In a note released after Genting Malaysia reported third-quarter earnings, it also predicted the casino operator's 2024 EBITDA would grow "an additional 19% year-over-year if the impact of the COVID-19 pandemic were "completely subdued."
"We expect the balance sheet to remain in net debt as Genting Malaysia has made further progress on dividend payments," Maybank analyst Samuel Yin Sao Yang wrote in a note on Thursday.
Resort World Genting is the only licensed casino property in Malaysia. The group also operates casinos in the United States, Bahamas, the United Kingdom, and Egypt.
"Resort World Genting is resilient, accounting for about 80% of the group's revenue," the note said.
Resort World Genting had 5.4 million visitors in the third quarter, a number that was "flattened" sequentially from 4.7 million seen in the first quarter of this year following the Batankali landslide in December, but well above, according to a Maybank memo.
"We feel comfortable with our earnings estimates, with Resort World Genting visitors tallied at 15.7 million in the nine months of 2023, or 75% of our fiscal year estimates," Maybank said.
"In the fourth quarter of 2023, we expect U.S. operations to be seasonally weak due to the winter season, but seasonally strong for Resorts World Genting thanks to the year-end holiday," the memo also noted.
Maybank's note on Thursday quoted Genting Malaysia as saying the company was still attempting to sell the land it owns in Miami, Florida. The operator said in a June announcement that it had been withdrawn by prospective buyers worth $1.23 billion (W1.3 trillion).
Genting Malaysia has also been pushing for downstate casino licenses in New York. The New York State Gaming Commission began requesting application procedures for three downstate gaming licenses in New York in January.
Citing the operator, the Maybank memo said Genting Malaysia had "submitted a secondary question" in its request for the application process to the New York State Gaming Commission, adding that it "looks forward to answering the question soon."
BY: 릴게임사이트
