Bad Debt ProvisioningThere is concern over the level of bad debt provisioning from GENS in normalised terms following a higher-than-expected amount of provisioning for 4Q23.
Non-Gaming RevenuesNon-gaming revenues could take longer to surpass pre-Covid-19 levels, especially with the reduction in room inventory by approximately 460 keys due to renovations at Hard Rock Hotel.
Non-Gaming SegmentGENS's weak non-gaming segment has been hampered by ongoing renovation works in Hard Rock Hotel, in turn reducing its key inventory by approximately 25%, as well as in the Forum, likely dampening leasing activities for F&B outlets.