Q2 is April to June 2026. These are wealthy individuals (just by consistently holding the 3 big Singapore banking stocks) with VVIP and Premium gaming status. Of course, the Mass market gaming downstairs is doing well but for gaming industry VVIP hold rate is more important.

Is this a good result ? Gaming revenue continues to drop in Q2 2026 despite comparing with a very weak Q1 2026 and 1H 2025 financial results. Impairment on gaming receivables very high indeed. Non gaming results will of course improve QoQ in 2026 and 2027 in view of the completion of Weave and RWS transformation 2.0. Going forward, it will involve significant additional cash outlay and high depreciation charges.

if you looked at yoy, margins are eroding. if you looked at qoq, margins improved a lot :) Both are true. 2 consecutive quarters of improvement in adjusted ebitda and margins. A 3rd consecutive higher adjusted ebitda margin in Q3 means the heavy investment in GenS is working and not just for show.

Of course the EBITDA will improve (initial visitations) based on the heavy investments but still inadequate in relation to the ROI. In addition, it is in non gaming instead of in gaming. Gens committed to an ongoing S$6.8 billion multi-year redevelopment and expansion program for Resorts World Sentosa (known as RWS 2.0) in order to satisfy regulatory expectations, casino licence renewal and maintain its integrated resort destination status. The cash position will be used up in due course.

ermm... maybe i can add some clarity here, assassin. Adjusted ebitda definition in the report itself - is based on a measure of adjusted earnings before interest, tax, depreciation, amortisation and share of results of joint venture, excluding the effects of share-based payment, net exchange gain/(loss) relating to investment business and other income/(expenses) which include but not limited to write-off/ gain/(loss) on disposals of property, plant and equipment and intangible assets, fair value gain/(loss) on financial assets at fair value through profit or loss, preopening/development expenses and other non-recurring adjustments. Which means, revenue minus operating cost excluding those items above. While qoq (q1fy26 versus q2fy26) revenue is flattish, qoq adjusted ebitda and margin jumped double digit. It means revenue mix is on the higher margin side and operating cost is on the lower side. As for yoy (H1fy26 versus H1fy25), adjusted ebitda was lower by single digit though revenue was flat due to the operating cost are all rising for H1fy26 - salaries, employees CPF, utilities, repair and maintenance and etc - makes sense due to ramp up of The Laurus, Weave, Minion Land. basically, lower adjusted ebitda yoy not bcos revenue shrank per se but due to operating costs related to the ramp up of RWS2.0 attractions. So, yoy (H1fy26) numbers showing the cost of LKT all in GenS (RWS2.0) while qoq (q2fy26) numbers showing early sign that LKT might be winning.

you will see a better picture by using the 6 months results (H1FY26) minus the Q1FY26 results, daniel. In this case, gaming defended pretty well in q2 (401mil) versus q1 (403mil) while non-gaming q2 (194mil) versus q1 (204mil); overall lower by less than 2%. My personal opinions is that revenue mix on the higher margins side for gaming and non-gaming and lower operating cost; hence, higher adjusted ebitda despite flattish revenue.

there is a catch with regards to gaming revenue, daniel. its a combination of two parameters - rolling chip and hold rate. not possible for retailers to determine good or bad. analysts will probably have that information as they have access to the mgmt. it can be lower rolling chip higher hold rate or higher rolling chip lower hold rate which give you the same revenue number. hold rate is beyond mgmt's control as that is up to the VIPs' luck. Mgmt can influence the rolling chip by attracting more VIPs to gamble in GenS instead of MBS :) VIPs rolling chip + hold rate can send the revenue number to both extreme ends

Cheng, from my observation, ever since the gaming revenue dropped from 2024, GenS share price has never recovered above $1. The drop in the gaming revenue directly correlates to the decrease in EBITDA. As for the hold rate will almost even out over a period of time, the main culprit is definitely the rolling chip.

my personal expectation is just mid to high thirties adjusted ebitda margin, daniel. q2fy26 adjusted ebitda margin for gens is at ~35%. same expectation for RWLV and RWLV is at high single digit now. RWLV adjusted ebitda margin was at 1% back in q4fy24.

快線水上 慢線水下 下峰鎖定 上峰稀缺
上軌運行 仍是看多 桂狀圖青色 行情未變 陰跌轉上後的震盪向上 慣性未來可期

洗盤嗎？回調買上漲嗎？追漲不殺跌 利益最大化 就像買菜乎 求益也
小賺離場者命理有時終須有 命理無時莫強求 持股待漲者 學而時習之 非一般凡人

The Las Vegas Strip area where RWLV is located, delivered 7.75% higher yoy performance from Apr’26 to Jun’26 compared with Apr’25 to Jun’25, while RWNYC’s weekly table-games hold rate has consistently remained above 19% compared with the initial 13-17% in the first 3 weeks of launching.

July tourist arrivals for SG is out :) Solid 1.63mil visitors, highest for 2026 with avg length of stay of 3.4 days. Q3 performance is off to a great start. New York / Nevada gaming commission ggr data typically lags by 1.5 months. Hence, RWNYC and RWLV ggr trending for July and Aug will be available by Sep and Oct.

Cheng, My Singaporean friends told me that the crowd in GenS was exceptionally high over the weekend due to China summer holidays and Indonesia long weekend public holidays in August (15/8-17/8) although VVIP gaming area was really quiet in July 2026.

thanks, assassin. saw the remarks from analyst that VIP gaming is picking up actually - q2fy26 VIP volume recovered 21% qoq and drove VIP volume share to recover to 36% from 19% in q1fy26 and q2fy26 mass market ggr inched up 2% qoq and drove mass market ggr share to recover to 27% from 26% in q1fy26.

Without active buying by Foreign Funds, it is difficult to go up significantly (unless QR exceptional) since local GLCs heavy weight investment funds cannot buy. Foreign funds are still exiting Malaysia equities in 2026 and still continuing way into Q3 to date in August 2026. Also, Budget 2026 nearing and will always have the risk of higher gaming tax and political considerations.

Tourists arrival increasing in July 2026 but the gains in Singapore have been heavily skewed toward MBS. VVIP gaming in RWS was exceptionally quiet in July 2026. Only spillover effect on weekends in August 2026 when MBS occupancy at 100%. The competition between the two casinos in Singapore is likely to remain intense. RWS will lose the battle and even more market share if they continue with their cost cutting exercise to cut the perks for their VVIP customers as their high rollers will opt for MBS instead due to the close proximity within Singapore.

Exactly but wealthy high rollers have the added privacy of private rooms. This is the segment that contributes to the gaming profitability. MBS must be doing it right to be able to garner more VVIP market share from RWS on YoY basis.

time will tell whether Singapore's gomen plan with regards to Greater Sentosa Master Plan will meet its objectives of integrating the development of Sentosa with the neighbouring 120-hectare (200,000-square-metre) Brani Island, creating an expanded tourism precinct featuring new landmarks, reimagined beaches and coastlines, enhanced transport infrastructure and a stronger emphasis on nature-based experiences.

GenS will not have the financial resources to embark on expansion to Japan at present. US assets listing is the only way forward for Genting Group. With the additional financial resources available, they can then made RWS property more premium and more appealing to higher-value customers before MBS completes their Tower 4 expansion. There are very few casinos that have the financial muscle to buy out RWS at fair valuation currently based on casino duopoly in one of the world’s top gambling venues.