Kyory Lau's comment on GENTING. All Comments

Kyory Lau
18 Like · Reply
Nice oversold. Technical rebound anytime coming week
TikiTaka
the war has caused high inflation and everyone is affected, even the fury rich ppl at Dubai and thier sorrounding. will caused less spending power , entertainment business will be affected.
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cheng
Gent's business is far more resilient versus the external headlines :) however, top line growth did not translate to bottom line performance over the last few fiscal years. Margins contracted despite revenue expansion if you will.
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Eddy Khoo
surprisingly quiet on America biz and progress.
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cheng
its fishy the fact that boss/insiders did not make a move despite the huge conglomerate discount. Empire's 300 mil bond expiry is a high risk as no news on the deal. How will GenM fund the 300 mil or will GenM use the opportunity to restructure empire through default/bankruptcy? Continue to stay away and be cautious.
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Jackie Tan
cheng 不算高风险帝国已经不是独立个体 他们已经和拼有RWNYC支持
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cheng
it will be a new low for the mgmt if they were to opt for the default/bankruptcy route for Empire, jackie. How they have transferred the stakes from Kien Huat to GenM and to end up defaulting. RWNYC higher licensing fees and taxes for slots & table games too.
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Jackie Tan
这两个是互惠互利的帝国税比较低 谁那么傻要给他倒闭不是倒米吗 一个是10% 一个是30%
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cheng
Empire will not be able to redeem the 300mil bond as they do not have the cash to do so. The money has to come from GenM and Gent if the mgmt decides to continue holding it. Catskills and Hudson Valley are just 45 mins apart and cannibalisation of footfall traffic is a norm. Unlikely to see growth in these assets.
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cheng
RWNYC getting ready for the phase 1 launch with dealers training in progress it seems - Resorts World announced plans to be the first casino in New York City and the first to offer live-dealer tables. It is backing its announcements with concrete actions. As I walked into the lobby, one of the first things I noticed was a very busy hall full of people huddling around about a dozen game tables of different kinds. But I noticed they weren’t gambling. The sign on the door made it clear to me; it read “Dealer School.” https://cdcgaming.com/commentary/inside-americas-casinos-stop-1-new-york-city/
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1 Like · 1 week · translate
Vin Vin
Sir Cheng , how about FLNG ... I hope FLNG can start as soon as possible since the price will be high now ...haha...
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cheng
Previous estimate was first drop end of this year but there are reports in O&G news that Wison will deliver the FLNG by Q1'27. That is the FLNG part; the LNG production; midstream if you will. Two other parts - (1) the onshore Kasuri block facility readiness for gas extraction status is unknown; upstream (2) didn't see any announcement from Genting on the gas sales agreement/contracts with international buyers yet; saw some news on on-going buyers discussion though.
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cheng
Realistically, it should be by 2027 since FLNG will be delivered by Q1'27 assuming the other two parts are on-going concurrently and no delays in all 3 parts. May want to take note of the capex requirements for the upstream gas extraction facility readiness too. However, Genting has PsC with Indo gomen and it has cost recovery mechanism in it - Genting can recover the capex cost and balance profit to be split with Indo gomen.
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Vin Vin
I thought start at Q2 2026... then need to wait another 9 months... for the FLNG .. taurx seem like reject too... took few years still haven't approve.
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cheng
First drop was initially targeted by this year, Vin. But I saw Wison's news on delivery of the FLNG by Q1'27. Hence, I believed it will only be possible to have the first drop after the delivery of the FLNG and assuming the onshore facilities are ready too.
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cheng
Extracted the update from the last qr report - The construction of the onshore gas processing plant is continuously facing some challenges due to the remote location. This gas processing plant will offtake the raw gas from the upstream Kasuri block and process to treated gas which will be sent for further liquefaction process in the floating liquefied natural gas (“FLNG”) facility located 7 kilometres away from the shore. The construction of the FLNG facility in China shipyard is progressing as per expectation, achieving slightly more than 70% completion of construction to date. The project financing discussion with a group of regional and international lenders are in progress, pending the GSA, which is targeted to finalise in 2026. The Group has an arrangement with an established international third party to explore and pursue future business opportunities within the energy sector
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Jackie Tan
你们应该专注GSA deal 这个才是重点 catskills 好像确认了是不卖了继续全资持有 他们会用资产抵押融资
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cheng
the other two components that I mentioned were derived from the report if you will. The Q1'27 for the delivery of the FLNG by Wison was from separate news that I saw from the O&G online news.
