Genting Berhad reported revenue of MYR6.51 billion for the three months ended 31 March 2025, down 12% year on year. Adjusted EBITDA fell 23% to MYR1.99 billion, with weaker performance across its leisure and hospitality operations contributing to the decline.
The results show weaker casino and resort performance affecting Genting’s group revenue and earnings.
The day’s most important stories, free. One email a day.
Fitch said Genting Berhad’s proposed perpetual securities would not by themselves remove the risk of a ratings downgrade, with the group’s outlook remaining Negative. The agency said it would count the securities as half debt and half equity, lowering leverage from 5.5x to 4.8x, but characterised this as accounting relief rather than cash debt reduction.
S&P Global Ratings revised its outlook on Genting Group to negative, citing continuing and planned capital investment in New York and Singapore, according to a report. The agency said Genting’s 2026 capital expenditure could double from RM6 billion in 2025, while its debt could rise towards RM35 billion by 2028 from RM21 billion in 2024.
Moody’s downgraded Genting Berhad and two subsidiaries, citing debt associated with the takeover of Genting Malaysia and further spending required to pursue a commercial casino licence in New York. Moody’s described Genting Berhad’s financial position as weak, while the company is expected to benefit from an early position in the New York market.
Moody’s downgraded Genting Berhad and Genting Overseas Holdings from Baa2 to Baa3, and Genting Singapore from A3 to Baa1, citing increased debt tied to the Genting Malaysia takeover offer and expected New York casino spending. The agency assigned stable outlooks and projected Genting Berhad’s adjusted debt-to-EBITDA ratio at 4.9x in 2025 and 4.8x in 2026.
Genting Bhd’s offer for the shares it does not own in Genting Malaysia became an unconditional mandatory takeover after its open-market purchases crossed Malaysia’s 2% threshold. Its stake reached 57.008%, and the offer period was extended to 5pm on 1 December from 5pm on 24 November; the highest price paid did not exceed the MYR2.35 offer price, the company said.