Fitch Downgrades Genting Berhad to BBB- on Sustained Leverage from New York and Singapore Expansions
Fitch downgraded Genting Berhad, GOHL and RWLV citing $5.5B New York and $5B Singapore capex. New York EBITDA is forecast at $450M by 2028 versus $208M in FY26. Leverage stays above 4.0x for three years with negative FCF in Singapore.
SCCG Take — Capex intensity keeps leverage elevated and delays balance-sheet repair even as the New York asset scales. Operators and creditors must track free-cash-flow inflection through 2028.
Fitch Ratings downgraded the Long-Term Issuer Default Rating of Malaysia’s Genting Berhad from BBB to BBB-. The agency cut Genting Overseas Holdings Limited from BBB to BBB- and Resort World Las Vegas LLC from BBB- to BB+. All three carry stable outlooks.
The action stems from Genting’s capex commitments at Resorts World New York City and Resorts World Sentosa plus elevated start-up costs in New York. The group has committed to a $5.5 billion expansion in New York and a $5 billion expansion and upgrade program in Singapore. Annual capex is projected to hold near $800 million over the medium term.
Leverage and Cash Flow Pressure
Fitch expects Genting’s consolidated EBITDA net leverage ratio to remain above 4.0x for the next three years. Deleveraging will be slow. Singapore operations will post negative free cash flow during the expansion phase. The agency also forecasts flat gaming revenue at Resorts World Sentosa in 2026 amid hotel and casino renovations, muted revenue growth at Resorts World Genting in Malaysia, and $160 million EBITDA at Resorts World Las Vegas supported by the expanded Las Vegas Convention Center that opened in early 2026.
New York EBITDA Ramp and First-Mover Position
Fitch projects Resorts World New York City to generate $450 million in EBITDA by 2028, more than double the $208 million expected in FY26. The property launched the downstate area’s first table games on 28 April after securing a full casino license late last year. According to reporting by Inside Asian Gaming, the agency stated: “Our forecast assumes that by 2028, EBITDA from Genting New York will reach around US$450 million as more tables and slot machines are added, while EBITDA margin improves as costs normalize.” It added that the casino holds first-mover advantage in New York and benefits from a dense population and high-income flows.
The downgrade highlights how front-loaded capital spending can outweigh near-term earnings momentum for multi-jurisdictional operators.
Reporting: Inside Asian Gaming
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Front-loaded capital spending on two mega-expansions is delaying balance-sheet repair even as New York doubles EBITDA by 2028.
At SCCG we track how global operators balance growth capex with credit discipline. Genting's leverage above 4.0x for three years shows that first-mover advantage in New York and Sentosa carries real balance-sheet cost. Creditors, partners and suppliers need visibility into free-cash-flow inflection timelines through 2028.
- Fitch cut Genting Berhad to BBB-, GOHL to BBB-, RWLV to BB+ on $10.5B New York and Singapore capex
- New York EBITDA projected to reach $450M by 2028, up from $208M in FY26 as table games and slots scale
- Leverage stays above 4.0x for three years; Singapore generates negative FCF during expansion phase
SCCG angle: SCCG has worked across 545 partners in every regulated market and we help clients stress-test expansion timelines against credit covenants and liquidity needs. When you're weighing a license bid or phased buildout, we connect you to creditors, design teams and operators who have lived the leverage cycle—so you model cash flow, not just ribbon-cutting.
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