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Jackie Tan
cheng 云顶估计玩着闭环 从上游开采探测天然气(上游)到卖天然气 (中游)再到下游 (燃气发电厂)股东大会你们去问问
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cheng
GSA is the easy part, Jackie. The tough one will be the onshore facilities. Imagine gas extraction facility onsite (onshore / land) and then extracted gas to be routed from the site to the FLNG offshore for liquefaction via long piping passing through land and ocean. As for Catskills, can you share the news of confirmed not selling? What I saw is just Empire is negotiating with a US bank to secure refinancing for the 300mil bonds expiring this year. What it meant is that the bond will be redeemed using the financing from the US bank.
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cheng
Empire and its affiliate, Genting New York LLC ("GENNY"), are in the process refinancing the obligations secured by the Prior Mortgage pursuant to a Credit Agreement among Empire, GENNY, Wells Fargo Bank, National Association ("Wells Fargo") and certain other affiliates of Empire and GENNY and the lenders party thereto (the "2026 Refinancing"). Up to $300,000,000 of new credit facilities to be obtained in connection with the 2026 Refinancing will be secured by one or more leasehold mortgages to be granted by MOC, ERREI and ERREII in favor of Wells Fargo, as collateral agent for the benefit of the lenders, on RWC (the "New Mortgage"). https://www.sullivanida.com/wp-content/uploads/2026/04/IDA-Agenda-Packet-4-13-26.pdf
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cheng
I dont have any position in Gent at the moment, Jackie. Will not receive invitation to the AGM :) The problem with the mgmt - they dont communicate timely and kept shareholders in the dark. Retail shareholders will have to comprehend the latest status from external sources / information from the web.
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Jackie Tan
cheng 看起来是简单但是gsa其实就是最关键的 如果没gsa deal 银行不融资这个项目会占用云顶很多资金需要内耗onshore是时间问题 有了gsa 银行肯融资就不关云顶事了因为占用银行资金
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cheng
I can understand where you are coming from, jackie. I do not think sales agreement is the difficult part as long as Genting has the gas ready and pricing/timing is right for Genting and buyers. The biggest challenge is still getting the gas ready. Genting being Genting - you can expect the timeline to keep changing. Lol, no pun intended.
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LIAW SIN YI
我真的衰运买了这个股。。。。。
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Lee Jason
sunSun好介绍啊!哈哈哈
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Lee Jason
最近没来吹,他可能偷偷卖了!哈哈哈
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LIAW SIN YI
哇靠来的。。。。。。。
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Eddy Khoo
don't be so pessimistic. there s still hope in June and see what s next. whether Genting is a gold mine or a pig butchering scam.
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sun Sun
什么事,我也是买在这价钱啊!才买不到2个星期,我都说了,要等三到6个月
如果你要快你上云顶赌百家乐吧
1 Like · 1 week · translate
Lee Jason
买股买到要吵架,好心你退出股票市场啦!
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Js Lee
sunSun这条瓜怎么到处惹事给人骂的?
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cheng
Hopefully Gent will not be the story of The Goose That Laid the Golden Eggs, Eddy.
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Vin Vin
let's pray for gens Q1 2026 Ebitda can hit above 220m.... last qe...very bad...below 200m EBITDA
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cheng
revenue in q4'25 fell compared to q3'25 for all leisure and hospitality segment except RWLV, Vin. US assets were the usual culprit when it comes to ebitda margin. GenM's US assets - margin contraction despite revenue growth for 2nd half of 2025 compared to 1st half while RWLV - both the revenue and margin contracted for 2nd half of 2025. GenS and MY assets ebitda margin were still at 30% and above range throughout 2025; thats the minimum standard for me personally and anything below is not good. US assets are far off from 30% (single digit to below 20% range) despite huge amount of invested capital.
