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Genting’s U.S. GGR tracks higher in 3-months to May: Nomura

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The Genting Group’s U.S. operations continued to see an improvement in gross gambling revenue in the three months to end-May, according to Nomura which tracks the data on a rolling basis.

Three-month GGR at Genting Malaysia’s Resorts World New York City was $233 million, up 2 percent year-on-year and 14 percent sequentially. In May, GGR was flat month-on-month, but down 3 percent from the prior year.

Nomura said the number of operational video gaming machines in May was 6,220, a decline of 60 machines month-on-month.

Resorts World Catskills, which is 49 percent-owned by Genting Malaysia, saw a three-month GGR for the period of $55 million, up 18 percent from last year and 8 percent sequentially. May alone was down 6 percent from April, but up 2 percent from 2021. 

Monthly data isn’t available for Resorts World Las Vegas, which is held directly by the parent company Genting Bhd

Nomura takes data from the Las Vegas Strip as a proxy GGR there was $2.1 billion, up 26 percent year on year and 14 percent higher sequentially.

Nomura has a buy rating on Genting Malaysia and is neutral on the parent company.

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