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Fitch forecasts three years of negative free cash flow for Universal

Deals & M&A

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’s forecast flags potential liquidity pressure tied to Okada Manila’s performance for investors and suppliers.

End-of-day close Universal Entertainment (6425), JPY, to 6 November 2026
Story date19 August 20266 November 2026

Latest reported results

Universal Entertainment Tokyo: 6425

Quarter ended 31 March 2026

Revenue
JPY 28.43bn

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Deals & M&A

Fitch revises Light & Wonder outlook to positive as leverage is expected to fall

Fitch Ratings revised Light & Wonder’s outlook to positive, citing an expected improvement in its leverage profile. The rating agency said leverage could decline to approximately 2.9 times by the end of 2027, driven by voluntary debt repayment and EBITDA growth.

Fitch Ratings praised Light & Wonder's "strengthening" EBITDA leverage profile, with leverage "expected to decline to approximately 2.9 times by the end of 2027," the agency said in a note on Monday. The agency attributed the expected improvement to voluntary debt repayment.

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