...HONG KONG (S&P Global Ratings) Nov. 4, 2022--The issuer credit ratings on Melco Resorts (Macau) Ltd. (MRM) and Studio City Co. Ltd. remain on CreditWatch with negative implications. Macao's renewal of their gaming concessions and a recovery in the gaming market after the recent resumption of China's electronic visa (e-visas) remain crucial to our resolution of the CreditWatch status on MRM (##-/Watch Neg/--) and Studio City (B+/Watch Neg/--). We are maintaining our base-case assumptions for license renewals and market recovery. The companies did not comment on any details of the license renewal in their third-quarter results announcements, because the process is still ongoing. Our base case assumes MRM will have its license renewed with minimal cost in the next 12 months, although the participation of Genting Group may trigger the company and other existing licensees to increase their economic and social commitment during the license period. The license renewal outcome will likely be announced...
