According to a report from Standard & Poor’s, the company will depend on venues in other locations.<\/p>\n\n\n\n\n\n\n\n
Singapore.- Genting Malaysia has had its BBB rating reaffirmed by S&P, which noted a negative outlook for the company.<\/p>\n\n\n\n
The slow recovery of the economy in Singapore due to the pandemic is heavily impacting business for the casino and resorts firm.\u00a0<\/p>\n\n\n\n
Without foreign visitors due to border restrictions, Resort Worlds Sentosa has been hit hard. International visitors usually make up 75-80 per cent of its business.<\/p>\n\n\n\n
However, a faster recovery is expected at other locations where the company operates, including Malaysia, the UK and the US.\u00a0<\/p>\n\n\n\n
According to\u00a0S&P, leisure and hospitality EBITDA in Malaysia will reach 55-60 per cent of its 2019 levels next year, and will exceed that in 2022.\u00a0<\/p>\n\n\n\n
For the group as a whole, S&P now sees EBITDA at 50-55 per cent of 2019 levels for next year, compared with a prior expectation for 75-80 per cent. Its debt-to-EBITDA ratio will hit 5.0x to 5.2x, before dropping back to 2.6x to 2.8x in 2022.<\/p>\n\n\n\n
The report warns: \u201cBased on the revised credit metrics, the current rating level does not have any tolerance for a weaker recovery scenario.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
According to a report from Standard & Poor’s, the company will depend on venues in other locations.<\/p>\n","protected":false},"author":2,"featured_media":10446,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Malaysia's BBB credit rating has been reaffirmed by S&P, albeit with a negative outlook, primarily due to the protracted recovery of its Singapore integrated resort, Resort Worlds Sentosa, heavily impacted by international travel restrictions. S&P has significantly revised down its EBITDA projections for the group, anticipating a slower overall recovery than previously forecast, particularly in Singapore, while other operational jurisdictions like Malaysia, the UK, and the US are expected to rebound more quickly. The report underscores a critical lack of tolerance for any further weakening in the recovery scenario, given the revised credit metrics and elevated debt-to-EBITDA ratios.","focusai_entities":"Standard & Poor's, S&P, Genting Malaysia, Resort Worlds Sentosa","focusai_location":"Singapore, Malaysia, UK, US","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Mitigating Singapore Impact","query":"What specific operational and strategic adjustments is Genting Malaysia implementing to mitigate the prolonged impact of international travel restrictions on its Singapore GGR, and how do these align with its broader capital allocation strategy?"},{"label":"Capital Structure Implications","query":"How might the revised S&P EBITDA projections and the elevated debt-to-EBITDA ratio influence Genting Malaysia's capital structure management, potential M&A considerations, and dividend policy in the near to medium term?"}],"footnotes":""},"categories":[160,161,163,16333],"tags":[23687,169],"class_list":["post-10443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-daily-news","category-finance-news","category-south-east-asia-news","tag-genting-singapore","tag-singapore"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=10443"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10443\/revisions"}],"predecessor-version":[{"id":10455,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10443\/revisions\/10455"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10446"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=10443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=10443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=10443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}