Ratings agency Fitch has downgraded the Long-Term Issuer Default Rating (IDR) of Malaysia’s Genting Berhad and its subsidiaries Genting Overseas Holdings Limited (GOHL) and Resort World Las Vegas LLC, citing substantial capex commitments at Resorts World New York City and Singapore’s Resorts World Sentosa (RWS), plus high start-up costs in New York.
That’s despite Fitch forecasting the New York property – which launched the downstate area’s first table games in April after receiving a full casino license late last year – will generate EBITDA of US$450 million by 2028, more than double the US$208 million expected in FY26.
Genting Berhad’s IDR has been downgraded from “BBB” to “BBB-”, GOHL from “BBB” to “BBB-” and RWLV from “BBB-” to “BB+” all with a stable outlook.
