Resorts World Las Vegas LLC

US$1.2 billion five-year senior secured revolving loan facilities, A US$400 million five-year senior secured term loan, and US$800 million 10-year senior unsecured notes. The proceeds will be used to fund the construction of RWLV's only asset, an integrated resort along the Las Vegas Strip. The stable outlook on RWLV is linked to the stable outlook on its parent. This reflects our view that RWLV will receive strong support from the parent. It also reflects our view that the project will not incur any material time or cost overruns. We would raise the rating on RWLV if we upgraded Genting. We could also raise the rating if we believe that RWLV's relationship with its parent has become even more integral and

...Rating contingent on successful bond issuance and equity injection. The preliminary rating on Resorts World Las Vegas LLC (RWLV) is contingent upon the company receiving a cumulative US$1.75 billion of equity injection from the parent and successfully raising US$2.4 billion debt comprising of the following: + US$1.2 billion five-year senior secured revolving loan facilities, + A US$400 million five-year senior secured term loan, and + US$800 million 10-year senior unsecured notes. The proceeds will be used to fund the construction of RWLV's only asset, an integrated resort along the Las Vegas Strip. Proven record of strong group support from parent, Genting Bhd. (Genting).For a single-asset company undergoing construction, RWLV benefits from exceptional support from Genting. Genting supports RWLV in various ways, from interest servicing up to four years to funding project cost overruns. Strong potential of Genting's first venture in Las Vegas, one of the world's largest gaming markets....

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