This report does not constitute a rating action. Overview Key strengths Key risks Monopoly in Malaysia and presence 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. Contributions from Resorts World Las Vegas LLC to support long-term earnings growth and diversity. Empire Resorts Inc.?s highly leveraged financial position could require support. We believe slower consumer spending amid high macroeconomic uncertainties could undermine business and consumer confidence, leading to weaker discretionary spending on the gaming sector in 2025. This was somewhat evident in the company's 2024 results with slower top-line growth and cost pressure, especially during the second half of the
