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Tag Archives: Fitch

Australia – Fitch outlines era of tougher scrutiny in Australia following Crown investigations

A new report by Fitch Ratings believes that recent rulings against Crown Resorts being a suitable operator in New South Wales as well as ongoing financial investigations against gaming operators mark the start of an era of much tighter scrutiny on how casinos operate. Fitch said: “We expect compliance costs for gaming operators to climb…

US – The Las Vegas Strip will take four years to bounce back to pre-pandemic levels

Casinos on the Las Vegas Strip will take longer than most to rebound from the effects of COVID-19 due to their dependence on tourism, exhibitions and conferences, according to Fitch Ratings Service, who believes the effects of the pandemic will still prevalent in Las Vegas in 2024. It believes that its four year path to…

Australia – Fitch backs Crown to weather the early VIP storm at Crown Sydney

Ratings agency Fitch believes that Australian operator Crown Resorts will be able to weather a slow start to business at its AU$2.2bn Crown Sydney VIP casino in Barangaroo, due to open in December 2020. “Fitch believes that Crown showed its commitment to maintaining its balance-sheet strength by the skipping a final dividend, despite its fixed…

Australia – Crown well positioned to survive casino closures

Fitch ratings agency has said Crown Resorts, operator of Crown casinos in Melbourne, Victoria and Perth in Australia, has ‘manageable covenant risk and available liquidity to meet operating expenses over the duration of the shutdowns.’ “Crown Resorts’ low net debt position at December 31 2019 and highly variable cost structure provides the Australian gaming operator…

Japan – Fitch says Japan’s IRs are far from ‘slam dunks’ but increases revenue forecasts

Ratings agency Fitch believes that Japan’s first three integrated resorts will generate GGR of over US$10bn, matching revenues generated by Las Vegas Sands’ Marina Bay Sands in Singapore. Fitch has previously pitched its GGR prediction at US$7bn per IR per year. It warned however that the limit of ten years on the licences before they…

China – Macau records worst dip in three years in April

Macau’s casinos have recorded their worst dip in form for nearly three years with April’s revenue dropping by 8.3 per cent to 23.6bn patacas ($2.9bn). The biggest year-on-year drop since June 2016 was blamed on a standoffish VIP market due to the falling value of the yuan and the continuing trade fall out between China…

Asia Pacific – Pipeline of new projects will see survival of the fittest in Asian Pacific

Large scale, premium-oriented casino resorts opening throughout the Asian Pacific region in the next five years will create winners and losers in global gaming, according to Fitch Ratings. The investments and potential oversaturation of the premium market is a longer-term credit risk that operators with mass-market and geographic diversification may be better positioned than others…

Asia – ‘Chinese-related VIP weakness to spill over’ into other Asian markets

Fitch Ratings believes that several Asian casino sectors will be vulnerable to the slowing Chinese economy over the next year with growth prospects pitched in the ‘mid-single-digits’ in 2019. The ratings agnecy expects this ‘Chinese-related VIP weakness to spill over’ into other markets including Singapore, Australia and Las Vegas. It warned that ratings in the…

China – Fitch pitches Macau growth to be at 13 per cent in 2018

Fitch Ratings believes Macau’s gaming revenue growth will come in at a solid 13 per cent this year, down from 19 per cent in 2017, driven by 16 per cent growth in the mass market segment and 10 per cent in VIP. Fitch said that the market is about equally weighted to each of these…