Genting Malaysia Dividend Surprises as Q4 2025 EPS Beats on Strong Cash Flow
Genting Malaysia dividend of RM0.05 (5 sens) is a cut on 2024 but much better than expected, suggesting strong cash position for Queens site redevelopment.
Genting Malaysia Bhd’s (GENM) Q4 2025 revenue beat expectations, at RM(Malaysian Ringgit) 3.218 billion ($823 million) against a forecast of RM3.12 billion, thanks to its Empire Resorts consolidation efforts.
Although GENM was not expected to outdo the 21.7% revenue growth in Q3 2025, the result points to US growth outpacing analyst modelling.
At the bottom line of the balance sheet, EPS and EBITDA both beat analyst forecasts, too.
The 2024 full-year dividend was RM0.15 (15 sen) per share. That has now been cut to RM0.05 (5 sen) for FY 2025. Still, the final dividend consensus estimates of 4-4.5 sen.
GENM’s results show there is a balancing act between the savings recognized from its Empire Resorts asset sale-and-leaseback plan and the RWNYC capex threat to the dividend. Dividends are under pressure because of the RM2.5 billion ($600 million) New York license fee.
It brings to the forefront the tension between the consolidation of the Empire Resorts buyout and the capex needed for the RM23 billion ($5.5 billion) redevelopment of the Queens site at Resorts World New York City (RWNYC), following its New York casino license win.
President and COO Dato’ Sri Lee Choong Yan set a confident tone on the earnings call:
“We are acutely aware of the ‘tug-of-war’ between our massive RM23 billion ($5.5B) redevelopment plan and our commitment to shareholders. Today’s dividend reflects our confidence that Resorts World Genting (Malaysia) remains a robust cash engine capable of supporting both growth and payouts.”
Empire Resorts Consolidation Savings Start to Show Up on the Bottom Line
In previous quarters, Empire Resorts was a drag on the “United States of America & Bahamas” segment. In the nine months to Sept. 30, adjusted EBITDA was RM 388.6 million.
For FY 2025, the segment’s adjusted EBITDA was RM519.8 million. That means the Q4 contribution equated to RM 131.2 million and underscores the savings showing up in the first full quarter of the Empire Resorts consolidation, following the savings from the debt restructuring.
EPS has been skewed to the positive by the ‘asset-light’ sale-and-leaseback of Empire Resorts’ non-gaming properties, while being negatively impacted by license costs.
So perhaps shareholders shouldn’t read too much into the Q4 EPS, or at least be aware of the noise. GENM sold a golf course and hotels for $525 million (RM2.2 billion).
A positive adjusted EBITDA beat consensus, but missed the estimates of the more bullish analysts. The EBITDA result will be seen as the early fruits of the empire consolidation and resulting improvements in finance costs.
| Metric | Forecast | Actual Result | Status |
| Revenue | > RM 3.12B | RM 3.218B | 🟢 BEAT |
| Adj. EBITDA | > RM 850M | RM 842.6M | 🟡 IN-LINE (Slight Miss vs Bull Case, Beat vs Consensus) |
| Finance Costs | < RM 185M | RM 178.5M | 🟢 BEAT |
| Core EPS | > 1.00 sen | 1.12 sen | 🟢 BEAT |
| Final Dividend | > 4.5 sen | 5.00 sen | 🟢 BEAT |
There is better news flowing from the Empire consolidation, where interest expenses have been trimmed after the redemption of the $300 million Senior Notes. The finance cost line on the balance sheet was lower at RM 178.5 million compared to RM185 million in Q3.
On the conference call, analysts will go fishing for more details on further reductions in finance costs going into 2026.
Empire Resorts Pays Off With Downstate New York License Win – But When Will Revenues Start Flowing?
Genting Malaysia acquired the remaining 51% of Empire Resorts that it did not already own in May 2025. The company’s rationale for the buyout was to strengthen its position on the US East Coast.
That strategy paid off in double-quick time when, on Dec. 15, it secured one of the three full commercial casino licenses awarded by the New York State Gaming Commission.
The Empire Resorts acquisition enabled Genting Malaysia to merge the unprofitable Resorts World Catskills with its money-spinner, Resorts World New York City.
Further, by seeking to put in place a unified marketing strategy together with Resorts World Las Vegas, it was concentrating the firepower to deliver dominance on the East Coast.
The other two license winners (Hard Rock and Bally’s) won’t be able to start operating on their greenfield sites until at least 2030. It means Genting has a first-mover advantage, even more so after MGM Resorts withdrew its bid in 2024.
