unlikely, Vin. its interest free and it makes the balance sheet of Gent looks really good; assuming the official reason for the rights issue is for debt repayment :) if you look at the details in the annual report and at the company's level instead of consolidated level, Gent's borrowings increased by 3mil to ~6mil due to GenM's acquisition and of the 6mil, approx 2.2bil due by mid of 2027 followed by 450mil by Dec'27, 600mil by Dec'28. It has cash of ~1.2bil on hands now while Gent is generating avg 600mil to 700mil yearly pat. Last year pat dropped to 280mil and impairment shot up to ~490mil. A big chunk of the impairment seems to be coming from DNAe + some from RWLV probably. Gent's main income came from mgmt & licensing fees ~700mil per year and dividend income from its subsidiaries ranging from 500mil to 650mil per year; last year dividend income dropped to ~450mil. Basically, annual PAT will be able to cover the MTNs if you will and the statement from the mgmt that there will be no cash call anymore. I am more concerned on capital misallocation (other new investments) while RWS and RWLV are recovering and RWNYC ramping up.

August 15, 2026 : DNAe Company Statement
The company is undertaking a significant restructuring following a review of its funding requirements and strategic priorities. As part of this process, we are currently substantially reducing our workforce and reducing operational activities at our UK and US facilities for now.
These decisions are very difficult and do not reflect the commitment, talent or contributions of our employees. We are extremely grateful for their outstanding work and are committed to supporting affected colleagues through this transition. The company is focused on preserving and maximising the value of its proprietary technology platform, intellectual property portfolio and other assets while evaluating strategic options for the future. We will not be commenting further on specific workforce matters or confidential business discussions. https://www.dnae.com/news-posts/dnae-company-statement/

the official reason is debt repayment, daniel :) and if you were to look at the list of MTNs in the annual report, there is one MTN by Genting Capital issued back in 2012 for 1.5bil will be maturing/expiring in Jun 2027; part of the 2.2bil MTNs maturing by Jun'27 that I mentioned above. The reality is the boss is buying the dip.

why lkt never open his mouth to say deduct own self and sons salary and benefit in kind ? As a CEO of the company , produce such a screw up result for the groups . Never realize he has done such a screw up job for the GB.

logically yes as it is backed by physical resorts, list of properties valued at ~47bil and the potential for growth/generating revenue from these assets, Vin. However, revenue and profit are moving the opposite direction. Revenue goes up, profit goes down. Cost is creeping up and higher revenue came from low margin business (empire resorts consolidation and UK) while RWS, RWLV in recovery mode and RWNYC ramping up (hold rates for table games looking good though; consistently at the top range of high tens). The only positive side for now is that ebitda margin from the core assets are not falling. One announcement of rights issue before approval is sufficient to send it 25% lower. Safer to see results first before being greedy :)

Vin, one RWLV loss can actually wipe out all the gains from other divisions. That’s because RWLV is 100% owned by GB, but others that make money are just 50-75% owned. So, if RWLV performs, it will lift up the group profit tremendously.

High global crude oil price (adverse impact on business and spending power), Prolonged Haze (adverse effect on tourism, travelling & business), & increasing global borrowings yield % (challenging for highly indebted company to raise working capital funds and expensive financing). Perfect storm due to timing of rights issue.

the boss made it clear that it will be 25% to 30% discount to TERP on a full subscription basis. excess rights will be taken up and company will get the 1.25bil intended from the rights issue. Having said that, it is unlikely for the market price to move higher now as that implies higher rights price. Will have to wait until ex-date for short term traders to return :)

That's how powerful the boss is, Vin. Look at GenM's price now versus his offer of 2.35. Boss will say he has no control over market force. One rights issue announcement and that is sufficient to offer boss 30% discount to announcement day price.

