Genting New York LLC

The stable outlook on GENNY reflects that on GENT. The stable outlook on GENT reflects our expectation that the company's credit quality will stabilize following the completion of a major investment cycle, while an operational recovery takes shape over the next two years. This is despite the group's delayed recovery in its operations from the pandemic. We expect Genting's ratio of funds from operations (FFO) to debt to improve to above 20% over the next two years. We may lower the rating on GENNY if we downgrade GENT. We may lower the rating on GENT if we expect the group's FFO-to-debt ratio to stay below 20%, or debt-to-EBITDA ratio to be above 4x for a prolonged period. We could also

...We expect Genting New York LLC (GENNY) to receive strong support from its ultimate parent GENT under almost all circumstances. GENNY has been operating the Resorts World Casino New York City (RWNY) since 2011. GENNY is an integral part of GENT's global expansion, given its strategic position as the biggest single-asset casino operator in the metropolitan area of New York. GENNY is the biggest taxpayer in the state of New York and has a dominant market share of slot machines in the city. As such, we expect the company to be a frontrunner in bidding for potential casino licenses or other business opportunities. We expect a strong recovery in GENNY in 2021 with the normalization of operating hours effective April 5. We forecast the company's operating performance in the first half of 2021 to strongly recover to pre-pandemic levels. In our view, GENNY's operations will recover faster than the group's assets in other locations, such as Singapore and Malaysia. This is due to GENNY's favorable...

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