Moody’s has reaffirmed the credit ratings of Genting Bhd and Genting Singapore, but said the outlook remains negative due to the uncertainty regarding the pace of recovery.
The ratings agency points out that Genting, one of the world’s largest casino operators, has good access to funding, which will help provide support even though cash flow from its integrated resorts worldwide remains weak.
Genting’s Malaysian unit has the monopoly casino license in Malaysia, while it holds duopoly in Singapore. The group is opening a more than $4 billion resort in Las Vegas later this summer, while it also has operations in New York, the U.K. and the Bahamas.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.