...SINGAPORE (S&P Global Ratings) April 28, 2023--Genting Malaysia Bhd. (GENM) has more funding options for investments after its recent land sale. The Malaysia-based leisure and hospitality company has sold four land parcels in Miami, U.S. Wholly owned subsidiary, Genting New York LLC (GENNY), is bidding for a full casino license in downstate New York. Bidding and investment cost may require at least US$1 billion. If GENNY secures the license, we believe proceeds from the land sale will ease the pressure on the group's credit quality. Monetization of the Miami land is credit positive for the Genting group. It will improve parent Genting Bhd.'s (GENT; ###-/Stable/--) ratio of funds from operations (FFO) to debt by about 8 percentage points to 35% in 2023. It will also improve GENT's debt-to-EBITDA ratio by about 0.5x to 1.9x. These numbers compare with 24.1% and 2.8x respectively in 2022. However, the deleveraging could be temporary if GENNY is awarded a full gaming license. On April 27, GENM...
