After completing a periodic review of Genting Bhd, ratings agency Moody’s Investor Services has given the casino operator a rating of Baa1, reflecting excellent consolidated liquidity, well-managed debt maturity profile and sizable cash holdings.
“The rating is supported by the group’s monopoly position as Malaysia’s sole land-based casino operator and duopoly position in Singapore as one of the two integrated resort license holders,” said the firm in a press release on Wednesday.
“At the same time, the rating captures the execution and financial risks associated with Genting’s strong appetite for expanding its gaming franchise in the US and Asia,” it added.
Moody’s says it expects Genting to exercise prudence in managing its finances and investment strategies to contain the risks associated with its expansion plans, despite future projects potentially consuming significant operating and financial resources over the medium term.
Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.