CreditSights, a rating agency under the Fitch Group, views Genting’s refinancing risk in 2026 and 2027 as ‘manageable’, despite a heavy concentration of debt maturities.
In a recent research note, the agency cited Genting’s liquidity position and continued access to refinancing channels as key supporting factors.
The report noted that Genting faces a sizeable maturity wall over FY26–FY27, including a $1.5 billion Genting Overseas Holdings bond due in 2027, a $300 million Empire Resorts bond, a $665 million Resorts World Las Vegas term loan, and MYR3.8 billion ($967.7 million) in Malaysian retail bonds.
While the scale of upcoming maturities is significant, CreditSights said ‘liquidity pressure exists, but refinancing avenues remain open.’ According to the agency, Genting is expected to manage these obligations through a combination of existing liquidity, bank funding, and access to capital markets.
‘We believe the group retains sufficient flexibility to address its near-term refinancing needs’, CreditSights said, adding that the maturity profile, while demanding, does not pose an immediate solvency risk.
However, the report struck a more cautious tone on Genting Malaysia Berhad (GENM), which CreditSights described as ‘credit-wise meaningfully weaker than peers’, and likely to ‘underperform Sands China and Las Vegas Sands over the longer term’.
The agency highlighted that GENM’s credit metrics lag those of major regional gaming operators, particularly in the context of rising leverage and execution risk.
As part of its relative value assessment, CreditSights said Genting Malaysia Berhad’s 2031 bonds ‘should reasonably trade around 85 basis points wider than Sands China’s 2031 bonds’, and approximately ’47 basis points wider than Genting’s 2027 bonds’. The spread differential reflects what the agency considers appropriate compensation for higher risk exposure.
The report attributed much of Genting Malaysia Berhad’s weaker credit profile to its $5.5 billion New York integrated resort project, where capital expenditure is ‘heavily front-loaded’. CreditSights said the concentration of early-stage spending ‘creates pressure on cash flow and leverage metrics during the construction phase’. The project follows Genting’s award in December 2025 of one of three downtown New York City casino licenses.
Governance concerns were also flagged as an ongoing issue. CreditSights noted that ‘governance issues remain unresolved’, which could continue to weigh on investor sentiment.
In addition, Genting Malaysia Berhad currently carries a BBB- rating with a negative outlook from S&P Global Ratings, leaving it exposed to what the agency described as a ‘non-trivial fallen angel risk’.
Despite these headwinds, CreditSights reiterated that Genting’s overall refinancing outlook remains stable in the near term.
‘While maturities are sizable, the group’s diversified asset base and funding access support our view that refinancing risk remains manageable’, the report indicated.
The agency added that investors should continue to monitor execution risks and leverage trends closely, particularly as capital expenditure ramps up over the next two years.
