Genting Malaysia predicted a strong recovery in 2024

Genting Malaysia predicted a strong recovery in 2024

Fitch Rating analysts company are expecting Genting Malaysia Bhd to deleverage its net debt relative to EBITDA to a level of 3.2 times by 2024.

The estimates are based on recovery in the Malaysia and US markets, as well as a ‘slower – but steady – EBITDAR recovery in Singapore’ due to the ‘higher dependence on foreign visitors and the hit from an increase in gaming tax from 2Q22’.

Genting Malaysia operates Malaysia’s only licensed casino, Resorts World Genting, outside Kuala Lumpur, as well as casinos in the United States, and the UK. It’s a subsidiary of Malaysian conglomerate Genting Bhd.

The group notes that it expected the group’s Malaysia revenue, which formed nearly 70 percent of Genting Malaysia’s pre-pandemic consolidated revenue, to reach over 75 percent of 2019 levels this year, rising to 95 percent in 2023.

After pandemic measures were lifted in the country in April of this year, ‘recovery should be aided by a limited reliance on foreign visitors and additions to the new Genting SkyWorlds theme park by 4Q22’.

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