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Casino operator Genting Malaysia Bhd should be able to "deliver in a year or two" thanks to maintaining financial discipline and operational flexibility along with a "gradual" recovery in demand and easing capital spending from the COVID-19 pandemic, Fitch Ratings Inc's Tuesday memo said.

Fitch expects Genting Malaysia's earnings before interest, taxation, depreciation and amortisation (EBITDA) to return to pre-pandemic levels and said net debt/EBITDA "will less than triple by the end of 2022 in line with sound demand."

"Genting Malaysia budgets 1 billion MYR [US$242 million] in capital expenditure in 2021 and 500 million to 600 million MYR annually thereafter primarily in maintenance capital expenditure," Fitch noted.

The agency noted that Genting Malaysia was "on track" to open an outdoor theme park at its flagship properties, Resort World Genting, near Kuala Lumpur, the Malaysian capital, and hotels in Resort World New York City in mid-2021.

"Genting Malaysia expects the theme park to attract 1.5 million to 2 million additional visitors a year to Resort World Genting and generate 400 million to 500 million MYR in additional revenue," Fitch said.

Fitch announced an investment rating of "BBB" on some proposed U.S. dollar notes from Genting Malaysia. The agency also said Genting Malaysia's long-term issuer default was "BBB" and was a "negative" outlook.

The note is a wholly owned subsidiary of Genting Malaysia and is issued by Genting Malaysia Capital Labuan Ltd.

The notes are valued at the same level as Genting Malaysia's issuer default rating, as they constitute the company's direct, unsecured, and subordinated debt. The company plans to use the proceeds primarily to repay its debt, according to Fitch.

Genting Malaysia's rating takes into account "moderate connectivity with weak parent company Genting Bhd" and is "BBB"/"negative" and we evaluate Genting Malaysia based on Genting Bhd's consolidated credit profile, and the outlook is consistent with Genting Bhd's outlook, Fitch said.

The agency said the "negative" outlook "captures the risk of a slower game recovery than we predicted, which could allow Genting Bhd's leverage to rise for a long time."

Fitch added: "This may continue to be sporadic lockdowns and strict social distancing due to repeated waves of infections."

Resorts World Genting recently suffered several temporary shutdowns due to the pandemic, most recently ending on Feb. 16.

Zenting Bhd's indirect, wholly owned subsidiaries Resorts World Las Vegas LLC and Resorts World Las Vegas Capital Inc announced last week that they had issued $350 million in senior bonds. The bonds will be listed and quoted on the Singapore Exchange bond market beginning at 9 a.m. on Wednesday, it said.

BY: 파친코