Fitch cuts Universal Entertainment outlook to negative on resort risks
Fitch revised Universal Entertainment’s outlook to negative from stable and affirmed its ‘B-’ rating, citing weak results and an unclear recovery path for its Philippine integrated resort operations. Okada Manila faced stagnant VIP and mass-market visitation; Fitch expected lower EBITDAR, higher adjusted leverage and weaker coverage metrics to pressure the company’s credit profile.
The negative outlook signals increased credit risk for Universal Entertainment and its Philippine resort operations.