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.
The assessment signals continued pressure on Okada Manila’s earnings and its parent’s exposure to the property.
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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.
Okada Manila reported gross gaming revenue of US$112 million for the September 2026 quarter, according to the headline. The available text says revenue rose, with mass table games offsetting a further decline in VIP revenue.
Seaport Research expects Macau's October gaming revenue to decline 5% year-on-year. The brokerage cited economic weakness in China and tax scrutiny of offshore trusts as possible constraints on affluent customers' spending. It forecasts flat Q4 gaming revenue and expects customer reinvestment spending and higher operating costs to squeeze casino profitability.
Seaport Research forecasts that Macau's gaming revenue will fall 5% year-on-year in October, the brokerage said. The forecast points to China's weaker economy and tax enforcement on offshore trusts as possible constraints on spending by wealthy customers, and a difficult comparison with last year's high gaming hold adds a further hurdle to the outlook.
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.