...March 5, 2024 Earnings surpassed pre-pandemic levels: Genting Bhd. (GENT) is on track for a recovery, with its revenue and EBITDA reaching about 125% and 110% of 2019 levels, respectively in 2023. This reflected operational improvements in various countries. Resorts World Las Vegas LLC (RWLV) also continued to ramp up its flagship asset at the Las Vegas Strip. Based on preliminary numbers, we estimate GENT's adjusted debt declined by about Malaysian ringgit (MYR) 1.8 billion to MYR19.7 billion. The company's ratio of funds from operations (FFO) to debt also improved to about 29% from 2022's 23.9%, by our estimate. US$5 billion plan for New York gaming license: If awarded, the full gaming license could enhance the group's presence in the U.S. But it would also mean sizable investments. Our analysis implies the group can take on an additional US$3 billion-US$3.5 billion of total investments over the next three years and still remain within the current financial ratio tolerance for the `###-'...
