Resorts World Las Vegas LLC

Overview Key strengths Key risks Strong support from parent company Genting Bhd. Limited record of operations. Swift recovery in Las Vegas' gaming market toward pre-pandemic levels. Single asset concentration. Management team's experience in large casino developments. Operations in a highly competitive market. RWLV receives comprehensive support from Genting Bhd. (the parent), given the company is a wholly owned subsidiary. The support includes equity to front-load construction projects; Genting Bhd. injected equity of US$85 million in December 2022 and US$60 million in the first half of 2023. Moreover, the parent provides a debt-service funding agreement with respect to senior secured credit facilities. As such, we assess RWLV as a highly strategic subsidiary of Genting Bhd. This results in the rating on

...Resorts World Las Vegas LLC (RWLV) will receive strong support from Genting Bhd. under almost all foreseeable circumstances, in our view. RWLV receives comprehensive support from Genting Bhd. (the parent), given the company is a wholly owned subsidiary. The support includes equity to front-load construction projects; Genting Bhd. injected equity of US$85 million in December 2022 and US$60 million in the first half of 2023. Moreover, the parent provides a debt-service funding agreement with respect to senior secured credit facilities. 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 on schedule in June 2021, with no cost overrun. Operations have been profitable. For 2023, hotel occupancy was 89.7%. This is 5.7 percentage points (ppt) higher than 2022. Average daily rate improved 12% year on year...

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