Genting Malaysia intends to start operating live dealer table games in Q2 2026, with plans to have 250 up-and-running by year’s end, and 800 by 2029.
Such is the growth opportunity presented by the Downstate New York license that the parent company, Genting Bhd, made a RM2.35-a-share privatization bid for Genting Malaysia. The bid was rejected as being undervalued.
Capex Burden Means Net Gearing a Worry – GENM on Credit Rating Watch
But the opportunities come at a price. Closely watched on the earnings call was management’s guidance on the debt position, given the funds raised to make the $600 million license payment. On that, the debt-to-equity ratio (or net gearing) has risen from 0.87 in Q3 to 1.13.
Dato’ Sri Lee Choong Yan said: “We promised a ‘Clean Slate’ for Empire Resorts, and the Q4 numbers show we are delivering. The redemption of the $300 million Senior Notes has permanently lowered our interest floor, allowing the US segment to finally pull its own weight.”
The pro forma estimate for Q4, taking into account the license cost, Empire Resorts’ consolidation, and unfavorable FX, was 1.13, so this number is in line.
However, it is the company’s highest leverage in five years, and investors will need to stay alert for a possible credit rating upgrade from the credit agencies.
Also, regarding when revenue can be expected to start flowing from the 500,000 sq ft Queens site, guidance on the timeline for the first of the 1,600 new hotel rooms becoming available, as well as when the live dealer tables will go live, was eagerly awaited.
On that, Dato’ Sri Lee Choong Yan had good news for investors: “Securing the downstate license is the single most transformative event for this group in a decade. Our speed-to-market is our greatest competitive moat; while others are breaking ground, we will be dealing live cards in Queens by late March.”
Still, many sell-side analysts have rerated Genting Malaysia stock in a bullish direction.
Hopes that the privatization bid price would serve as a floor for the stock have not played out. The last time GENM shares traded at or above RM 2.35 was on 21 November last year.
The analyst consensus rating on the stock is a strong buy. The shares, which trade on the Kuala Lumpur stock exchange, ended the Thursday session unchanged at RM2.03.
| Period | Revenue (RM’m) | Consensus Forecast | Beat/Miss (%) | Adj. EBITDA (RM’m) | Consensus Forecast | Beat/Miss (%) | EPS (sen) | Consensus Forecast | Beat/Miss (%) |
| Q1 2024 | 2,764.90 | 2,750.00 | 🟢 +0.5% | 648.5 | 645 | 🟢 +0.5% | 1.02 | 1.1 | 🔴 -7.3% |
| Q2 2024 | 2,666.20 | 2,710.00 | 🔴 -1.6% | 770.4 | 740 | 🟢 +4.1% | 1.06 | 1.4 | 🔴 -24.3% |
| Q3 2024 | 2,749.10 | 2,780.00 | 🔴 -1.1% | 751.3 | 775 | 🔴 -3.1% | 10.04 | 2.5 | 🟢 +301.6% |
| Q4 2024 | 2,728.30 | 2,920.00 | 🔴 -6.6% | 711.6 | 780 | 🔴 -8.8% | -8.08 | 2.55 | 🔴 -416.9% |
| FY 2024 | 10,911.80 | 11,160.00 | 🔴 -2.2% | 2,881.80 | 2,940.00 | 🔴 -2.0% | 4.43 | 7.55 | 🔴 -41.3% |
| — | — | — | — | — | — | — | — | — | — |
| Q1 2025 | 2,595.20 | 2,640.00 | 🔴 -1.7% | 635.8 | 650 | 🔴 -2.2% | 1.28 | 1 | 🟢 +28.0% |
| Q2 2025 | 2,918.50 | 2,820.00 | 🟢 +3.5% | 782.4 | 750 | 🟢 +4.3% | 7.36 | 1.2 | 🟢 +513.3% |
| Q3 2025 | 3,357.80 | 2,760.00 | 🟢 +21.7% | 780.6 | 760 | 🟢 +2.7% | 2.11 | 3 | 🔴 -29.7% |
| Q4 2025 | 3,218.40 | 3,120.00 | 🟢 +3.2% | 842.6 | 815 | 🟢 +3.4% | 1.12 | 1 | 🟢 +12.0% |
| FY 2025 | 12,089.90 | 11,340.00 | 🟢 +6.6% | 3,041.40 | 2,975.00 | 🟢 +2.2% | 11.87 | 6.2 | 🟢 +91.5% |
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
