Will Resorts World Sentosa and Marina Bay Sands survive Singapore's tourism slowdown?

Integrated resorts will manage to scrape through, says Fitch.

Despite flagging visitor numbers and declining win rates, Fitch Ratings believes that the outlook for Singapore’s gaming sector remains stable.

In particular, Fitch noted that Resorts World Sentosa (RWS) and Marina Bay Sands (MBS) both continue to generate robust EBITDA margins over 30%.

However, days receivable continue to be high at over 100 days, as GENS and MBS extend credit directly to their VIP patrons.

Fitch also noted that Genting's credit profile will not be adversely impacted by its “substantial” expansion plans in 2015 and 2016, as the company proposes to fund this through a combination of debt and cash.

The ratings agency said that Genting needs to maintain low leverage and manage its receivables in order to maintain its credit profile.

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