NEW YORK, Oct. 22, 2026 /PRNewswire/ -- Resorts World New York City (RWNYC) today announced the opening of its new International Room, an exclusive, high-limit gaming destination bringing an elevated level of luxury, privacy and personalized hospitality to Queens. Unveiled alongside Queens native and hip-hop icon Nas, the opening marks a significant milestone in RWNYC's continued evolution as a premier New York City entertainment destination and comes as the property celebrates its 15th anniversary.
The International Room introduces a more intimate, premium gaming experience designed for guests seeking the privacy and white glove service traditionally associated with the world's leading luxury casino destinations. The approximately 13,657 square foot space features 48 table games and three private gaming salons, featuring high-limit baccarat, roulette and blackjack. As part of the experience, guests can enjoy dedicated hosted service, elevated beverage offerings and 24-hour access to hot and cold dining options without leaving the gaming floor. The private salons can be reserved to offer an added level of personalized service tailored to individual preferences, with enhanced entertainment offerings such as karaoke.
"The International Room is a major milestone in the evolution of Resorts World New York City, representing another important step toward realizing our vision of a world-class integrated resort right here in Queens," said Meghan Taylor, SVP Government Affairs and Public Relations. "Until today, players who wanted this level of service had to leave the city to find it. Now we can offer the personal, high-touch hospitality guests expect in other destinations, which raises the bar for what's possible in New York City. Every milestone brings us closer to delivering the full vision of for Resorts World, with more reasons for visitors to come, stay longer and return."
The opening is part of a broader expansion of Resorts World NYC's first floor with 57 additional table games and 147 additional slot machines coming online for a total of nearly 300 live table games and over 4,000 slot machines on the property. Together, these enhancements reflect the property's commitment to expanding its entertainment and hospitality experiences while attracting a new generation of luxury gaming customers.

The International Room's debut also carries special significance as Resorts World NYC celebrates 15 years in Southeast Queens. Since opening in 2011, the property has grown into a major destination for gaming, dining, entertainment and hospitality, welcoming millions of guests annually, while supporting the surrounding community and New York State's economy.
Queens native Nas joined the October 22 unveiling, underscoring the property's deep connection to the borough and its growing presence at the intersection of entertainment, culture and luxury.
Today's celebration comes fewer than seven months since RWNYC opened as The Big Apple's first and only full-fledged casino. That was followed in July with the company's breaking ground on Phase II of the $5.5 billion integrated resort that will eventually house a 7,000-seat arena, dozens of bars and restaurants, 2,000 hotel rooms, 11 acres of greenspace and much more.
"We are extremely proud of the speed with which we have built and opened this incredible space that offers a new and uplifted experience to our players," said Robert DeSalvio, President of Development, Genting Americas East. "Giving players and visitors what they want, as soon as possible, is priority number one for the company, and we look forward to many events like today's in the near future."
The International Room represents another step toward Resorts World NYC's broader vision of a fully integrated resort destination, combining premium gaming with upscale accommodations, dining, nightlife and entertainment. As the property enters its next chapter, the new space reinforces its ambition to bring world-class experiences to Queens and further establish the borough as a destination for New Yorkers and visitors alike.

the boss will list in the US eventually, panorama :) just a matter of what and how he is going to do it and whether will he reward the shareholders directly through dividend in specie or indirectly via unlocking the value of US assets and paring down Gent's consolidated debt.

As Is - US assets (RWLV, RWNYC, Catskills, Hudson Valley, Bimini Resorts) are parked at Gent and GenM's holding companies; layers within Gent's structure. Listing of US assets separately will unlock the value as it will be valued against US peers, US gaming index funds participation, clearer reporting/transparency instead of having to find information from other sources :)

@ Cheng That is their plan (similar to LVS, Wynn, MGM, Caesars & Boyd etc.) after being stuck with Empire Inc and all the recent corporate exercises. Timing and execution need to be perfect based on recent years competition and gaming industry downturn though.

layers of holding companies if you will, panorama. RWLV is inside Gent's holding company and GenM has RWNYC, Empire Resorts, Bimini, UK, and RWG - different markets reported under one company, conglomerate discount at 60%. Listing US assets is just a matter of time and RWNYC is a good growth story :)

RWNYC is about growth story and RWLV is about recovery, daniel. RWNYC growth story will be more attractive and RWLV asset can be "injected" to the US entity at the same time or later. Well, RWLV is trying to get the NBA Arena to be built on its empty land; basically earning the rental/lease of the land from the NBA groups and higher traffic footfall to its resorts - pre-season, home games, touring events, and etc.

yup. my personal opinion is that the first step to US listing will be RWNYC and restructuring in GenM is necessary. It has to be done before the Bally's Bronx and Cohen's Metropolitan Park are ready; capitalising the first-mover advantage :) No idea on the what & how the boss will do it.

