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.
Moody’s Investors Service Inc says it expects casino operators MGM Resorts International and Wynn Resorts Ltd to pursue new “large, high profile” development opportunities “around the world,” which would require “significant” investment and debt. The comments were part of updates published on Wednesday on credit issuers linked to companies with operations in Macau.
The ratings agency said it expected MGM Resorts to “actively pursue other large integrated resort [IR] development projects (e.g., Japan) that would require significant equity investment and debt to finance construction and will continue to expand its domestic operations.”
MGM Resorts and its local partner Orix remain the only qualified consortium in the request-for-proposal (RFP) process of Japan’s Osaka prefecture, concerning the metropolis’ tilt at having a casino resort.
Vanguard Lowers Fees for Target Retirement Trusts
Vanguard has announced it is lowering fees for its Target Retirement Trusts by 5% to 10% across the board, saving investors an estimated $20 million.
Effective as of April 1, fees will fall between 0.25 basis points (bps) and 0.5 bps, depending on which program a client is invested in.
This fee reduction for Vanguard Target Retirement Trusts follows Vanguard’s announcement in December of new lower minimums for the Vanguard Institutional Target Retirement Funds. The lower minimums saved investors an estimated $16 million as more participants gained access to lower-priced funds.
Vanguard Target Retirement Trusts are organized as collective investment trusts (CITs), a type of pooled account that capitalizes on the economies of scale of larger workforces to lower costs. The trusts offer multiple price points so clients can reap the benefits of lower fees as plan assets grow.
SPDR Bloomberg Barclays Emerging Markets USD Bond ETF (EMHC). The fund was developed to provide exposure to US dollar-denominated debt issued by sovereign and quasi-sovereign emerging market issuers.
EMHC may provide investors with an attractive source of income and diversification benefits due to emerging markets debt’s low historical correlation to other global bond sectors.
“With yields relatively low across US bond markets, investors are increasingly looking elsewhere to generate income,” said Sue Thompson, head of SPDR Americas Distribution at State Street Global Advisors. “Emerging market debt has seen solid growth over the last decade. However, we believe many investors may be under-allocated to this asset class. EMHC provides a convenient and cost-effective means to access emerging market debt while guarding against short-term fluctuations in the dollar.”
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