{
  "id": 11359429,
  "title": "Asia Pacific gaming firms face longer leverage: Fitch",
  "url": "https://urgent.news/2026/10/02/asia-pacific-gaming-firms-face-longer-leverage-fitch",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-02T04:51:47.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/10/1546064/asia-pacific-gaming-firms-face-longer-leverage-fitch"
  },
  "original_language": "en",
  "account": "Asia Pacific gaming firms face longer financial strain, as prolonged revenue recovery issues keep leverage elevated, according to Fitch Ratings. Most of the region's gaming operators covered by Fitch have had their ratings downgraded recently, but the downgrades are primarily due to individual companies rather than a general sector decline. Higher Ebitda leverage reflects slower-than-anticipated earnings growth amidst significant capital expenditure commitments, Fitch reported. Genting Bhd and Genting Malaysia Bhd are expected to continue deleveraging, contingent on the Ebitda recovery of their New York casino. SJM Holdings Ltd aims to reduce leverage through restructuring costs post-2026, while Tabcorp Holdings Ltd shows a more favorable trajectory, having reduced net leverage below 2.0 times in recent years. Tabcorp's strategy aligns with its long-term target of maintaining net leverage under 2.5 times. Universal Entertainment Corp's downgrade to CCC+ highlights deteriorating operating performance due to structural headwinds, with weaker earnings expectations and uncertain recovery prospects. Despite these company-specific challenges, the region's regulatory protection remains a key credit strength, with high barriers to entry from exclusive or monopoly licensing structures supporting the creditworthiness of most rated issuers.",
  "summary": "KUALA LUMPUR: Prolonged weakness in revenue recovery among Asia Pacific gaming operators is keeping leverage elevated for longer, according to Fitch Ratings.",
  "key_points": [
    "Asia Pacific gaming firms face prolonged financial strain due to delayed revenue recovery.",
    "Most covered operators have received recent rating downgrades, primarily individual company issues."
  ],
  "editors_take": "Prolonged revenue recovery issues and high capital expenditure commitments are keeping leverage elevated for Asia Pacific gaming firms, posing a longer financial strain on companies with varying degrees of success in deleveraging.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}