Overview Key strengths Key risks Monopoly in Malaysia and dominance in Singapore's duopoly market. Focus on geographical expansion could increase leverage. Above-average profitability that favorable tax jurisdictions support. Higher financial burden from New York?s full gaming license, if awarded. Positive free cash flow over the next two to three years following completion of major investment projects. Empire Resorts Inc.'s highly leveraged financial position could require support. Contributions from Resorts World Las Vegas LLC (RWLV) to support earnings growth and diversity. Operating conditions continue to improve in various countries, with increased visits. We expect the company's EBITDA to return to pre-pandemic levels by 2023; increased contributions from RWLV should drive earnings growth into 2024. The higher earnings, coupled with limited spending,
