Ratings agency Fitch has downgraded the Long-Term Issuer Default Rating (IDR) of Malaysia’s Genting Berhad and its subsidiaries Genting Overseas Holdings Limited (GOHL) and Resort World Las Vegas LLC, citing substantial capex commitments at Resorts World New York City and Singapore’s Resorts World Sentosa (RWS), plus high start-up costs in New York.
That’s despite Fitch forecasting the New York property – which launched the downstate area’s first table games in April after receiving a full casino license late last year – will generate EBITDA of US$450 million by 2028, more than double the US$208 million expected in FY26.
Genting Berhad’s IDR has been downgraded from “BBB” to “BBB-”, GOHL from “BBB” to “BBB-” and RWLV from “BBB-” to “BB+” all with a stable outlook.
In a Monday note, the agency said the downgrade reflects its expectation that Genting’s consolidated EBITDA net leverage ratio will stay above 4.0x for the next three years, with the pace of deleveraging slow due to its capex commitments in New York – where it has committed to a US$5.5 billion expansion – and Singapore, home to a similar US$5 billion expansion and upgrade program.
This will see Genting’s capex remain high at around US$800 million a year over the medium term, putting pressure on the group’s credit metrics and in Singapore resulting in genitive free cash flow during the expansion phase.
Fitch also forecast’s modest growth performance across many of the Genting Group’s integrated resorts, with flat gaming revenue at RWS in 2026 as it continues to renovate its hotels and casino areas to enhance its customer experience, and muted revenue growth at Resorts World Genting in Malaysia amid high travel costs and macroeconomic uncertainties. Resorts World Las Vegas is seen boosting its 2026 EBITDA to about US$160 million, supported by the newly expanded Las Vegas Convention Center which opened in early 2026.
Longer-term, however, New York bodes well for Genting’s fortunes, even as Fitch lowers its 2026 EBITDA forecast to US$208 million from US$215 million.
“Our forecast assumes that by 2028, EBITDA from Genting New York will reach around US$450 million as more tables and slot machines are added, while EBITDA margin improves as costs normalize,” the agency said.
“The casino has first-mover advantage in New York and benefits from a dense population and high-income flows.”
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