GenM is already in his hand. just imagine how many would give up and sell to him once he offered rm2.35 again in Dec (provided he is super generous). Even with rm1.66 (discount of 30% from the last offer price) most retailers would sell to him this time.

I don’t think minorities are stupid to accept anything lesser than first offer. After all, Genting needs dividends from GenM to sustain their operations and dividends payout. Minorities just need to hold on to their shares to enjoy the high dividend yield.

another thing to observe is holding companies movement but kinda tedious. RWNYC license holder is Genting New York LLC (GENNY) and Empire Resorts is under Genting Empire Resorts LLC (GERL); complicated layers of holding companies :) If the boss is submitting approval to New York Gaming Commission for approval to transfer/move GERL under GENNY, then, we will know he is moving towards US listing.

Daniel, in share market if everyone is cool head and trade on logic and rationale, we won't see such high volatile of up and downs. the fact is majority trade with emotions, greed and fear, and that s why the market have ups and downs.

Therefore it’s important to let more people know that Genting needs the money(dividend) from GenM to continue their operation. LKT can do whatever stunt he likes to GenM, but end of the day, GenM still got to pay good dividends to Genting. When dividends are good, share price will automatically goes up.

just look at the historical income statement/balance sheet in the annual report at company's level will do. its there - how Gent generates its revenue (mgmt fees and dividend income) and the details of the borrowings (MTNs and maturity). consolidated details are in there as well including list of properties and its book value.

the funding for RWNYC is mentioned in GenM's Q2 report - Changes in Debt and Equity Securities
(1) As previously reported in the quarter ended 31 March 2026, Genting New York LLC (“GENNY”), an indirect wholly-owned subsidiary of the Company drawn USD755.0 million (equivalent to RM3,055.5 million) from its Senior Secured Credit Facility to fund the commercial casino licence fee and capital expenditure of Resorts World New York City (“RWNYC”).
(2) In June 2026, Genting Americas Inc. (“GAI”) entered into a new USD2.0 billion Secured Credit Facility, to:
(i) refinance the existing indebtedness of GENNY under the Senior Secured Credit Facility mentioned in (1) above;
(ii) redeem the USD300.0 million 7.75% Senior Secured Notes due 1 November 2026 of Empire Resorts,
Inc. (“Empire”); and
(iii) support the development and operation of a commercial casino at RWNYC.
GAI and Empire are indirect wholly-owned subsidiaries of the Company.

People think Cheng is a genius, but to me, this guy is more like a snake oil salesman lah! No matter what happens, he always has an explanation ready. His predictions can never be wrong because he keeps changing his story to fit the situation! When the sun comes out, he says the temperature is rising and something big is coming! When it suddenly rains, he says the rain is starting to slow down and things are improving! When the rain gets even heavier, he tells everyone not to panic because sunny days are just around the corner! When the whole place floods, suddenly there’s a deeper meaning that only his followers can understand!Walaooo!

No matter whether it’s sunny, rainy, stormy or flooding, Cheng can always come up with another story to convince his followers that he knows exactly what’s going on!That’s the beauty of snake oil, mah! You don’t need to prove your predictions were right. You just need to sound convincing enough for people to believe you! If the sun comes out, he takes credit. If it rains, he says you misunderstood him. If a typhoon hits, suddenly there’s a bigger picture that ordinary people cannot understand! Ladies and gentlemen, welcome to the greatest show on earth! MASTER CHENG, THE SNAKE OIL SALESMAN

DNAe going through restructuring while Nasdaq listed Celularity regained Nasdaq compliance - FLORHAM PARK, N.J., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) ("Celularity"), a longevity-focused regenerative and cellular medicine company, today announced that it received written confirmation from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") that Celularity has regained compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the U.S. Securities and Exchange Commission. Nasdaq's determination follows Celularity's October 20, 2026 filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2026. Nasdaq confirmed that the reporting deficiency matter is now closed. Revenue was $5.43M for 2Q 2026, down from $5.74M in 2Q 2025 ( (5.3%)).
Net income attributable to common shareholders was $0.55M for 2Q 2026, versus a loss of $24.52M in 2Q 2025 (turnaround YoY).