Genting Berhad proposed a renounceable rights issue targeting MYR1.25 billion in gross proceeds, the company said in a filing. It plans to use MYR800 million to repay borrowings due within 12 months, MYR429.5 million for working capital and MYR20.5 million for expenses; Lim family entities have committed to subscribe for 45% of the issue.
The proposed raise would address upcoming debt repayments and provide working capital for Genting.
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Fitch Ratings lowered Genting Berhad’s long-term issuer default rating to BBB- from BBB, with a stable outlook, citing casino expansion spending in New York and Singapore and a slower earnings ramp-up in New York. Fitch expects average annual capital expenditure of MYR9.2 billion between 2026 and 2028, while net leverage is forecast to remain above 4.0 times for the next three years.
Genting said financing is in place for the Resorts World New York City expansion in New York, without disclosing the funding structure. The company put the total investment at $5.5bn, including $1.1bn already invested and $4.4bn in new capital expenditure, with the expanded property expected to be completed by 2029.
Ten Queens lawmakers urged New York Governor Kathy Hochul to intervene in a dispute over Resorts World New York City’s slot tax rate. The casino pays 56% of slot revenue, while the New York State Gaming Commission says a separate horse-racing funding obligation could add 16 percentage points, taking the combined rate to 72%; the additional payments would total about $150 million annually over 15 years.
Genting Malaysia recorded MYR27.0m in profit for Q2 2026. The result followed a MYR25.2m loss in Q1 2026 but fell below the MYR398.1m profit recorded in Q2 2025.
It was reported that Genting Malaysia began dissolving its Macau-incorporated subsidiary. The entity had unsuccessfully bid for a Macau gaming concession in 2022.