The ongoing closure of casino operations at its Cambodian integrated resort, NagaWorld, will likely see NagaCorp endure a weaker 2021 than in 2020, with revenue only reaching around 40% of 2019 levels according to Moody’s Investors Service.
The assessment formed part of a Tuesday note from the ratings agency in which it affirmed the “B1” corporate family rating of NagaCorp and “B1” senior unsecured rating of the company’s US$200 million bonds offering, with the outlook negative.
According to Moody’s Vice President and Senior Credit Officer Jacintha Poh, the additional notes “will provide the company with sufficient liquidity to fund its cash burn over the next 18 to 24 months should its casino operations remain suspended.”
