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GGRAsia – GEN Sing 2022 EBITDA to be below 2019 levels: Moody's ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) at casino operator Genting Singapore Ltd are likely to remain below 2019 levels this year and in 2022. That is according to a new credit opinion on the company issued on Thursday by Moody’s Investors Service Inc. “Following a challenging year, we estimate Genting Singapore’s EBITDA to increase in 2021 and 2022 but remain below pre-pandemic levels,” analysts Junling Tan, Yu Sheng Tay, and Vikas Halan wrote. “We believe the operating environment will remain challenging, as ongoing international travel restrictions [related with the Covid-19 pandemic] continue to weigh on recovery prospects”. Moody’s forecast Genting Singapore is likely to achieve revenue of almost SGD1.74 billion (US$1.30 billion) in full-2021, up by almost two-thirds in year-on-year terms. Revenue in full-2022 is likely to hit close to SGD2.11 billion, the credit rating agency estimated. ....
The temporary suspension of business at Cambodian casino resort NagaWorld, after 11 staff tested positive for Covid-19, is a “credit negative” for its Hong Kong-listed promoter NagaCorp Ltd, said Moody’s Investors Service Inc, in a Wednesday note. Any “prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality,” said the memo from Junling Tan, Yu Sheng Tay and Vikas Halan. Moody’s currently considers credit instruments issued by NagaCorp as ‘B1’ – a non-investment grade – with, in NagaCorp’s case, a ‘negative’ outlook. The Moody’s team stated: “NagaWorld will experience a decline in foot fall because of social distancing and density control measures – as well as health and safety concerns – when the operations resume.” ....
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. ....