This report does not constitute a rating action. Overview Key strengths Key risks Core subsidiary of Genting Bhd., with branding and strategy closely aligned with those of the group. High competition in the U.S. and the U.K. gaming markets. Sole land-based casino operator in Malaysia and dominant player in New York with a strong brand identity. Increased financial burden from New York?s full gaming license, if awarded. Leverage to improve amid earnings recovery and limited capital expenditure (capex). Possible need for financial support for U.S.-based associate company, Empire Resorts Inc., which is highly leveraged and has weak liquidity. We equalize the issuer credit ratings on Genting Malaysia with those on Genting Bhd. (BBB-/Stable/--), the largest shareholder (49% stake). This reflects
