Ratings agency Moody’s Investor Service on Friday affirmed Scientific Games’ B3 Corporate Family Racing, B3-PD Probability of Default Rating and changed its outlook from negative to stable.
“The change in outlook to stable from negative reflects the recovery in the company’s gaming operations as the number of gaming facilities open has favorably increased revenue and operating income for the company, following the Q2 2020 closures,” said Moody’s in a note.
However, whilst improvement is expected in 2021, Moody’s expects gaming activity will remain below pre-pandemic levels until at least 2022 with leverage remaining elevated.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.