said in late March<\/a> that it’s mulling several offers. But the company has been quiet on this front for over two months.<\/p>\nTough Comps for Universal<\/h2>\n
Based on profitability and regional exposure, Okada Manila is somewhat comparable to Australia’s Crown Resorts and Las Vegas Sands (NYSE:LVS). But those operators are rated \u201cBBB\u201d and \u201cBBB-\u201d, respectively.<\/p>\n
\u201cCrown and Sands also operate in more stable regulatory regimes than UEC,\u201d <\/strong>adds Fitch. \u201cThe Japanese company’s execution and operational risks are also notably higher than that of Crown and other peers, as UEC has not yet established its position in the junket and high roller segments.\u201d<\/strong><\/p>\nAnalysts expect operators with exposure to the Philippines will see those venues post only modest recoveries later this year before returning to pre-pandemic levels in 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
Japanese gaming company Universal Entertainment Corp.’s (UEC) credit rating has been lowered to \u201cCCC+\u201d from \u201cB\u201d by Fitch Ratings. The research firm expressed concerns about the operator’s plans to list its Okada Manila integrated resort business on a US exchange. Corporate bonds rated in \u201cC\u201d territory are considered highly speculative and vulnerable to default. That’s […]<\/p>\n","protected":false},"author":46,"featured_media":175188,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\n
Okada Manila Parent Universal Credit Rating Downgraded<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n