Your Daily Asia Gaming eBrief: Moody's predicts NagaCorp FY23 EBITDA of $370mln

Monday 6th of March 2023

Good morning. Welcome to the week! Moody's is predicting that NagaCorp will see up to $370 million in EBITDA for FY23, but is wary over the upcoming $472 million in bonds coming due next year. And in Macau, courts rule that casino employees can't be tried like public servants, as casino operators aren't considered to be running a monopolistic operation.

What you need to know

Moody's watching out to downgrade NagaCorp over concerns of $472 million bonds coming due in 2024, predicts $370 million in full-year EBITDA.
Macau court rules that casino employees are not to be treated as public servants, as operators not running monopoly.

On the radar

Former PAGCOR head Efraim Genuino found guilty of graft.
SJM renews agreements with parent company STDM.
Genting HK’s last cruise ship, World Dream, sold to Cruise Saudi.
Macau’s labor office holds employment drive for 1,400 hotel workers.

AGB Intelligence

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Moody's wary of NagaCorp bonds due in 2024

Ratings agency Moody's is wary of NagaCorps' $472 million in bonds due in 2024, but is still predicting strong results for the company this year. Even so, it's keeping an eye out for a downgrade as it estimates external financing will be needed, despite estimates for $370 million FY23 EBITDA.