Negative Net ProfitabilityNet losses and negative ROE show the company is not delivering shareholder returns; persistent bottom-line weakness erodes equity and constrains reinvestment and distributions. Restoring sustained profitability requires addressing non-operating losses, cost or capital structure issues over the medium term.
Weak Cash ConversionNegative FCF growth and an OCF-to-net-income ratio of 0.08 indicate earnings convert poorly into cash. This limits capacity to fund capex, service debt, or invest strategically without external financing, increasing liquidity and refinancing risk if operational cash conversion doesn't materially improve.
Concentration & Regulatory ExposureThe business is highly dependent on tourism demand and casino regulatory frameworks tied to RWS. That concentration creates structural volatility and regulatory risk, making revenue and profitability sensitive to macro travel cycles and policy changes over the medium term.