{"id":13057,"date":"2023-02-17T15:57:11","date_gmt":"2023-02-17T15:57:11","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=13057"},"modified":"2023-02-17T15:58:14","modified_gmt":"2023-02-17T15:58:14","slug":"gentings-new-york-casino-license-bid-could-affect-groups-credit-rating","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/gentings-new-york-casino-license-bid-could-affect-groups-credit-rating\/","title":{"rendered":"Genting\u2019s New York Casino License Bid Could Affect Group\u2019s Credit Rating"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2023\/02\/resorts-world-casino-new-york-city.jpg\" alt=\"Resorts World Casino New York City\" width=\"300\" title=\"Genting\u2019s New York Casino License Bid Could Affect Group\u2019s Credit Rating\" class=\"alignleft size-full wp-image-13058\" \/><strong>Summary<\/strong>  <\/p>\n<ul>\n<li>Moody\u2019s said there are financial risks involved in Genting\u2019s US gaming expansion<\/li>\n<li>The company is considered among the frontrunners for a casino license in New York<\/li>\n<li>The bid could impact its credit rating, given the huge costs involved in the project<\/li>\n<\/ul>\n<p><strong>Genting Group<\/strong> is in a strong position to win one of the <a href=\"https:\/\/www.legitgambling.com\/news\/new-york-lawmakers-could-allow-nyc-area-casino-licensing-soon\/\">three gaming licenses up for grabs in downstate New York<\/a>, but expanding its gaming operations in the city would entail some risks, according to analysts at Moody\u2019s Investors Service Inc. <\/p>\n<h2>Huge Investments Required in Genting NY Casino Expansion<\/h2>\n<p>Analysts and industry experts believe Genting is among the leading contenders for a casino license, given its experience in running a gaming facility in New York City. The Malaysia-based leisure and entertainment company owns and operates the <a href=\"https:\/\/rwnewyork.com\">Resorts World Casino New York City<\/a> located in Queens which currently offers electronic table games and slot machines. <\/p>\n<p>Genting will only need to expand the racino facility so it can offer full gaming, including <a href=\"https:\/\/www.legitgambling.com\/blog\/a-beginners-guide-to-live-casinos\">live casino<\/a> table games such as <em>blackjack<\/em> and <em>poker<\/em>, once it is granted a casino license. This puts the company at a huge advantage over its competitors, most of which will have to start from scratch if they are successful in their bids. <\/p>\n<p>However, Moody\u2019s warned in a report this week that Genting Bhd, which operates in New York via its subsidiary Genting New York LLC, would need to invest a significant amount of operating and financial resources into the project if it were to win one of the licenses. <\/p>\n<p>Moody\u2019s stated that Genting\u2019s potential acquisition of a casino license in New York could result in a \u201c<em>significant cash outlay<\/em>\u201d involving license fees and development costs in the future. The New York casino project would lead to a \u201c<em>material increase in debt<\/em>\u201d, triggering an aggressive financial policy that would impact Genting Bhd\u2019s rating, according to Moody\u2019s latest report. <\/p>\n<h2>Moody\u2019s Affirms Genting Bhd\u2019s Baa2 Rating<\/h2>\n<p>The credit ratings agency has affirmed the \u201cBaa2\u201d issuer rating of Genting Bhd, which means obligations are subject to \u201c<em>moderate credit risk<\/em>\u201d. It stated that the company will benefit from full-year earnings contribution from Resorts World Las Vegas which opened in June 2021.<\/p>\n<p>Genting Bhd is expected to register consolidated earnings before interest, taxation, depreciation, and amortization (EBITDA) of between MYR9 billion (US$2.1 billion) and MYR10 billion in 2023 and 2024, up from MYR7.2 billion in the past financial year ended September 2022.<\/p>\n<p>Moody\u2019s expects <strong>Genting Bhd\u2019s leverage to improve to 4.5 times and 4.0 times respectively in 2023 and 2024<\/strong>. However, the agency notes that the casino operator may not meet the expected 4.5x level this year if it wins one of the three gaming licenses in <a href=\"https:\/\/www.legitgambling.com\/us\/states\/new-york\">New York<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary Moody\u2019s said there are financial risks involved in Genting\u2019s US gaming expansion The company is considered among the frontrunners for a casino license in New York The bid could impact its credit rating, given the huge costs involved in the project Genting Group is in a strong position to win one of the three [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,2,1],"tags":[],"class_list":["post-13057","post","type-post","status-publish","format-standard","hentry","category-casino","category-legislation","category-usa"],"yoast_head":"<!-- This site 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