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.

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.

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.

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/

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.

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.

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.

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

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.

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

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.

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.

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.

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

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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/