IGT announced on 10 September that it would issue senior secured notes due in 2030 to repay $499.9 million of debt due next year. Fitch kept its positive BB+ assessment of IGT debt and its BBB- rating on the senior secured debt, expecting the refinancing to leave the issuer default rating unchanged.
The refinancing addresses debt due next year, while Fitch expects IGT’s issuer rating to remain unchanged.
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Fitch said slower earnings growth and heavy capital spending are keeping leverage high among gaming operators in Asia-Pacific, with recent downgrades linked to company-specific pressures. It expects Genting Bhd's net leverage to remain above 4.0 times over the next three years and Genting New York's annual capital spending to average around US$800 million over the medium term.
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.
Ocean Casino Resort announced a $14m redevelopment of its high-limit slot room, The Cove, in Atlantic City. The casino plans to open the redesigned room in early 2027, increasing its size by roughly 60% to 11,935 square feet. It will accommodate more than 192 machines.
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.