Genting Malaysia’s second-quarter 2022 results showed a robust recovery in gaming revenue, according to Fitch.<\/p>\n\n\n\n\n\n\n\n
Malaysia.- Fitch Ratings<\/strong> has upgraded Genting Malaysia’s long-term Issuer Default Rating (IDR) from “negative” to “stable”. The credt rating agency has also affirmed Genting’s issuer default ratings at BBB.<\/p>\n\n\n\n Fitch says that Genting Malaysia sees a stable outlook driven by a strong recovery of gaming revenue, particularly in Malaysia and the US after Covid-19 restrictions were eased. The recovery was evident in second quarter financial results. <\/p>\n\n\n\n Genting Malaysia<\/a> <\/strong>reported that revenue was up 166 per cent year-on-year to MYR2.18bn (US$486.5m) in the second quarter. The company said the improvements were primarily due to an overall higher volume of business at Resorts World Genting (RWG)<\/a> as a result of the eased travel restrictions in the country. <\/p>\n\n\n\n Fitch expects Malaysia’s revenue, which accounted for nearly 35 per cent of Genting Group’s pre-pandemic consolidated sales, to recover to more than 75 per cent of 2019 levels this year<\/strong> and around 95 per cent by 2023. Limited reliance on foreign tourists and the addition of the Genting Sky World theme park<\/strong> should support a strong recovery.<\/p>\n\n\n\n In addition to a high share of domestic visitors in Malaysia, the company also holds a healthy share of Singapore’s duopolistic market. Fitch affirmed Genting’s senior unsecured debt rating at ‘BBB’ while simultaneously withdrawing the rating as the company is no longer issuing senior unsecured debt<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" Genting Malaysia’s second-quarter 2022 results showed a robust recovery in gaming revenue, according to Fitch.<\/p>\n","protected":false},"author":176,"featured_media":18062,"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 upgraded Genting Malaysia's long-term Issuer Default Rating outlook from \"negative\" to \"stable,\" affirming its BBB rating. This reflects a robust recovery in gaming revenue, particularly in Malaysia and the US, following the easing of COVID-19 restrictions, evidenced by a 166% year-on-year revenue increase in Q2 2022. Fitch anticipates Malaysia's gaming revenue to reach 95% of 2019 levels by 2023, supported by domestic visitation and new attractions.","focusai_entities":"Genting Malaysia, Fitch Ratings, Genting Group, Resorts World Genting, Genting Sky World","focusai_location":"Malaysia, US, Singapore","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Capital Allocation Strategy","query":"Given the upgraded outlook and robust revenue recovery, what are Genting Malaysia's projected capital expenditure plans for further enhancing Resorts World Genting and other assets, and how will this impact future dividend policies?"},{"label":"Regional Market Dynamics","query":"Beyond Malaysia and the US, how does Genting Malaysia's performance in Singapore's duopolistic market contribute to the overall group's NGR, and what are the growth projections for this segment?"}],"footnotes":""},"categories":[163,16333],"tags":[19394],"class_list":["post-33786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-genting-malaysia"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33786","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=33786"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33786\/revisions"}],"predecessor-version":[{"id":33813,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/33786\/revisions\/33813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18062"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=33786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=33786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=33786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}