<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 9): Genting Bhd (BBB/Stable) and its subsidiary Genting Malaysia Bhd (GenM, BBB/Stable) should generate positive free cash flow (FCF) over 2022-2024, allowing them to cut leverage by around one times during the period, according to Fitch Ratings.</p></div>

<div class=newsTextDataWrapInner><p>In its <em>Spotlight: Genting Berhad</em> report released on Tuesday (Nov 8), the rating agency said its rising revenue and earnings before interest, taxes, depreciation, amortisation and rent/restructuring (Ebitdar) estimates for Genting and GenM incorporate receding Covid-19 risks and the easing of preventive restrictions across key markets.</p></div>

<div class=newsTextDataWrapInner><p>“We expect a slower — but steady — Ebitdar recovery in Singapore than in Malaysia and the US, due to a higher dependence on foreign visitors and the hit from an increase in gaming tax from 2Q2022 (second quarter of 2022),” it said.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Fitch forecasts Genting’s 2022-2024 capex to be less than half of its spend over 2018-2021, due to lower investment in Malaysia and the US.</p></div>

<div class=newsTextDataWrapInner><p>“However, we have not factored in potential new casino licences, due to significant uncertainties,” it said.</p></div>

<div class=newsTextDataWrapInner><p>At the time of writing, Genting shed 1.35% or six sen to RM4.40 while GenM dipped 1.1% or three sen to RM2.69.</p></div>


Genting Bhd (BBB/Stable) and its subsidiary Genting Malaysia Bhd (GenM, BBB/Stable) should generate positive free cash flow (FCF) over 2022-2024, allowing them to cut leverage by around one times during the period, according to Fitch Ratings.

Revenue recovery, lower capex to drive Genting’s deleveraging, says Fitch

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