Fitch assigned a BB- rating to proposed senior unsecured notes from SJM International, guaranteed by SJM Holdings, and maintained a Negative outlook. It expects SJM’s EBITDA leverage to rise above eight times in 2025 before easing to around five times by 2027, citing Grand Lisboa Palace performance and market-share losses.
The rating and leverage outlook inform investors assessing SJM’s proposed debt and credit risk.
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Fitch said Okada Manila’s mass-market growth had not made up for a structural decline in VIP gaming, with competition and online migration expected to constrain recovery. VIP table games accounted for 20% of the property’s gross gaming revenue in 2025, down from 35% in 2023.
Fitch expects Universal Entertainment to record negative free cash flow in 2026 and 2027, with annual EBITDA of about JPY19 billion through 2028, below the roughly JPY20 billion needed to cover cash interest and capital expenditure. The ratings agency said Okada Manila’s performance remains a key factor for the parent’s credit profile, citing lower VIP revenue share and continued competitive and market pressures.
Fitch Ratings expects Genting New York to generate approximately US$450m in EBITDA in 2028. The forecast reflects a gradual expansion of gaming at Resorts World New York City, which Genting New York operates.
Fitch Ratings lowered Genting Berhad’s long-term issuer default rating to BBB- from BBB, with a stable outlook, citing casino expansion spending in New York and Singapore and a slower earnings ramp-up in New York. Fitch expects average annual capital expenditure of MYR9.2 billion between 2026 and 2028, while net leverage is forecast to remain above 4.0 times for the next three years.
CLSA and Citigroup analysts estimated that Macau casino industry EBITDA rose 7% to 8% year on year in the first quarter, behind the 14.3% increase in gross gaming revenue. Citigroup put industry EBITDA margin at about 27%, while CLSA estimated 25.3%.