Malaysia’s Genting Group is facing looming debt maturities totaling almost US$3.5 billion, but financial research firm CreditSights believes the refinancing risk is manageable given the group’s wide range of funding options.
The sizeable debt parcels due to mature in 2026 and 2027 include a US$1.5 billion bond held by group holding company Genting Overseas Holdings Limited (GOHL), a US$300 million Empire Resorts bond, US$665 million in term loans at Resorts World Las Vegas and MYR3.8 billion (US$968 million) of assorted Malaysia retail bonds.
In a lengthy research note, CreditSights analysts Jonathan Tan Jun Jie and R Lakshmanan said Genting’s most likely strategy in addressing the debt – particularly the cornerstone maturity that is the GOHL bond – will be a mix of internal cash, dividends and partial market refinancing rather than reliance on operating subsidiaries directly.
