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Fitch Ratings said it expects to deleverge to 3.2 times the current level by 2024 on the back of a "strong recovery" and "low" capital spending in the market run by casino operator Genting Malaysia Bhd.

The calculation is for net liabilities on earnings before interest, taxation, depreciation and amortization (EBITDA). 온라인카지노

Genting Malaysia operates Resorts World Genting, Malaysia's only licensed casino property. The group also operates casinos in the United States and the Bahamas, the United Kingdom, and Egypt. The company is part of Genting Bhd, a large Malaysian-based company.

In a report on Monday, Fitch said the expected "delivering" of Genting Malaysia and its parent company "will stem from the Group's EBITDA and free cash flow growth from 2022 to 2024 as visitor numbers recover and large capital outflows for the previous year decline."

"Following the lifting of pandemic-related restrictions in [Malaysia] in April 2022, dependence on foreign visitors will be limited through the fourth quarter of 2022 and the addition of a new Genting Skyworld theme park will help the recovery," wrote Fitch analysts Akash Gupta and Shiv Kapoor.

Malaysia's revenue, which formed nearly 70% of Genting Malaysia's pre-pandemic consolidated total revenue, "will recover to more than 75% of 2019 in 2022 and to around 95% in 2023," the rating agency said.

"Malaysia's UK and US assets also reported higher earnings in the first half of 2022 amid the reduced risk of the pandemic, with further improvements expected," the analysts added.

In August, Genting Malaysia reported second-quarter revenue of nearly 2.18 billion yuan ($474.8 million), up 166.0% from a year earlier. The group reported second-quarter adjusted EBITDA of 619.5 million yuan, compared with 45.6 million yuan a year earlier

According to Fitch, Genting Malaysia reported a capital expenditure commitment of 3.05 billion yuan as of the end of 2021. "With the completion of most projects under Resort World Genting's multi-year redevelopment plan, we assume an average expenditure of 800 million yuan from 2022 to 2024 due to investment in maintenance facilities and some upgrades and additions," the rating agency said.

In September, Fitch revised Malaysia Genting's long-term issuer default rating outlook from negative to stable. The rating agency also confirmed the casino company's rating as investment grade "BBB".