Monopoly gaming position in Malaysia and the second largest in the Singapore gaming duopoly. Above average profitability. Strong appetite for growth though execution risk balanced by good record of accomplishment in managing and investing. Limited geographic and business diversification away from gaming in South-east Asia. Resilient cash flow generation, ample interest service coverage at Genting level. History of a conservative balance sheet with exceptional liquidity. Risk of elevated leverage depending on scale and timing of substantial new casino investments. S&P Global Ratings' stable outlook on casino operator Genting Bhd. reflects our base-case expectation that operating margins will improve in the next 12-24 months, most notably at the Singapore operations, and that Genting will continue to prudently manage its capital structure,
