Genting Bhd (subsidiary issuer): GENS 1Q26 miss; RWNYC soft start; turning cautious on Genting

Research evidence excerpt

Genting Bhd (subsidiary issuer): GENS 1Q26 miss; RWNYC soft start; turning cautious on Genting

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Genting Bhd (subsidiary issuer)

GENS 1Q26 miss; RWNYC soft start;

turning cautious on Genting

Rating Change - Credit

GENS 1Q26: growth lagging; margin tight; risks ahead 18 May 2026

In 1Q26, Genting Singapore (GENS) posted total revenues of SGD608mn (-3% YoY / Global Emerging Markets | Corporate

+3% QoQ). Gaming revenue was -8% YoY / +11% QoQ to SGD403mn, and non-gaming Credit

revenue grew 6% YoY /8% QoQ to SGD204mn. Reported adjusted EBITDA was -25% Asia | Malaysia

GamingYoY / +6% QoQ to SGD179mn. Adjusted EBITDA margin compressed to 29% in 1Q26

from 38% in 1Q25 and flat versus 29% in 4Q25. Overall performance came in below our Xiang Gao, CFA

expectations and lagged key competitor Marina Bay Sands (MBS). MBS reported 1Q26 Research Analyst

Merrill Lynch (Singapore)

adjusted property EBITDA of USD788mn (+30% YoY /‑2% QoQ), with a higher and +65 6678 0941

broadly resilient EBITDA margin of 53% (vs 52% in 1Q25 and 50% in 4Q25). GENS’s xiang.gao@bofa.com

growth initiatives have yet to deliver as quickly as hoped, with management highlighting Suyang Lu

Research Analyst

geopolitical developments leading to higher supply‑chain costs, alongside potential Merrill Lynch (Hong Kong)

pressure on travel demand and consumer sentiment from elevated airfares. +852 3508 5066 suyang.lu@bofa.com

RWNYC: soft table-game start JingResearchPengAnalyst

Resorts World New York City (RWNYC) reported table‑game gross gaming revenue (GGR) Merrill Lynch (Hong Kong) +852 3508 3105

of USD4.9mn / USD5.0mn from its 242 tables during the first six days (Apr 28 - May 3) jing.peng2@bofa.com

and second week (May 4 - May 10) of operations, respectively. This translates to average Sirius Chan