Analysts: RWLV Launch Might Be Sign Genting Plans a US IPO

Resorts World Las Vegas (RWLV) marks the first casino resort in Las Vegas that is owned and operated by a Malaysian company and it is getting off to a good start. It only opened last week, but is already a standard fixture among the high-end properties in Sin City. The company behind the project, Genting Group, might be ready to capitalize on the attention RWLV is getting to make a jump onto a public exchange. According to analysts with the Sanford C. Bernstein brokerage, a public listing could be in the cards for Genting, but they don’t know how or when.

Genting Makes a Splash with RWLV

As the US begins to recover from COVID-19 and RWLV joins the Las Vegas Strip casino scene, Genting Group could take advantage of the property’s attention to launch an initial public offering (IPO) or some other type of trading activity. Bernstein analysts prepared an update on the company recently, explaining how Genting is doing and where it is heading, adding that a public listing is logical. However, because it’s only conjecture, the analysts can’t say if it is something that would happen quickly or which exchange the company might target.

Genting, which is also developing the Resorts World Catskills venue in New York, has big plans for continued expansion into the US gaming market, and an IPO could help it solidify those plans. The company also owns property in South Florida that it wants to use for a casino – something not likely to happen anytime soon – and is a name associated with casino properties around the globe. The Bernstein analysts predict, “With the opening of Resorts World Las Vegas and a strongly rebounding US gaming industry, and if Genting’s history is any guide, a Genting Americas US listing may be coming at some point in the future.”

Genting Familiar with US Exchanges

Should Genting decide to pursue a public launch, it already has some experience that will help guide it. The company is a majority shareholder of Empire Resorts, which is developing the Catskills property. Empire was traded on the NASDAQ exchange for years; however, financial difficulties forced the company to be taken private by Genting Group’s Genting Malaysia arm in 2019. Now, as the post-COVID-19 era begins, it’s time for Genting to re-evaluate its options.

As part of that evaluation, Genting might need to consider broadening its reach. The Bernstein analysts point out that, if it really wants to be on a public exchange in the US, the company needs to break into iGaming. To do so would give it substantial leverage and would increase its valuation considerably. The analysts predict a value of as much as $1.9 billion within four years, not including the newly-launched RWLV, and adding an iGaming segment would give it a substantial boost.