• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 3 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Fitch: Resorts World Genting revenues to hit 100% of pre-COVID levels by 2025, drive further lowering of Genting Malaysia’s leverage

Ben Blaschke by Ben Blaschke
Fri 20 Sep 2024 at 05:31
Malaysia’s Resorts World Genting shuts two of its three casinos

Resorts World Genting

20
SHARES
502
VIEWS
Print Friendly, PDF & Email

Fitch Ratings says in a new note that it has raised its revenue forecasts for Genting Malaysia’s flagship Malaysian integrated resort, Resorts World Genting, to reach 100% of pre-COVID levels by 2025.

The forecast was provided in a Thursday note in which the ratings agency said had affirmed the company’s Long-Term Issuer Default Rating (IDR) at ‘BBB’ with a stable outlook. The ‘BBB-’ IDR of Genting Malaysia’s wholly owned subsidiary, Genting New York LLC, and the ‘BBB-’ rating on Genting New York LLC’s recently announced US$625 million senior unsecured notes due 2029, remain on Rating Watch Negative (RWN), it added.

While Fitch expressed some concerns over Genting Malaysia’s exposure to one of its US entities, Empire Resorts, which controls the struggling Resorts World Catskills property, it has no such worries in Malaysia where consolidated revenue grew by 14% year-on-year in the first half of 2024.

“As a result, we [have] raised our revenue forecast for 2024 and 2025 to up to 100% of the 2019 level,” Fitch said. “We expect higher revenue on a domestic traffic rebound and increase in international tourists as regional travel continues to recover, helped by the completion of repairs to an access road to Genting Highlands in July 2024.”

The agency also said it expects Genting Malaysia’s net leverage to fall from 4.0x in 2023 to around 3.0x by 2026 on higher EBITDA growth, and to remain below 3.5x even with increased capex should the company win one of three full casino licenses on offer in downstate New York for expansion of its Resorts World New York City.

Genting New York LLC, Fitch added, will remain on Rating Watch Negative until it is confirmed that it has either won or been ruled out of a full-scale casino licence in downstate New York.

“A licence would also boost Genting Malaysia’s geographic diversification and potentially lower the tax on Genting New York LLC’s gross gaming revenue from around 65% currently,” it said.

“We have not incorporated a licence win in our forecasts, given the uncertain bidding process. However, should Genting New York LLC be successful, we do not think there will be any impact on Genting Malaysia’s SCP (Standalone Credit Profile) or IDR, or on [parent] Genting Berhad.

“We expect Genting’s and Genting Malaysia’s net leverage ratios to remain below 3.5x, even with the increase in capex following a casino licence win. Genting Malaysia’s net leverage may temporarily exceed 3.5x during the construction period, but we do not anticipate a sustained impact on Genting’s and Genting Malaysia’s financial profile and IDRs.”

RelatedPosts

Genting Malaysia’s New York subsidiaries price an additional US$100 million senior notes as equity raising continues

Genting Malaysia says full casino operations could be launched within six months if New York bid successful

Tue 1 Jul 2025 at 06:11
Far East given green light to spin-off and list Czech casino business on Hong Kong Stock Exchange

Hong Kong listed Palasino reports slight increase in revenue, profit in FY25 thanks to growing slot machine count

Fri 27 Jun 2025 at 06:13
Malaysia’s Resorts World Genting shuts two of its three casinos

Genting tops gaming companies on 2025 Fortune Southeast Asia 500 list, Bloomberry and DigiPlus on the move

Wed 18 Jun 2025 at 06:21
SJM sees profit, EBITDA rise in 3Q19 despite 13.3% fall in gross gaming revenue

Fitch: SJM’s credit profile should see little impact from satellite casino closures

Mon 16 Jun 2025 at 14:17
Load More
Tags: Fitch RatingsGenting MalaysialeverageMalaysiaResorts World GentingResorts World New York Cityrevenue
Share8Share1
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

PM’s powerful father Thaksin says coalition partner will vote in favor of casino bill as internal rift downplayed

Thaksin Shinawatra ranks 11th on Forbes 2025 list of Thailand’s 50 Richest

by Ben Blaschke
Thu 3 Jul 2025 at 10:04

His daughter may be in the midst of a fight for her political life but Thai powerbroker Thaksin Shinawatra still offers plenty of financial clout, ranking 11th on the latest Forbes list of Thailand’s 50 Richest. According to the Forbes...

As Thailand’s casino bill hangs by a thread, foreign visitor numbers continue to decline

As Thailand’s casino bill hangs by a thread, foreign visitor numbers continue to decline

by Ben Blaschke
Thu 3 Jul 2025 at 06:30

Thailand’s foreign tourism arrivals have fallen by a total of almost 4.6% through the first six months of this year, continuing a worrying trend at a time when a casino bill aimed at boosting international visitation appears to be on...

Philippines tech firm DigiPlus enters final stage of Brazil’s iGaming licensing process

Philippine technology firm DigiPlus to launch Brazil iGaming platform in September

by Newsdesk
Thu 3 Jul 2025 at 05:54

Philippines gaming technology supplier DigiPlus Interactive Corp said Wednesday it expects to go live with its Brazil iGaming operations in September. The offering will include an extensive line-up of livestreamed games, slots, table games and exclusive self-developed digital entertainment content,...

Jeju Dream Tower casino sales down 7.4% in March

South Korea’s foreigner-only casinos showing renewed vigor as Jeju Dream Tower sets new monthly drop, visitor records

by Ben Blaschke
Thu 3 Jul 2025 at 05:41

Low hold rates saw Lotte Tour’s Jeju Dream Tower suffer a 13.4% month-on-month decline in casino sales to KRW35.8 billion (US$26.4 million) in June, but data published by parent company Lotte Tour shows it was in fact the resort’s best...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English