Services-Miscellaneous Amusement & RecreationIFRS · EUR

New Royal Holdco I Inc.

NEW ROYAL HOLDCO I INC. is a U.S.-based entertainment and gaming company that owns and operates casino resorts, locals casinos, and branded taverns in Nevada. Its business combines slot gaming, hotel and resort amenities, food and beverage service, and neighborhood tavern operations focused on local patrons.

Revenue635m EUR
−4.8 %y/y
Operating profit (EBIT)21.5m EUR
−80.8 %y/y
EBIT margin3.4%
−13.4 ppy/y
Net income-6.0m EUR
−111.9 %y/y
Free cash flow35.6m EUR
−16.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-25002505007501,0001,250m EUR2020: 694 m EUR2020: EBIT -67 m EUR20202021: 1,097 m EUR2021: EBIT 166 m EUR20212022: 1,122 m EUR2022: EBIT 148 m EUR20222023: 1,053 m EUR2023: EBIT 399 m EUR20232024: 667 m EUR2024: EBIT 112 m EUR20242025: 635 m EUR2025: EBIT 22 m EUR202563522
RevenueOperating profit (EBIT)

Business

Share of revenue
Nevada Casino Resorts45 %

Full-service casino resort properties offering gaming, rooms, dining, entertainment, and promotions.

Nevada Locals Casinos25 %

Neighborhood casino properties serving local customers with gaming and convenience-oriented amenities.

Nevada Taverns30 %

Branded taverns that combine food, beverages, and limited slot-machine gaming for local patrons.

Customers

The company serves local Nevada patrons, regional visitors, and neighborhood gaming customers who prefer convenient entertainment venues. Its taverns attract younger local customers seeking casual food, drinks, and gaming, while its casino resorts target guests looking for a broader destination experience.

Local Nevada gaming patrons

Buy gaming and convenience-oriented entertainment at locals casinos and taverns because the venues are close to home and easy to visit.

Casino resort visitors

Buy resort gaming, hotel stays, dining, and entertainment at destination properties in Nevada.

Tavern food-and-beverage customers

Buy casual dining, craft beer, and alcoholic beverages at branded taverns, with gaming as an added draw.

Slot-machine players

Use the company’s gaming floor and tavern slot offerings for recurring local entertainment and wagering.

Strategy

The company’s strategy centers on operating a diversified Nevada entertainment platform across resort casinos, locals casinos, and branded taverns. It emphasizes local customer retention, brand recognition, and selective expansion through property maintenance, acquisitions, and opportunistic market entry when licensing and financing allow.

Strengthen Nevada operating platformMedium term

A concentrated local footprint allows the company to build brand familiarity and operating leverage in its core market.

Grow tavern and neighborhood gaming presenceMedium term

Taverns diversify the customer base and provide a more convenient entertainment format for local patrons.

Maintain and refresh propertiesShort term

Refurbishment and maintenance support guest appeal, regulatory compliance, and asset longevity.

Geography

The business is concentrated in Nevada, with headquarters in Las Vegas and operations centered in the greater Las Vegas metropolitan area. Its footprint includes eight casino properties in Nevada and 72 branded taverns, making the company highly dependent on local market conditions, tourism flows, and access to the Las Vegas region.

Risks

The company is exposed to intense competition in Nevada gaming and to demand swings tied to local economic conditions, travel access, and consumer spending. Its concentrated footprint also creates geographic risk, while goodwill and trade-name values depend on future cash flows and can be impaired if operating assumptions weaken.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Geographic concentration in Nevada1Intense local gaming competition2Consumer spending and visitation sensitivity4Regulatory and licensing dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Geographic concentration in NevadaImpact: HighLikelihood: Medium

    Most operations are tied to one state and one metro area, so local shocks can affect the whole business.

    Exposure: Nevada and greater Las Vegas

  2. Intense local gaming competitionImpact: HighLikelihood: Medium

    Casinos, resorts, and taverns compete for the same local patrons and discretionary spending.

    Exposure: Nevada locals market

  3. Impairment of goodwill and indefinite-lived intangiblesImpact: High

    Valuations rely on future cash flow assumptions that can change with regulation, competition, or demand.

    Exposure: Nevada Casino Resorts trade names and reporting units

  4. Consumer spending and visitation sensitivityImpact: MediumLikelihood: Medium

    Gaming, food, beverage, and hotel demand depend on household discretionary spending and traffic patterns.

    Exposure: Casino resorts and taverns

  5. Regulatory and licensing dependenceImpact: MediumLikelihood: Medium

    Gaming operations require approvals and compliance with state and local regulators.

    Exposure: Nevada gaming properties

Accounting

Judgemental items
Goodwill impairment

Reporting unit valuations depend on future cash flows and market multiples, which can change materially.

Impact: Could create non-cash charges if assumptions deteriorate.

Indefinite-lived trade-name impairment

Trade names are tested using royalty and cash flow assumptions that are sensitive to operating performance.

Impact: Could materially reduce reported asset values.

Revenue classification across gaming and other revenue

Tavern participation agreements and space lease arrangements can shift amounts between gaming and other revenue.

Impact: Affects segment comparability and revenue mix.

Capitalized refurbishment and maintenance

Some facility spending is capitalized while routine maintenance is expensed, affecting earnings timing.

Impact: Influences depreciation and current-period operating expense.

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026