Wednesday, June 26, 2024

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Wynn Resorts’ joint IR project construction to ‘significantly’ boost Ras Al Khaimah GDP: Fitch

The ongoing Wynn Resorts joint integrated resort projects in Ras Al Khaimah's (RAK), UAE are expected to provide significant short-term growth momentum to the emirate, and serve as a catalyst to attract further investment, Fitch Ratings predicted in a recent analysis.

Macau’s economy to grow 15%, driven by continued recovery: Fitch

The ratings agency Fitch forecasts Macau's growth will remain strong at about 15 percent in 2024, supported by the assumption of further recovery in gaming tourism this year.

Macau’s gaming industry to continue growth in 2024, operator debt reduction to still take time – Fitch

Fitch Ratings has expressed optimism regarding the outlook of Macau's gaming industry for the year 2024, citing a projected improvement bolstered by a steady recovery in inbound tourism.

Macau drives Sands credit improvement, dividend only in 2026: Fitch 

The strong rebound in the Macau market is believed to be a significant driver of Las Vegas Sands' overall credit improvement, according to Fitch.

Wynn Resorts granted BB- rating for the first time: Fitch Ratings

Fitch Ratings has assigned a first-time 'BB-' Issuer Default Rating (IDR) to the Wynn Resorts group, together with a 'stable' outlook.

China’s international travel only at 39% of 2019 levels: Fitch 

China’s aviation sector experienced a highly unbalanced recovery in 2023, primarily due to the lag in the recovery of international travel, note analysts at Fitch.

Daily Asia Gaming eBrief: Fitch: SJM’s GLP close to break-even point for EBITDA

Rising from the ashes, a story Macau has seen many times. Analysts at Fitch are predicting that legacy gaming operator SJM will fully accelerate into 2024, and drive its Cotai property Grand Lisboa Palace to finally break-even (EBITDA-wise). This is boosted by increased tourism, despite air traffic in 2023 reaching just half of pre-pandemic levels. Regionally, Vietnam looks to take advantage of this, aiming for 18 million tourists this year. On the wide scope, gaming equipment companies finished 2023 on a high note, with the AGEM index up by 2.7 percent. And Imperial Pacific gets another reprieve, as its winding-up proceedings are further delayed in Hong Kong.

SJM Holdings to achieve positive free cash flow in 2024, says Fitch

Fitch Ratings anticipates that SJM Holdings Limited will experience a positive free cash flow (FCF) in 2024, with further expansion in 2025-2026. This positive trend is expected to drive a reduction in debt balance from HK$ 29 billion ($2.7 billion) at the end of September 2023 to HK$ 26 billion ($3.3 billion) by the end of 2025 and HK$ 23 billion ($3 billion) by the end of 2026.

Singapore’s gaming revenue expected to grow 10 percent in 2024: Fitch 

Ratings agency Fitch expects gaming revenue in Singapore to grow by 10 percent in 2024, following a 2023 return 15 percent higher than pre-pandemic levels.

Fitch Ratings upgrades Philippines’ economic outlook

Fitch Ratings Inc. has upgraded the Philippines' economic outlook from ‘Negative’ to ‘Stable’ in its latest revision released on Tuesday.