Genting Berhad’s flagship Las Vegas Strip resort, Resorts World Las Vegas (RWLV), produced record revenue, EBITDA and EBITDA margin in the three months to 31 December 2022, although analysts believe profitability remains “below expectations”.

The Malaysian gaming giant published its 4Q22 and FY22 financial results late Thursday, revealing RWLV revenue of US$227 million for the December quarter, up from US$200 million in Q3. EBITDA of US$47 million was also considerably higher than US$18 million in Q3 – aided by hotel occupancy rising from 86% to 89% on a full inventory of 3,500 rooms.

The sequential increase was attributed the return of convention business and visitors to the state of Nevada, however Nomura analysts Tushar Mohata and Alpa Aggarwal said absolute EBITDA remains below expectations, “especially as we estimate RWLV also has quarterly interest charges of US$25 million and depreciation charges of US$60 million, which will drag EBITDA into losses at the net income level.