S&P revises Genting view to negative

S&P said it revised the outlook for Genting Bhd. and Resorts World Las Vegas to negative from stable.

“We revised the outlook on Genting to negative to reflect our view that Genting's revenue and EBITDA will drop by 20%-25% and 25%-30% respectively in 2020 because of the ongoing Covid-19 outbreak. This comes at a time when we forecast near-term capital expenditure (capex) to peak in 2020, with Resorts World Las Vegas (RWLV) set to open in the summer of 2021 in the U.S., and our expectation that Genting Singapore (GENS) will start its Singapore dollars (S$) 4.5 billion expansion plan,” said S&P in a press release.

S&P affirmed the BBB+ rating on Genting and the BBB ratings on Resorts World Las Vegas and its debt.

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