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”.
In full: https://www.ggrasia.com/recent-closure-at-nagaworld-hurt-credit-story-moodys/
