PETALING JAYA: Going by Genting Singapore Ltd’s results for the first quarter of financial year 2022 (1Q22), the Genting group of companies is poised to see a recovery in earnings following the removal of pandemic-related constraints.
The “deteriorating situation” in Malaysia regarding Covid-19 is a “credit negative” for Genting Bhd, the parent of a number of casino businesses around the world, says a Thursday note from Moody’s Investors Service Inc.
The outlook in Malaysia “could derail earnings recovery and exacerbate” Genting Bhd’s “already-weak credit metrics,” wrote analysts Junling Tan, Yu Sheng Tay and Vikas Halan.
Moody’s currently rates Genting Bhd as “Baa2 negative”.
Resorts World Genting (pictured) at Genting Highlands – Malaysia’s only casino resort, located near the nation’s capital Kuala Lumpur and run by Genting Malaysia Bhd – is a key earner for the Genting group in terms of gaming and non-gaming entertainment.