• 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
  • Singapore visitor tally in year to April beats full-2021
    Singapore visitor tally in year to...

    May 25, 2022  

  • RWS seeking to expand gaming customer base: exec
    RWS seeking to expand gaming customer...

    May 24, 2022  

More news
  • Alvin Chau indicted for illegal gaming, money laundering
    Alvin Chau indicted for illegal gaming,...

    May 26, 2022  

  • Shinhwa World to add condos, villas amid recovery: exec
    Shinhwa World to add condos, villas...

    May 26, 2022  


Latest News

Alvin Chau indicted for illegal gaming, money laundering

Alvin Chau indicted for illegal gaming, money laundering

May 26, 2022  

Macau’s Public Prosecutions Office has indicted Alvin Chau Cheok Wa (pictured in a file photo), former boss of Macau casino junket Suncity Group, with illegal gaming, criminal association, fraud,...
Read More
Shinhwa World to add condos, villas amid recovery: exec

Shinhwa World to add condos, villas amid recovery: exec

May 26, 2022  

Marina Bay Sands to hire up to 2,000 workers: firm

Marina Bay Sands to hire up to 2,000 workers: firm

May 26, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


540,430

Visitors arrivals to Singapore in the first four months of 2022



Most Popular

  • Wynn Macau Ltd asks managers to take 10pct wage in stockWynn Macau Ltd asks managers to take 10pct wage in stock May 24, 2022
  • Macau op debt to hit US$25bln unless travel eased 2H: MSMacau op debt to hit US$25bln unless travel eased 2H: MS May 24, 2022
  • Outbound group tours still paused: China immigrationOutbound group tours still paused: China immigration May 24, 2022
  • Macau GGR tax cut idea tied to China outlook: brokerageMacau GGR tax cut idea tied to China outlook: brokerage May 23, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us