Resorts World Las Vegas, RWLV

Resorts World Las Vegas is expected to generate revenue of $350 million in 2022 and EBITDA of $82 million in its first full year after opening this summer, according to Nomura Research.

For 2023, the firm is estimating revenue of $477 million and EBITDA of $112 million, basing its model on more than 20 large Las Vegas strip casinos’ financials.

However, Nomura warns the new $4.3 billion resort will be a drag on net profit after tax in the initial post-Covid years due to the high costs.

For the group as a whole, Nomura says that Malaysian operations will get an EBITDA boost in 2022 due to vaccinations and the new theme park, while 2021 will be bump. Earnings in Singapore will plateau in the first half before travel bubbles.

UK operations will remain subdued until mid-May reopening and New York city will remain on a gradual improvement path to to an increase in machine counts.

The Bahamas and Catskills will remain loss making in the medium term and may ultimately need more capital injections.