Genting U.S. 3-month GGR performance solid despite rising Covid: Nomura

New York casinos face strict reopening criteria

Genting Group’s U.S. resorts managed to keep their revenue momentum in November, despite rapidly rising Covid cases, with gross gambling revenue remaining above 2019 levels, according to Nomura Research.

At Resorts World New York City, GGR in the three months to end-November was $222 million, down 3 percent sequentially and up 2 percent from the same period pre-Covid in 2019. It had 6,447 operational machines, close to the maximum capacity of 6,500. Resorts World New York City is 100 percent owned by Genting Malaysia.

Resorts World Catskills, which is 49 percent owned by Genting Malaysia, 3-month GGR was $60 million, down 1 percent sequentially and 16 percent higher than pre-Covid levels.

Operating data for Genting’s Resorts World Las Vegas, which opened in June, is not available, but based on statewide and Las Vegas figures, Nomura notes strip revenue was $2.1 billion, up 3 percent and up 94 percent year-on-year. This is 28 percent higher than pre-Covid GGR.

Nomura noted that the recent Omicron variant surge and the winter season might produce weakness in GGR. The New York and Catskills properties also recently imposed mass mandates for all guests.

The firm said Genting’s diversification will help cushion the impact of Covid restrictions at home.