...February 27, 2023 SINGAPORE (S&P Global Ratings) Feb. 27, 2023--Genting Bhd.'s operations are on track to recover to pre-pandemic levels in 2023. The recovery is ahead of our estimates, thanks to a faster turnaround in 2022 in Malaysia and Singapore, and rising contribution from Las Vegas for the casino operator (GENT; ###-/Stable/--). EBITDA for the year reached 93% of pre-pandemic levels, thanks to GENT's leisure and hospitality segment. We estimate GENT's ratio of funds from operations (FFO) to debt improved to 23% for 2022, compared with 8.8% in 2021, after it slashed capital expenditures to Malaysian ringgit (MYR) 2.1 billion from MYR8.7 billion. We forecast GENT's revenue in 2023 will exceed pre-pandemic levels by about 10%. Driven by the improvements in the group's Asian and Las Vegas assets, EBITDA should grow by about 10% to MYR7.9 billion. GENT's ratio of FFO to debt will likely further improve to 25%-27% in 2023, given our forecast of limited spending. Of note, we have not included...
