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Moody’s Investors Service Inc says it expects the ratio of adjusted debt to earnings before interest, taxation, depreciation and amortisation (EBITDA) of Macau casino operators Melco Resorts and Entertainment Ltd and SJM Holdings Ltd to remain above 10 times for this year, as “earnings remain weak” because of the Covid-19 pandemic. The situation however is likely to improve in 2023 and 2024, it added. Melco Resorts’ leverage “will not fall as fast [as SJM Holdings ] because we expect it to take on more debt to fund its expansion projects over the next two years,” stated the ratings agency in a Tuesday memo. Such projects include spending US$1.25 billion to US$1.30 billion in phase 2 construction of the Studio City property (pictured) in Macau; and US$550 million to US$600 million in the development of the group’s Cyprus casino resort, Moody’s added.

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