Moody’s Investors Service Inc has affirmed casino operator Genting Singapore Ltd’s “A3” credit rating, indicating upper-medium grade and low credit risk. It said the outlook for the company was “stable”.

Though the institution stated in a Monday memo: “Upward movement of the rating is unlikely, given Genting Singapore’s small scale compared with its global peers and its concentration in Singapore.”

The casino firm runs Resorts World Sentosa, one half of Singapore’s casino duopoly.

Moody’s stated, referring to earnings before interest, taxation, depreciation and amortisation: “We expect Genting Singapore to generate around SGD1.2 billion [US$906.8 million] of EBITDA in 2024, a modest increase from last year as demand has moderated amid economic uncertainty.”

The ratings agency said: “At the same time, Genting Singapore’s operating capacity has been temporarily reduced because of the closure of a hotel for renovations.

“Nonetheless, we project its EBITDA will rise to around SGD1.3 billion in 2025 as new attractions open in phases and its capacity recovers,” the institution added.

Moody’s noted that while Genting Singapore was expanding and refreshing its offerings at Resorts World Sentosa for a total cost of SGD6.8 billion, that included money already spent.

“Although the amount is significant, the capital expenditure will be spread across multiple years, peaking at an estimated SGD1 billion per annum between 2027 and 2029,” said the ratings house.

Moody’s also gave commentary on the parent, Malaysia’s Genting Bhd.

It said that while Genting Bhd was “subject to a regulatory complaint pertaining to its operations at Resorts World Las Vegas LLC, as well as a complaint by the minority shareholder of Resort World Bimini in the Bahamas, Moody’s “base expectations are that these complaints should not result in significant financial damages and disruptions to operations”.