Recent closure at NagaWorld hurt credit story: Moody’s

The temporary suspension of casino operations at the NagaWorld complex (pictured) in Cambodia from April to July as a safeguard against the spread of Covid-19 “will hurt earnings and credit metrics in 2020,” said Moody’s Investors Service Inc, in its latest scheduled review of the resort’s owner, Hong Kong-listed NagaCorp Ltd.

The review was issued on Thursday, and it did not involve any input from a Moody’s rating committee.

Moody’s said NagaCorp’s existing ‘B1’ rating was “constrained” by its single-site operation; “uncertainty around an implementation of a gaming tax” in Cambodia; and its “exposure to political risk and the evolving regulatory framework in Cambodia”.

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