Genting Malaysia Bhd had a hard first quarter. The casino operator saw its profits drop more than 25% year-on-year, despite reporting higher revenue. Genting, in certain parts of its operations, had to spend twice as much money, which led to the reduction in profits, giving the company just $64 million in profit compared to the $85 million it saw in the same period last year.

Revenue for the quarter came in at around $653 million, an uptick on the $572.5 million from a year earlier. “Other expenses,” according to the company’s earnings report (in pdf), jumped 83% to $121.98 million year-on-year, partly as a result of activity at Resorts World Genting. The company stated that the results had been “impacted by a provision for contract termination related costs of MYR198.3 million [$47.3 million] in relation to the outdoor theme park at Resorts World Genting.”

Genting Malaysia has three primary operating areas – Malaysia, the UK and Egypt and the US and the Bahamas. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in each, respectively, were $132.5 million, $9.7 million and $15.7 million for an aggregated Adjusted EBITDA of $158.05 million.

As a result, Maybank Investment Bank issued analysis today that gives the company “upside potential” if its Resorts World Genting theme park bounces back from the loss of backing by Disney and Fox. Additionally, Genting Malaysia would also need to resolve its issues with the Mashpee investment to find recovery.