Genting Malaysia benefits from strong support from its domestic market, which means it’s better positioned for a faster post-pandemic recovery, Fitch Ratings said.
The ratings agency expects Genting’s EBITDA to return to pre-pandemic levels and its net debt to EBITDA to fall below 3x by end 2022.
In Q3, the company’s operations’ revenue and EBITDA reached 66 percent and 79 percent of Q3, 2019 levels. Although the resort has since been hit by new movement controls due to outbreaks of Covid, Fitch said that the jump in GGR when there are no travel bans shows resilient domestic demand.
