TLDR Fitch Ratings expects continued weak performance from Genting Malaysia’s domestic casino business through the rest of 2026. The company’s Malaysian leisure and hospitality revenue rose just 1% year over year in the first half of 2026, reaching MYR3.43 billion (US$847.26 million). Fitch downgraded Genting Malaysia’s long term issuer default rating to BBB- from BBB, with a stable outlook. High airfares and economic uncertainty are cutting into both foreign and domestic tourist spending. Fitch also downgraded parent company Genting Bhd and affirmed the rating of subsidiary Genting New York LLC at BBB-.
Fitch Ratings says Genting Malaysia Bhd will likely keep facing soft results from its Malaysia based gaming business for the rest of 2026. The ratings agency shared this outlook in a commentary released on Monday.
Genting Malaysia runs Malaysia’s only casino resort, Resorts World Genting, located near Kuala Lumpur. The company also operates gaming businesses in the United Kingdom, Egypt, the United States, and the Bahamas.
Revenue Growth Stays Slim
The company’s Malaysian leisure and hospitality division brought in MYR3.43 billion, or about US$847.26 million, during the first half of 2026. That marks a 1% increase from the same period last year.
Fitch pointed to weak VIP gaming volume as the main reason growth stayed limited. The agency expects the domestic business to grow by about 2% for the full year, building on a recovery from a slow first quarter.
Fitch still expects the second half of the year to bring more struggles for the company’s home market operations. Both foreign and local visitor spending face pressure from the cost of air travel.
What the Downgrade Means
Fitch’s commentary came alongside its decision to lower Genting Malaysia’s long term issuer default rating to BBB- from BBB. The agency also downgraded the rating on the company’s