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 chairman and chief executive of Malaysian conglomerate Genting Bhd, Lim Kok Thay (pictured), says there are signs of “nascent recovery” in gaming across Asia. The veteran tycoon however warned of “significant challenges” in the year ahead, as the Covid-19 pandemic continues to have a negative impact on business.
Genting operates casinos in a number of jurisdictions. It is the parent company of casino operator Genting Malaysia Bhd, which operates Resorts World Genting, the only licensed casino complex in Malaysia.
In addition, Genting controls Genting Singapore Ltd, the operator of Resorts World Sentosa, one of Singapore’s two casino resorts.
Malaysia-based gaming conglomerate Genting Bhd says two subsidiaries are to issue US$350-million worth of senior notes, primarily toward repaying borrowings linked to the Resorts World Las Vegas casino project in Nevada, in the United States.
The offering is being undertaken by Resorts World Las Vegas LLC, and Resorts World Las Vegas Capital Inc, “primarily to repay borrowings” under a “US$1.6 billion senior secured credit facilities maturing in 2024,” said the parent’s Wednesday filing to Bursa Malaysia.
The 4.625-percent senior notes are due in 2031, and are only for qualified investors in the U.S. They are to be listed with Singapore Exchange Securities Trading Ltd.
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