...Resorts World Las Vegas LLC (RWLV) will receive strong support from Genting Bhd. under almost all foreseeable circumstances. RWLV receives comprehensive support from the group, given the company is a wholly owned subsidiary. The support includes equity to front-load construction projects and a further equity injection of US$85 million in December 2022. Moreover, the parent undertakes to pay all RWLV's accrued and unpaid interest that becomes due and payable up until two years from September 2021, after meeting the minimum facilities as defined by the banks. As such, we assess RWLV as a highly strategic subsidiary of Genting Bhd. This results in the rating on RWLV being one notch below that on the parent. RWLV will contribute meaningful and stable earnings to the group. The integrated resort opened in June 2021 as scheduled, with no cost overrun. Operations have been profitable. In the fourth quarter of 2022, hotel occupancy was 88.9%. This is 9.3 percentage point (ppt) higher than in the...
