In a report yesterday, S&P Global Ratings noted that with the resumption of normal operations from September to mid-November 2020, GENNY’s business was already nearly back to pre-Covid-19 levels. KUALA LUMPUR: Genting New York LLC (GENNY), a subsidiary of the Genting Group, is expected to see a strong recovery post-pandemic with long-term opportunities on the horizon amid the economic recovery. In a report yesterday, S&P Global Ratings noted that with the resumption of normal operations from September to mid-November 2020, GENNY’s business was already nearly back to pre-Covid-19 levels. Like other casinos, the company’s operations completely closed for six months from March 2020 due to the pandemic. The company’s operating hours have been curtailed to 14 hours a day from 20 hours since mid-November 2020. “We expect GENNY’s operations to recover more strongly than for Genting’s other gaming locations, such as Singapore and Malaysia. “That’s because the company is located at the heart of the metropolitan area of New York and has a low dependency on tourists for gaming revenue, ” S&P said. The ratings agency had assigned its ‘BBB-’ long-term issuer credit rating to Genny and issued a rating of ‘BBB-’ to the company’s senior unsecured notes. The negative outlook on GENNY reflects that of its parent, Genting. “This is based on our view that Genting has limited rating headroom over the next 12-18 months due to its elevated capex and delayed recovery from the Covid-19 pandemic. “We expect Genting’s ratios of debt to EBITDA and funds from operations to debt to recover in 2022, ” it explained. S&P opined that Genny is a highly strategic subsidiary of the Genting group given its global standing and reputation and as such, it is highly unlikely that the New York operations will be sold. Accordingly, it expects GENNY to receive strong support from Genting under almost all foreseeable circumstances. “We believe Genting will support GENNY even under a stressed environment to preserve its brand and operations. Through Genting Malaysia, the group provided more than US$500mil in support to the company, mostly for the construction of RWNYC from 2010-2011, ” it added. Genting has a strong track record of supporting its subsidiaries. For example, it fully subscribed to a rights issue by its Singapore subsidiary in 2009. Genting Malaysia purchased US$173mil of preferred stocks to inject liquidity into Resorts World Catskills, which is privately owned by the Lim family of Genting Group. The group also injected about US$1.75bil in equity into construction projects at Resorts World Las Vegas LLC. GENNY operates as Resorts World Casino New York City (RWNY). Since it began operations in 2011, the company has been an integral asset for the group’s global expansion, considering its strategic position as the biggest single-asset casino operator in the metropolitan area of New York. GENNY is the biggest taxpayer in the state of New York and has a dominant market share of slot machines in the city. Over the long term, there are opportunities for Genny to further expand its operations. As such, S&P believes the company could be a frontrunner in bidding for potential casino licenses or other business opportunities. “Casino or table gaming licenses are in a lower tax bracket than GENNY’s current ‘racino’ gambling complex, which is taxed at about 65%. “We therefore believe the company’s revenue and earnings scale, as well as operating efficiency have the potential to increase, ” it said.
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