Fitch: Resorts World Genting revenues to hit 100% of pre-COVID levels by 2025, drive further lowering of Genting Malaysia’s leverage
Genting Malaysia’s revenue will reach pre-COVID-19 levels by 2025
Resorts World Genting (RWG) revenue is expected to reach 100% of pre-COVID-19 levels by 2025, according to Fitch Ratings. This will be driven by the recovery of the tourism sector in Malaysia and the opening of new attractions at RWG.Fitch Ratings said in a statement that RWG's revenue is expected to grow by 15% to 20% in 2023, driven by the recovery of the tourism sector in Malaysia. The opening of new attractions, such as the Genting SkyWorlds theme park, will also contribute to the growth in revenue.
Genting Malaysia’s leverage to decline further
The improvement in RWG's revenue will lead to a further decline in Genting Malaysia's leverage. Fitch Ratings said that Genting Malaysia's leverage is expected to fall to 3.0x by 2025, from 3.5x in 2022.The decline in leverage will be supported by the growth in RWG's revenue and the disposal of non-core assets. Genting Malaysia has been selling off non-core assets to reduce its debt and improve its financial flexibility.
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