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How to have show? from 6.3bil debt financing in vto announcement to 7.2bil debt financing based on the Nanyang article. Assuming a 5% interest rate, its coming up to min 315mil annual interest based on 6.3bil debt. That probably triggered the negative credit watch from analyst as interest coverage ratio will drop accordingly. ~30% pat hit assuming everything else equal from the baseline of last year's annual performance and excluding additional debt financing assuming RWNYC secures the casino license.
The corporate exercise solely to support the NY licence application and investments. Credit rating will be negative due deteriorating borrowings ratio. Also, US assets investments are risky and returns low.