Fitch backing for Malaysia and Singapore

The gaming industries of Malaysia and Singapore have been backed by a report from credit ratings agency Fitch.

The analysis said that the industry was in a stable position in both countries despite declining visitor arrivals and lower win rates, especially in the VIP player segment.

Fitch said integrated resorts Genting Singapore (GENS), Genting Malaysia (GENM) and Marina Bay Sands (MBS) continued to generate robust earnings before interest, depreciation, taxation and amortisation (EBITDA) margins in excess of 30%.

Fitch said: “GENS and GENM are in a net cash position, while MBS has been deleveraging.

“Days receivable continue to be high at over 100 days, as GENS and MBS extend credit directly to their VIP patrons.”

Fitch added that Genting Holdings had substantial expansion plans in 2015 and 2016.

“Fitch does not expect this to have an adverse effect on Genting’s credit profile, as the company proposes to fund this through a combination of debt and cash,” it said.

“Genting executing its expansion plans while simultaneously maintaining its low leverage and managing its receivables efficiently is key to maintaining its credit profile.”

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