Good morning. Asian gaming prospects are looking good for 2023, with analysts at Moody’s upgrading the outlook for Genting Berhad and Genting Singapore. However, the analysts say some pressure could be seen on the group’s leverage depending on the outcome of its New York casino license bid. And in Macau, a prominent gaming scholar has raised his forecast for this year’s GGR, to $18.5 billion, ahead of even government estimates.
What you need to know
- Moody’s upgrades Genting Berhad/Genting Singapore outlook to stable, could see leverage pressured by NY casino bid.
- Gaming scholar raises forecast of Macau’s 2023 GGR to $18.5 billion, reaffirms need to focus on attracting Hong Kong punters.
On the radar
- Star Entertainment appoints new Chief Risk Officer.
- Bally’s gets new CEO, to reverse “unacceptable” North America results.
- Macau gov’t abolishes committee for gaming tender.
- Casino proposal for Da Lat, Vietnam, ministry to regulate local gamblers.
- Thai police offer $30k reward for Macau888 suspects.
AGB Intelligence
OUTLOOK
Moody’s upgrades Genting Berhad and Genting Singapore
Analysts at Moody’s have upgraded their outlooks for Genting Berhad and Genting Singapore to stable, from negative, as expectations are for strong gaming results at the group’s properties in Asia and the United States. However, Genting’s bid for a casino license in the state of New York could financially pressure it this year, with up to $1 billion anticipated in fees and development costs.
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