• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 21 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Genting Berhad’s Resorts World Las Vegas to be loss making in initial years: Nomura

Ben Blaschke by Ben Blaschke
Fri 19 Mar 2021 at 03:42
Asia comes to Vegas

Image: Las Vegas Review-Journal

104
SHARES
2.6k
VIEWS
Print Friendly, PDF & Email

Genting Berhad’s US$4.3 billion Resorts World Las Vegas (RWLV) project, due to open before the end of this year, is tipped to add 6% to the company’s 2022 EBITDA but will remain loss making at the net profit level for at least a few years, according to Nomura analysts.

The expansive Las Vegas Strip property remains on track for launch in 2H21, with construction now up to level 55 of the west tower and level 52 of the east, the main casino floor carpeted and the poker room, restaurants and some retail largely complete.

Modelling in revenue estimates for the coming years based on the gaming data of 24 nearby casinos located on and around the Las Vegas Strip, Nomura’s Tushar Mohata and Alpa Aggarwal estimate revenue of US$350 million and EBITDA of US$82 million in 2022, rising to US$477 million and US$112 million respectively in 2023.

“However, at the net profit level, given the depreciation/interest costs, we expect RWLV to remain loss-making in initial years,” they state.

“We assume a utilization of 50%/60%/70% for FY22F/23F/24F for RWLV, which we believe reflects a slow build-up of tourism and MICE activities in the post-COVID-19 era. We assume depreciation/interest expense for RWLV also starting in FY22.”

Nomura’s RWLV model suggests its new US property will contribute less than 10% of parent Genting Berhad’s group-wide revenue in 2022, which has been revised slightly upwards from MYR20.03 billion (US$4.87 billion) to MYR20.81 billion (US$5.06 billion). However group-wide net profit has been revised down 9% to MYR1.13 billion (US$274.8 million) in 2022 on RWLV ramp.

For FY21, the ongoing impact of COVID-19 on the group’s Malaysia, Singapore, UK, US and Bahamas operations has seen revenue revised down by 7% to MYR15.25 billion (US$3.71 billion) and net profit by 58% to MYR264 million (US$64.2 million).

RelatedPosts

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

Thu 19 Jun 2025 at 19:54
Light & Wonder appoints Oliver Chow as Chief Financial Officer

Macquarie forecast for Light & Wonder falls just shy of US$2 billion 2028 EBITDA target

Tue 17 Jun 2025 at 05:46
Everi which way

Merged Everi-IGT entity seen holding greater share of US slots sales market than Light & Wonder and Aristocrat

Tue 10 Jun 2025 at 15:16
IGT, Scientific Games help boost AGEM Index in December

AGEM Index holds steady in May despite mixed results from gaming suppliers

Thu 5 Jun 2025 at 20:35
Load More
Tags: EbitdaGenting BerhadLas VegasNomuraNorth AmericaResorts World Las VegasTushar Mohata
Share42Share7
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

IAG’s Andrew W Scott addresses Thai senate subcommittee on Entertainment Complex Bill and key considerations for foreign investors

IAG’s Andrew W Scott addresses Thai senate subcommittee on Entertainment Complex Bill and key considerations for foreign investors

by Newsdesk
Fri 20 Jun 2025 at 06:53

Inside Asian Gaming’s Vice Chairman and CEO, Andrew W Scott, spoke yesterday at a hearing of Thailand’s ad hoc subcommittee studying the economic impacts and feasibility of establishing entertainment complexes (ECs) with casinos and online gaming, at the Thai Parliament...

Philippine tourist arrivals down 0.5% in 1Q25 on fewer visitors from South Korea, China

Contribution of Philippines tourism industry to national GDP rises to 8.9% in 2024

by Newsdesk
Fri 20 Jun 2025 at 06:46

The Philippines tourism industry saw its contribution to the country’s Gross Domestic Product in terms of share rise to 8.9% in 2024, up from 8.7% a year earlier, according to latest data from the Philippine Statistics Authority. Tourism Direct Gross...

Philippines’ maiden PIGO platform generates GGR of US$2.3 million in first six months of operation

DigiPlus appoints new CEO and CDO to drive further online gaming growth

by Newsdesk
Fri 20 Jun 2025 at 06:44

Philippines gaming technology giant DigiPlus – the country’s leading platform in the online and remote gaming space – has announced the appointment of a new Chief Executive Officer and a Chief Digital Officer. In a Philippine Stock Exchange filing on...

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

by Newsdesk
Thu 19 Jun 2025 at 19:54

Wynn Resorts CEO Craig Billings met this week with the Chinese Ambassador to the United States, Xie Feng, to discuss topics including China’s economic development and Sino–U.S. economic and trade relations. The Chinese Embassy in the United States released details...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語