Good morning. Welcome to the week! Moody’s is predicting that NagaCorp will see up to $370 million in EBITDA for FY23, but is wary over the upcoming $472 million in bonds coming due next year. And in Macau, courts rule that casino employees can’t be tried like public servants, as casino operators aren’t considered to be running a monopolistic operation.
What you need to know
- Moody’s watching out to downgrade NagaCorp over concerns of $472 million bonds coming due in 2024, predicts $370 million in full-year EBITDA.
- Macau court rules that casino employees are not to be treated as public servants, as operators not running monopoly.
On the radar
- Former PAGCOR head Efraim Genuino found guilty of graft.
- SJM renews agreements with parent company STDM.
- Genting HK’s last cruise ship, World Dream, sold to Cruise Saudi.
- Macau’s labor office holds employment drive for 1,400 hotel workers.
AGB Intelligence
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Moody’s wary of NagaCorp bonds due in 2024
Ratings agency Moody’s is wary of NagaCorps’ $472 million in bonds due in 2024, but is still predicting strong results for the company this year. Even so, it’s keeping an eye out for a downgrade as it estimates external financing will be needed, despite estimates for $370 million FY23 EBITDA.
Industry Updates
- PLAYSTUDIOS reduces staff by 14 percent.
- SOFTSWISS total deposits soar 5.5 times YoY.
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