Moody’s Investors Service has reaffirmed Genting Singapore’s “A3” credit rating with a “stable” outlook, citing strong momentum at Resorts World Sentosa (RWS) as a key driver of the company’s earnings and free cash flow.
Genting and Marina Bay Sands — the only two casino operators in Singapore — continue to invest heavily in enhancing their integrated resorts. Genting is committing SGD6.8 billion to an ongoing, multi-phase upgrade of RWS, with peak annual capital expenditure expected to reach SGD1 billion between 2027 and 2029.
Despite temporary room closures during renovations, Moody’s expects Genting Singapore to post modest earnings growth in 2025. The company’s robust financial position further supports its credit strength.
“Genting Singapore’s clean balance sheet, with minimal debt and SGD3.7 billion in cash as of June 2024, allows it to fund capital projects internally,” said Moody’s, adding that even if external financing is required, the company’s A3 rating ensures low borrowing costs.
With limited upside for an upgrade — Moody’s has only three ratings above A3 — the firm noted that Genting Singapore also faces minimal risk of a downgrade. A rating reduction would only occur if operating performance weakens significantly or debt levels materially increase.
An upgrade could be possible if the company maintains a debt/EBITDA ratio below 3x and a cash flow-to-net-debt ratio above 30%–35%.
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