{
  "id": 2931407,
  "title": "Genting privatisation hinges on Resorts World New York turnaround",
  "url": "https://urgent.news/2026/08/24/genting-privatisation-hinges-on-resorts-world-new-york-turnaround",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-24T03:09:59.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/08/1517573/genting-privatisation-hinges-resorts-world-new-york-turnaround"
  },
  "original_language": "en",
  "account": "The potential privatization of Genting Malaysia Bhd (GENM) may hinge on the success of Resorts World New York City (RWNYC), according to CGS International Securities Malaysia. This speculation emerged after Genting retained a 73.88% stake in GENM following the end of its unconditional takeover offer in December 2025. CGS analyst Chong Tjen-San stated that while the RWNYC casino operations are promising, they remain in the early stages and require substantial funding. Chong believes that the privatisation will largely depend on the effectiveness of the turnaround at GENM and RWNYC, both of which are crucial long-term growth drivers for the company. However, Chong warned that RWNYC's operations will continue to impact earnings in the near term as the business grows. Additionally, the financing burden associated with these operations is a significant concern. Earlier this year, Genting refinanced a US$1.5 billion bond by issuing US$1.25 billion of new subordinated perpetual guaranteed notes, increasing financing costs while maintaining liquidity. Despite these challenges, CGS maintains a Hold recommendation on Genting and has lowered its earnings forecasts and target price for GENM and Genting Plantations Bhd, reflecting revised valuations and applying a 20% holding company discount. The cautious stance is due to the absence of near-term catalysts, and both GENM and Genting Singapore Ltd (GENS) are underperforming expectations. Potential upside catalysts include regulatory approval for Genting's TauRx Pharmaceuticals Alzheimer's treatment in the UK and a stronger-than-expected recovery at Resorts World Las Vegas (RWLV).",
  "summary": "KUALA LUMPUR: The prospect of Genting Bhd making another bid to privatise Genting Malaysia Bhd (GENM) is likely to depend on whether the turnaround at Resorts World New York City (RWNYC) gains enough traction to justify taking the casino operator private, CGS International Securities Malaysia said.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}