According to S&P, the operator\u2019s net cash position and limited debt obligations have strengthened its credit fundamentals following several years of disciplined capital management. The agency highlighted that NagaCorp ended 2025 with approximately US$372m in cash and only a US$70m shareholder loan outstanding, due this month.<\/p>\n\n\n\n
S&P analysts Johann Tan, Isabel Goh and Shawn Park<\/strong> noted an earnings recovery in 2025. NagaCorp reported EBITDA of US$400m, while maintaining low leverage ratios. The agency forecasts debt-to-EBITDA to remain around 0.3x through 2026 and 2027.<\/p>\n\n\n\n Despite the upgrade, S&P cautioned that a full recovery to pre-pandemic operating levels is likely to take time. The agency said the company\u2019s former referral VIP business, which historically represented a major portion of gaming revenue, is unlikely to return at previous levels. Revenue and EBITDA in 2025 remained below 2019 performance, although profitability margins have improved due to the shift towards mass-market and premium segments.<\/p>\n\n\n\n S&P expects annual earnings growth of 5 per cent to 6 per cent across 2026 and 2027<\/strong> and stable EBITDA margins between 54 per cent and 56 per cent. The ratings agency identified future shareholder returns and development spending on the long-delayed Naga3 expansion project<\/strong> as factors to monitor. It estimates that capital expenditure could increase from around US$170m in 2026 to nearly US$400m in 2027.<\/p>\n\n\n\n
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