Maybank has downgraded Genting Berhad to 'Sell', citing the Malaysian operator's proposed $306 million rights issue as offering limited debt relief and carrying the risk of further dilutive equity rounds.
Genting operates casino resorts across Malaysia, Singapore, the Philippines, the US and the UK. Maybank's move signals continued balance-sheet pressure on operators in the region.
Macau holds forecast despite slide
Macau has not revised its $29.2 billion GGR forecast for the year despite four consecutive months of year-on-year casino revenue declines. Hotel occupancy during Golden Week rose to 91.3%, but room rates fell — a sign demand is recovering more slowly than expected after pandemic restrictions.
Macau and the Philippines have raised the weekly flight cap between the two jurisdictions to 20,000 seats each way, potentially supporting player traffic between two key Asian markets. For operators in both jurisdictions, the increase offers a chance to offset weak domestic demand through cross-border flow.
