US Bahamas assets. As for Taurx, there is no decision from MHRA yet.

positive volatility expected in 8 to 10 days time - 2x interest rate cut this year with the first one expected on 17th Sep, triple witching day on 19 Sep and coupled with happenings in Singapore and Las Vegas for the next few months.

The price movement can be manipulated by the Big player but one thing for sure the valuation is extremingly attractive by looking at the book value and the future earning especially Q4 and onward. All the strategies by the management is to improve profit margin n traffic (volume). Let be patience n wait to see. Some ppl not happy as they cannot get their dreaming price 2.5-2.6. God bless you all the best.

it has been downtrend since 2018 when it started to invest more into US biz. would US biz really turnaround or still require the Asean biz to pump more money to bail the US out? earning in Ringgit and SGD but ro bail out a USD biz. That s the fundamental issue with Genting

1st watch the Catskill deal, it is still on wait lawyer to review their supporting doc. Once approved by investor, Empire city will be profitable next year. Las vegas casino watch their profit margin n revenue in Q4 onwards, many efforts has been done to attracts high value customers n traffics to the resorts. To archive breakeven Las vegas need ebitda around 50-60M USD. Q2 Right now 18M. By Q4 estimate they can archive 30-40M. By end of 2026 hopefully LV can breakeven. Let wait n see if they run it the right way LV can archive more then 100M USD ebitda as most of the top 10 casino can do it in range from 80M-300M USD, so do RW.