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Jegan Dorairaj
always tis lady direct to. wrong pathway
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Jackie Tan
cheng 观察力很好 ebitda margin的确低 rwlv 3billion revenue 才拿到239m ebitda ebitda margin 是少过10% 排除掉rwlv 整体u.s segment ebitda margin会是18% 以上 之前合规案害到rwlv很难经营VIP 这个算是管理层的失策没做好Due diligence请到有问题的ceo 在这之前2023 4billion revenue 800m ebitda ebitda margin是20%以上
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cheng
been tracking the details for some time, jackie :) hence, my baseline is min 30% ebitda margins for high capex assets. anything less than 30% is bad; poor returns and capital misallocations.
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cheng
Mar's performance for GenM's US assets (RWNYC, Catskills and Hudson Valley) were better compared to Jan and Feb. Resorts World Bet data is no longer updated by the gaming commission as it has been closed mid of last year; could not penetrate the market it seems as it is one of the lowest contributor in NY sports betting market. less than 100 mil contribution in a 20 bil sports betting market. https://gaming.ny.gov/revenue-reports
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Vin Vin
Sir Cheng look at genm latest news .. after sbb .. gent own 78.30%
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cheng
where's the news, Vin?
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Philip Ooi
Vin, that was assuming fully sbb. Currently still 73.86% right.
Cheng, may refer Genm Proposed sbb notice
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cheng
Phillip is right, Vin. It's the usual proposal in the AGM.
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boy boy
Cheng mind to ask So, will this SBB deal help Gent's acquisition of Genm?
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cheng
It's been a while since GenM carried out share buyback, boy2. What I meant here is actual share buyback and not just approval for share buyback. Gent's percentage of shareholding will increase in this case bcos share buyback is basically reducing the total free float shares; parked as treasury shares if you will.
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Vin Vin
Cheng , what I know once Gent own above 75% ...need to suspend and delist right??
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cheng
In general, GenM will have to announce that it is not meeting 25% public shareholding spread requirement; non-compliant if you will, Vin. And if Gent intends to delist GenM, EGM will be called to vote for the delisting - The proportion of shareholders or holders objecting to the delisting must not be more than 10%. Exit offer for the shareholders will be tabled in the meeting too. Additionally, Bursa may also consider lower public shareholding spread in some cases; depending on the liquidity.
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Jegan Dorairaj
they don't care the top mgt KEEP on bag big big salary in use in millions
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Vin Vin
hope during AGM will call for delist genm...if not gent hard to move up
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cheng
Indeed, Vin. And list US assets separately. If not, they have to scale down the investment in US - sell poor performing US assets. Starting with Bahamas and followed by Catskills and Hudson Valley.
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Vin Vin
I will attend their AGM on this coming June..
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cheng
Alright. Will be good to ask the Kasuri block onshore facility readiness for gas extraction and transportation to the offshore FLNG docking point - how many percent and timeline for completion. The offshore FLNG construction is at 70% as I read it from O&G online news and will be delivered by Q1'27. The leisure and hospitality part will probably be asked by others. As for TauRx, can press the mgmt for more transparency especially on whether has TauRx responded to all the questions from UK MHRA.
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Jackie Tan
cheng 美国市场会是下一个重要引擎 他们不能卖卖了他们在美国就没优势了 赌场是靠reward
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cheng
the results over the years speak volumes about the performance of each US assets, jackie. No doubt its the biggest market, however it is also crowded. High competition, stable but low growth market. Resorts World Bet is a good example - 20 bil sports betting market in NY, and RWBet contribution is less than 100mil. Las Vegas Sands exited US market entirely to focus in Macau and Singapore; they are doing really well if you will. RWNYC, Catskills and Hudson Valley are pretty close to each other too. Additionally, there is also the growing push for online gaming and NY online gaming legislation is underway.
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1 Like · 6 days · translate
Man Han
Me too... I will attend agm this year!!!!
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Man Han
I want to fucking ask why your share can drop from 2.90 to 2.38 in 1 month time!!! Can all director salary and allowance freeze until price going up to 2.90!
