• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

No debt needed to fund RWS’ expansion: Moody’s

Feb 25, 2022 Newsdesk Latest News, Singapore, Top of the deck  


No debt needed to fund RWS’ expansion: Moody’s

The ‘A3′ issuer rating of Genting Singapore Ltd reflects the company’s liquidity strength, and its capacity to fund the SGD4.5-billion (US$3.3-billion) expansion of its casino complex Resorts World Sentosa “without the need to incur additional debt”, said Moody’s Investors Service in a credit opinion issued on Thursday.

Long-term obligations rated A are considered “subject to low credit risk”, according to the rating agency.

Genting Singapore, controlling one half of Singapore’s casino duopoly, is investing SGD400 million in upgrading some of its attractions and refurbishing three existing hotels at Resorts World Sentosa. These enhancements are part of the SGD4.5-billion expansion plan.

“Given Genting Singapore’s sizable net cash position, it is likely to have sufficient resources to fund the expansion without incurring additional debt,” said Moody’s in its Thursday opinion.

As of end-2021, Genting Singapore had a cash balance of approximately SGD3.3 billion. Moody’s expected the gaming operator to maintain a strong net cash position in 2022 and 2023.

Genting Singapore’s strength in liquidity provided the company “a buffer” in case the recovery in the operating performance of its casino resort complex is slower than expected, said Moody’s.

The rating house estimated Genting Singapore to see its revenue grow from SGD1.07 billion in 2021 to SGD1.61 billion in 2022, and SGD2.23 billion in 2023. The company reported revenue of SGD2.48 billion in 2019, before the onset of Covid-19 pandemic.

The company’s credit outlook was however challenged by its exposure to the “evolving regulatory environment” in Singapore, and to a “geographical concentration risk” as the company generates most of its revenue from Resorts World Sentosa, said Moody’s.


  • tweet
Related articles
  • China biggest source of Singapore July visitor arrivals
    China biggest source of Singapore July...

    Aug 16, 2023  

  • RWS mass share concerns but strong end to 1H: analysts
    RWS mass share concerns but strong end...

    Aug 11, 2023  

More news
  • Any Macau clamp on money changing may hurt GGR: pundits
    Any Macau clamp on money changing may...

    Sep 25, 2023  

  • 26 Capital to delist, liquidate as Okada Manila merger fails
    26 Capital to delist, liquidate as...

    Sep 25, 2023  


Latest News

Any Macau clamp on money changing may hurt GGR: pundits

Any Macau clamp on money changing may hurt GGR: pundits

Sep 25, 2023  

Criminalisation of unlicensed money exchange in Macau is a complex topic and would need careful handling to respect the Chinese authorities’ wish to control cross-border currency flow, while...
Read More
26 Capital to delist, liquidate as Okada Manila merger fails

26 Capital to delist, liquidate as Okada Manila merger

Sep 25, 2023  

Japan govt nods MGM-Orix, Osaka govt deal for IR scheme

Japan govt nods MGM-Orix, Osaka govt deal for IR scheme

Sep 25, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"We [estimate] that these illegal [currency exchange] transactions account for somewhere between 50 percent to 60 percent [of Macau's annual gross gaming revenue]”

Ben Lee

Managing partner at IGamiX Management and Consulting



Most Popular

  • Any Macau clamp on money changing may hurt GGR: punditsAny Macau clamp on money changing may hurt GGR: pundits September 25, 2023
  • Strong Macau hotel bookings for autumn Golden WeekStrong Macau hotel bookings for autumn Golden Week September 22, 2023
  • Big players, tourists due for Golden Week say Macau expertsBig players, tourists due for Golden Week say Macau experts September 22, 2023
  • Londoner Macao’s Harry Potter exhibition to open Dec 15Londoner Macao’s Harry Potter exhibition to… September 22, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us