...September 19, 2022 SINGAPORE (S&P Global Ratings) Sept. 19, 2022--Genting Bhd.'s bid for a Macao gaming license could shift the group's focus to debt-funded growth from deleveraging, if it gets the gaming concession. This is contrary to our earlier expectation that Genting's (###-/Stable/--) credit quality will stabilize following the completion of a major investment cycle while an operational recovery is underway. On Sept. 14, 2022, Genting Malaysia Bhd.'s (###-/Stable/--) indirect subsidiary GMM S.A. submitted a bid to the Macao SAR government for a 10-year license to operate casinos. Genting Malaysia is one of the main hospitality, gaming, and entertainment arms of Genting Bhd. Aside from the Macao government conditionally accepting GMM's proposal, no further details are available currently. Despite offering a wider geographic footprint and an opportunity for the group to expand, Macao's gaming market would also imply more intense competition in a highly regulated and scrutinized market...
