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Fitch downgraded Genting Berhad and related entities, but the ratings agency still projected a strong earnings ramp for Resorts World New York City, saying the property could generate $450 million in EBITDA by 2028.
According to CDC Gaming, Fitch lowered the Long-Term Issuer Default Ratings of Genting Berhad and Genting Overseas Holdings Limited from BBB to BBB-, and downgraded Resorts World Las Vegas LLC from BBB- to BB+. All three ratings carry a stable outlook.
Fitch ties downgrade to capex and startup costs
Fitch cited substantial capital expenditure commitments at Resorts World New York City and Resorts World Sentosa in Singapore, along with high start-up costs in New York.
Even with those pressures, Fitch said Resorts World New York City is expected to generate $450 million in EBITDA by 2028. That would be more than double the $208 million Fitch expects for fiscal 2026.
New York property has already added table games
The New York outlook comes after Resorts World New York City launched the downstate region’s first table games in April, following the receipt of a full casino license late last year.
That combination of recent licensing progress and Fitch’s longer-term earnings forecast makes the property a notable business story in the downstate casino market, even as Genting absorbs the impact of lower credit ratings and ongoing investment commitments.
What New York readers should watch
For New York casino watchers, the key items are the pace of Resorts World New York City’s ramp-up after adding table games and whether future company updates align with Fitch’s EBITDA forecast. The downgrade reflects financing and investment pressure, while the 2028 projection suggests Fitch still sees significant earnings potential at the Queens property.
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Source: As reported by Ben Blaschke.
