{"id":13796,"date":"2021-01-26T22:42:19","date_gmt":"2021-01-26T22:42:19","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=13796"},"modified":"2026-04-23T22:21:23","modified_gmt":"2026-04-24T01:21:23","slug":"genting-malaysia-to-support-ny-branch","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-malaysia-to-support-ny-branch","title":{"rendered":"Genting Malaysia to support NY branch"},"content":{"rendered":"\n

Fitch ratings analysts believe that Genting Malaysia will continue to back its New York casino and resort in \u201ctimes of distress.\u201d<\/p>\n\n\n\n\n\n\n\n

Malaysia.- Analysts at Fitch Ratings have said they believe it is very likely that the Asian casino operator, Genting Malaysia<\/strong>, will financially support its New York subsidiary <\/strong>in \u201ctimes of distress\u201d.<\/p>\n\n\n\n

The ratings agency has given Genting New York LLC (GenNY), a fully owned subsidiary of Genting Malaysia Berhad<\/span><\/a><\/em><\/strong>, an issuer default rating (IDR) of ‘BBB-‘ with a negative outlook.<\/p>\n\n\n\n

The agency has also assigned a ‘BBB-‘ rating to the proposed unsecured notes to be issued by GenNY to refinance its existing debt.<\/p>\n\n\n\n

GenNY owns and operates Resorts World New York<\/strong>, a slot-only casino <\/strong>equipped with over 6,500 video lottery terminals and electronic table games.<\/p>\n\n\n\n

NY branch strategic for Genting Malaysia<\/h2>\n\n\n\n

Fitchs considers the business to be of strategic<\/strong> importance for the Malaysian casino giant due to its growth strategy and geographic diversification ambitions<\/strong>. It therefore believes the group will support the NY branch during the stress of Covid-19 restrictions.<\/p>\n\n\n\n

The analysts said in a note on Monday: \u201cWe believe Resorts World New York is strategically important to the group’s long-term expansion plan in the US.<\/strong> It contributed only around 20% to GenM’s 2019 EBITDA, but acts as the group’s US flagship property.\u201d<\/p>\n\n\n\n

Fitch also believes the property will become an \u201cimportant feeder market\u201d <\/strong>to Las Vegas, where Genting is building a US$4.3bn integrated resort. <\/p>\n\n\n\n

GenM, on its own, has invested US$535 million in GenNY<\/strong> to date, the ratings agency said.<\/p>\n\n\n\n

It said: \u201cFitch believes GenM is likely to provide support in times of distress,<\/strong> given the reputational risk associated with a default and large committed investments from GenM and Genting to establish the group’s presence in the US.”<\/p>\n\n\n\n

Genting Malaysia has also felt the impact of the pandemic restrictions<\/span><\/a><\/em><\/strong> on its Malaysian operations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch ratings analysts believe that Genting Malaysia will continue to back its New York casino and resort in \u201ctimes of distress.\u201d<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Fitch Ratings has affirmed Genting Malaysia's strong likelihood of financially supporting its New York subsidiary, Genting New York LLC (GenNY), assigning a 'BBB-' Issuer Default Rating with a negative outlook. This assessment underscores GenNY's strategic importance to Genting Malaysia's US expansion and geographic diversification, despite pandemic-induced market distress. The rating also applies to GenNY's proposed unsecured notes, intended for debt refinancing, reflecting the parent company's significant investment and reputational commitment to its US flagship property.","focusai_entities":"Fitch Ratings, Genting Malaysia, Genting New York LLC (GenNY), Resorts World New York, Genting","focusai_location":"Malaysia, New York, US, Las Vegas","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.8), investor_analyst (1.0), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact of Negative Outlook","query":"What specific operational or market conditions could lead Fitch to downgrade Genting New York LLC's Issuer Default Rating from 'BBB-' given the current negative outlook?"},{"label":"US Expansion Strategy Alignment","query":"How does the financial commitment to Resorts World New York align with Genting Malaysia's broader US integrated resort development strategy, particularly regarding the Las Vegas project's funding and market synergy?"}],"footnotes":""},"categories":[163,16333],"tags":[23632,23907],"class_list":["post-13796","post","type-post","status-publish","format-standard","hentry","category-finance-news","category-south-east-asia-news","tag-integrated-resorts","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13796","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=13796"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13796\/revisions"}],"predecessor-version":[{"id":13800,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13796\/revisions\/13800"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}