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Vicky Melbourne, head of industrials, property and consumer for South Asia and Southeast Asia at Fitch Ratings, talks with Asia Gaming Brief managing editor Sharon Singleton about the impact of Covid-19 on the credit profile of the region’s operators.
The ongoing pandemic is keeping the ratings agencies on their toes as they seek to assess the impact of the slower-than-expected recovery on the balance sheets of operators which made significant capital commitments back when the future had looked bright.
Ratings agency Standard & Poor’s has reaffirmed Genting Malaysia’s BBB rating, but says the outlook is “negative” due to a slower-than-expected recovery in Singapore.
There is significant uncertainty about the recovery and expansion prospects of Okada Manila given the severity of the Covid-19 outbreak in the Philippines, Fitch Ratings said.
Australian operator Crown Resorts is in a position to weather the storm created by the coronavirus crisis, due to its low debt and variable cost structure, according to Fitch Ratings.
Genting Malaysia is pushing ahead with its overseas expansion plans, though analysts its acquisition of Empire Resorts will weigh on long-term earnings.
Japan’s three IRs are likely to generate between $5 billion and $9 billion in gaming revenue, with the mix depending on the location of the properties, according to Fitch Ratings.
Crown Resorts’ credit ratings were reaffirmed by Fitch Ratings after the Australian operator announced plans to scrap a planned project to build a resort...