S&P Global Ratings expects Genting Malaysia Bhd’s (GenM) wholly-owned subsidiary Genting New York LLC to register a sharp recovery after the Covid-19 pandemic-driven shutdown as Genting New York operations are located at the heart of the metropolitan area in New York and has a low dependency on tourists for gaming revenue.

In a note yesterday, S&P Global Ratings said that like other casinos, Genting New York’s operations were closed for six months from March 2020 due to the pandemic.

“However, with the resumption of normal operations from September to mid-November 2020, Genting New York’s business was already nearly back to pre-Covid-19 levels,” S&P Global Ratings analysts Shawn Park, Simon Wong and Christina Lim wrote in the note.

“We expect Genting New York’s operations to recover more strongly than Genting’s other gaming locations, such as Singapore and Malaysia”