Genting Singapore is the Singapore-listed operator of Resorts World Sentosa, one of the city-state's two licensed integrated resorts, comprising a casino, hotels, Universal Studios Singapore, an aquarium and convention facilities, under a duopoly licence with a long exclusivity period in exchange for continuing investment. Part of the Genting group, it is expanding the resort under a multi-billion-dollar development plan agreed with the government and is one of the most profitable casino operators in Asia.
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Takeharu Yamanaka won in 2021 on a platform of killing the city's integrated resort bid, and did. He has now stepped down over a workplace harassment finding, weeks before a special election, in a country whose prime minister supports a second round of casino licensing and whose tourism agency will take applications from May 2027.
S&P Global has published a credit FAQ warning that Genting Bhd may not be able to defend its investment-grade rating while pursuing $10.5 billion of expansion in New York and Singapore. Fitch cut the group to the same rung on Monday. It now sits one notch above speculative grade with a negative outlook and, in S&P's words, no more buffer.
Gambling duties and casino tax brought the Inland Revenue Authority of Singapore S$3.6 billion in the year to March, growing faster than corporate income tax or stamp duty. The report does not separate the casino take from the duties, which limits what can be read into it about Marina Bay Sands and Resorts World Sentosa.
The financial outlook for global casino giant Genting Group remains "under pressure," according to a new report from credit analysis firm CreditSights.