public transit monorail in Miami<\/a>, and lobbying heavily to gain authorization for a casino there.<\/strong><\/p>\nThat’s not all. Genting is preparing a multi-billion-dollar bid for one of the three casino licenses in Japan. Like MGM Resorts, the company is focused on Osaka.<\/p>\n
Despite the heavy investing, Fitch in June maintained Genting’s “stable” credit rating. It appears it was the firm’s decision to take on a failing enterprise, and its $400 million in debt was the last straw for the credit analysts.<\/p>\n
“The company is confident of the earnings potential of its investments, while we think actual returns could be lower than expected due to competition and other pressures,” Fitch concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
Genting Berhad, the investment and holding company of the Malaysian-based Genting Group conglomerate, has been downgraded by Fitch Ratings to “negative” following its acquisition of Empire Resorts. Earlier this month, Empire agreed to be fully acquired by Genting billionaire KT Lim’s family trust and Genting Berhad. Empire owns and operates the failing $1.2 billion Resorts […]<\/p>\n","protected":false},"author":25,"featured_media":113560,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,33810],"tags":[],"acf":[],"yoast_head":"\n
Genting Empire Resorts Acquisition Downgrades Credit Rating<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n