...December 1, 2024 This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) Dec. 2, 2024--Genting Bhd.'s credit quality continues to strengthen, thanks in part to improving operations across regions and concerted debt reduction. This comes at a time when the company is awaiting the outcome of its application for a New York gaming license, which, if successful, could further spur performance. Genting's results for the first nine months underpin our assessment, with revenue rising 5% year on year to Malaysian ringgit (MYR) 20.8 billion. This was driven by the leisure and hospitality division, with assets in Malaysia and Singapore showing notable growth. The results support our rating on the company (###-/Stable/--). Its EBITDA grew 8% year-on-year to Malaysian ringgit (MYR) 7.1 billion over the same period, with a 34% margin. With robust operating cash flows amid limited spending, Genting's reported net debt decreased to MYR14.6 billion from MYR15.3 billion at end-2023....
