Weak And Inconsistent Free Cash FlowPersistent negative or inconsistent free cash flow undermines the firm's ability to self‑fund capex, pay distributions, and deleverage. Even with operating improvements, recurring negative FCF implies reliance on external funding or asset sales to support growth or obligations, weakening long‑term financial flexibility.
Rising Leverage And Eroding EquityHigher debt levels and declining equity reduce resilience to downturns and increase interest obligations. Moderate but rising leverage limits strategic optionality, increases refinancing and credit risk, and can force pro‑cyclical decisions (asset disposals, deferred capex) if tourism or gaming revenues soften.
Multi-year Earnings VolatilityLarge swings between loss years and the 2025 rebound highlight earnings cyclicality tied to tourism and gaming. This volatility hampers forecasting, makes sustainable margin restoration uncertain, and raises the risk that adverse regulatory, travel or consumer trends could rapidly reverse recent improvements.