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cheng
Insiders lari kuat2 due to performance bomb in previous qtr, followed by war which dragged down the overall sentiments and squeezed out margin holders the last 2 weeks of Mar.
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cheng
lets see whether the prospect of potentially included into KLCI50 will be attractive for insiders/funds. You can expect index funds to be active for sure.
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John Liew
Blame Iran war lo
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cheng
If Gent wants to secure a spot in top 50, it needs to start moving up and increase the market cap to above 11bil.
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Eddy Khoo
that would be around rm3
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cheng
that's right, Eddy.
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Ah tai Sukoyi
Ah tai want SBB all .. then private ?
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cheng
not much changes in terms of total shareholdings held by the top 30 for Gent in AR2025. Some exited some joined some increased and some reduced. two big funds exited with more than 20 mil each but interestingly, two individual popped up in the top 30. One with 27.6 mil shares and the other with 7.7 mil shares. Rare to see individual names popped up in top30 for Gent.
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Vin Vin
Sir Cheng possible will approve soon ? The article make my eyes blurry... and share price too :+(
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cheng
TauRx did not publish the complete list of request from UK MHRA and that makes it difficult to anticipate, Vin. But I believed this paper is the key action item given the complication for the primary endpoint in the previous clinical trial results. And I noticed there are citation count to the paper which is good; meaning reviewed and cited by others. TauRx seems to be confident and plans in place if they were to receive maa - Should the company receive marketing authorisation, TauRx’s ambition is to launch its potentially transformative treatment for dementia from the north-east, which would make it the first independent biotech company in Scotland to launch a major drug treatment across the UK. https://taurx.com/news/industry-news/thriving-life-sciences-sector-under-the-microscope-as-taurx-bosses-meet-scotlands-first-minister
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1 Like · 3 days · translate
Vin Vin
hope everything go smooth..
thx alot Cheng !
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cheng
My personal opinions for the share price - seems pretty obvious that there were forced selling at the last week of Mar. Have not seen strength since then until now (no action from boss/insiders/funds). I am still waiting for them to take action first.
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Eddy Khoo
yet to revert formally to UK MHRA even after almost 7 months. there could be complications in the data gathering and have exceeded the 6 months time frame.
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Philip Ooi
Genting launches US$1.5b buyback offer for 2027 notes. https://theedgemalaysia.com/node/800581
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cheng
Thanks, Philip. Gent trying to refinance the USD1.5bil notes expiring in Jan'27 - settle old Notes (Jan'27) with new Notes (longer maturity). Extracted the following from the doc - Rationale for the Offer: The Issuer is making the Offer as part of a refinancing exercise. The Offer, together with the concurrent proposed new issue of U.S. dollar denominated securities (“New Issue”), is intended to extend the Guarantor and its subsidiaries’ (the “Group”) debt maturity profile.
Financing Condition: The consummation of the Offer is conditional upon the Group obtaining available funds through the New Issue, which funds are sufficient to pay the portion of the Purchase Consideration and Accrued Interest Payment with respect to all validly tendered Notes to be accepted for purchase by the Issuer.
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1 Like · 2 days · translate
cheng
This is the 2nd refinancing news thus far. The first one was the Empire Resorts 300mil bond expiring in Nov'26 and will be refinanced via credit facility by Wells Fargo it seems. Another USD denominated notes to be "refinanced" in 2027 will be ~700mil RWLV term loan expiring in Oct'27. Thereafter, Genting RMTN and Genting Capital MYR denominated notes which is slightly more than 2bil will have to be "refinanced" too.
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cheng
Details of the notes and expiry dates can be retrieved from the 2025 annual reports under notes 36 for borrowings. In summary, 2026 and 2027 expiring notes will be the drag for Gent. Refinancing to a longer maturity date will provide the time for earnings to catch up & debt to come down.
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Philip Ooi
Cheng, is it consider good news?
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Lim Ka Keat Daniel
Cheng, the publication has gained attention!
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Vin Vin
Maybe is taurx approve soon ?
