Jack O's comment on GENM. All Comments

Jack O
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Just wondering what the New York State Gaming Commission would think if they saw how disappointed minority shareholders are of genting malaysia bhd which wholly owns resort world new york city about this privatisation process.
cheng
NGC couldn't be bothered with the privatization. NGC is more interested to have bidders bidding for the license. Genting has just exceeded 50% shareholdings of GenM which means the offer is now unconditional.
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KK WW LL
no, Genting Bhd only hold 49.999% in the disclosure.
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cheng
There should be PACs too right?
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Vin Vin
Cheng , do u think the takeover of genm will successful? base on the Genting acquired at the moment Abit slow...only 50.2%. ..seem like still got long path to go ....
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cheng
we will know before end of the year based on 13th Oct announcement date, Vin. As for the percentage, things can change pretty fast as we do not know who are the PACs and funds/insti decision.
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Vin Vin
if takeover failed... gent confirm will plunge
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cheng
I have doubts in the short term even if it is successful due to the debt financing, Vin. Analysts opinions are split between good offer against market price before take over offer vs not good for not considering successful bid of NYC casino license. 6.3bil of debt financing for the takeover offer is not a small amount given that GenS will be in net debt before 2030. One of the possibility that I could think of is that - to consolidate US assets and list it in US. All in all, it seems to raise lots of questions.
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cheng
Ratings agency on downgrade watch for Gent, Vin - https://www.klsescreener.com/v2/news/view/1605443
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Vin Vin
Tmr another plunge ???
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cheng
Not sure about plunge, Vin. I think other rating agencies will probably make the same credit negative conclusion. And most likely Gent will not issue dividend for Q4 performance either. It will plunge by then.
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Jack O
The building at Queens now already can housed 6000 slot machines. When that building was build the casino floor space is extra biggg to accomodate extra space liao . Once get licence, just remove 2000 slot machines, so have 4000 slot machines and 400 table games IN THE EXISTING BUILDING. No need build anything already can make EBITDA USD 800 mil. In their submission to the NY Gaming Commission they already forecast their potential revenue as USD2.2 million.Check other US news articles posted in US newspapers. Material news disclosures should be transparent between the US and Malaysia news available in public but what to do lah.

which means got casino licence , confirm can generate this revenue. ebitda USD 800 million with zero construction thats how the president resort world new york pitch to New York Gaming Commission. THE VERY FAST SPEED TO MARKET. HE CLAIM WITHIN 6 MONTHS OF AWARD LICENCE he up staff from 1000 to 5000 and 400 table games and 4000 slot machines ready by june 2026. HE SAY NOT I SAY…..so the usd 5.5b construction is in stages lalah….notuild from Day 1 of award lah….. nit fund usd5.5b from day 1 lah. YEAR 1 between july 2025 to june 2026….estimated ebitda based on comparable metrics and claimed revenue is USD 800 million. what funding problem ahh…? the problem is a big dinosaur wanna eat a golden egg. Pls check the US news…try new york post , more info about resort world new york than here lorr
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Jack O
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Jack O
at usd 800million and a ev/ebitda multiple of 12….means resort world new york city ent value is usd 9.6 billion or RM 42 billion. ent value genting malaysia now also say 12 multiple la only RM 36 billion ! what !!!
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Jack O
the valuation reports currently available in msia dont seem to take into account the HUGE potential of Resort work new york city.

make a guess how many tourists visit new york in one year? 60 million

msia trying 30mil ….

https://www.prnewswire.com/news-releases/resorts-world-new-york-city-submits-supplemental-7-5b-proposal-including-2b-in-community-benefits-for-full-commercial-gaming-license-to-create-largest-integrated-resort-in-the-us-302585369.html?utm_source=chatgpt.com
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Jack O
Wow one casino licence the press release say can make USD 4 billion per year. Thats RM 16 billion revenue per year !
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Jack O
genting revenue last year 2025 is rm 13 b
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Jack O
The current existing building of resort world new york houses6000 slot machines. when it was build the casino floor space was build extra big from the beginning .thats why in the proposal to the new york gaming commission , the speed to market was emphasised ie rwnyc can generate extra revenue asap. they just move 2000 machines away so bal 4000 slot machines and move in 400 table games and increase workforce to 5000…. by june 2026 the mgt of rwnyc say they will be ready to generate revenue kau kau…..so from july 2026 to june 2027…..they even pledge kah to new york state pay usd 1 billion gaming tax …?

funding no problem lah if u ebitda usd800 million per year. the build up is in stages not sekaligus lah….

list genting america….mamerica….marketbil-7b ? low ball…then genting malaysia owns 100% kan. wht funding problem
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cheng
Thanks, Jack. Attached is the supplemental information provided by RWNYC. Ooh boy... Pretty obvious its an aggressive modelling or assumptions used to lobby for the license - ggr, non-gaming revenue and taxes. Such aggressive assumptions are the exact downside risks with RWNYC expansion whereby lower ggr, lower non gaming revenue and higher taxes at the back of high capex coupled with NYC online gaming legislation that could undercut its revenue and steep downside to its valuation. https://nycasinos.ny.gov/system/files/documents/2025/10/gi1.rwnyc_.executivesummarysupplement.pdf
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