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Lim Ka Keat Daniel
Chances super high
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Lim Ka Keat Daniel
Look at the buying momentum now!
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cheng
Yes it is, Philip. The reason is that it gives time for earnings to catch up with the longer maturity date. And if you can recalled, the rating agencies downgraded Gent due to the debt on hands and in fact, the concern is these debt/notes that are expiring in 2026 and 2027.
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1 Like · 2 days · translate
cheng
Are you referring to the publication in the journal, lkk? I saw it has been cited as shared yesterday and it's a good thing. It carries more weight than a paper with 0 citation. We do not know the full list of info requested by UK MHRA but I believed this paper is one of it.
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Lim Ka Keat Daniel
Yes, that’s right Cheng. This publication carries a lot of weight. At current price, nothing is priced in for Taurx.
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cheng
Got it, you are referring to the pricing in of getting the maa from UK MHRA. Just have to wait for the outcome. Not too late to add on post maa, lkk - risk mgmt if you will. In terms of valuations - the last transacted price for TauRx share was USD$125 per share in 2024. It should go higher if maa is granted.
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Man Han
Cheng dont wait lol.. Train start moving.. 上车咯
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cheng
Must be painful for margin buyers that were squeezed out on the last week of Mar. Its showing slight strength today and nearly close at the open price of day 1 forced selling on 24th Mar. The more refinancing or redemption news of the 2026 and 2027 expiring notes, the higher it should go; until earnings of GenS and RWLV showing otherwise.
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cheng
Another hype coming next week - A big week for gamblers is in the cards.

New York City’s first-ever full-fledged casino offering live table games will open next Tuesday — at Resorts World next to the Aqueduct racetrack in Queens.

Queens-bred rapper Nas will attend the ribbon-cutting and ceremonial throw of the first dice after Genting-owned Resorts World was one of three bidders awarded a state license last December to offer live table games.
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Ah Choon Wong
Cheng , next Tuesday, so fast ……hahaha !
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cheng
Never bet against the house as the saying goes, Ah Choon. LKT is the casino tycoon after all. Lol, no pun intended. I was surprised with what I read in the latest annual report for RWNYC; usd500mil license fee paid instead of usd600mil per the bid :) Didnt expect that as the market's expectation was 600mil per the bid document. A good question to ask in AGM by the shareholders will be the tax rate for RWNYC full casino. The bid came with 56% for slots and 30% for table games.
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cheng
As for the opening, original phase 1 plan was 250 live tables and 4000 slots. The rest including hotel, arena, restaurants and other amenities will be in phase 2 by 2030. Not sure how many tables and slots will go live next week.
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Philip Ooi
Cheng, meaning there is additional 100M USD savings gained?
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cheng
It is usd100mil cost saving if what is stated in the annual report is accurate, Philip. Here's the exact statement from the report - In January 2026, GENNY utilised this facility for payment of commercial casino licence fee amounting to USD500.0 million.
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2 Like · Yesterday · translate
cheng
So, it will be interesting to know the status of RWNYC's request to NY Gaming Commission to lower the tax rate to match the other two license holders or increase their tax rate to match RWNYC's original bid.
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cheng
RWS license renewal in Feb'27 which means this year performance will determine whether its a 2 years or 3 years renewal - mission critical :). RWNYC live games opening next week heading into summer, RWLV summer deal - https://www.rwlasvegas.com/press/resorts-world-las-vegas-debuts-the-strips-first-luxury-inclusive-experience-exclusively-at-conrad/
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Vin Vin
Rebound from 2.20-2.56... not bad
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mrs xlg
vinvin你觉得现在genting怎么样趋势来说
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mrs xlg
下个星期我看可以炒一轮上去突破2.6了过后
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cheng
Indeed, Vin. Hopefully more strength after the new usd1.5bil bond issuance by gohl. checked the details in HKEX earlier and its not available yet.
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cheng
there you go :) speaking of the devil.
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Vin Vin
xlg..云顶坏消息都几年了。。。应该是时候醒一醒了
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sun Sun
对!买了放3个月,你会看到股价最少3.0以上,或者4块
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