Genting issuing US$350mln notes for Las Vegas project
Malaysia-based gaming conglomerate Genting Bhd says two subsidiaries are to issue US$350-million worth of senior notes, primarily toward repaying borrowings linked to the Resorts World Las Vegas casino project in Nevada, in the United States.
The offering is being undertaken by Resorts World Las Vegas LLC, and Resorts World Las Vegas Capital Inc, “primarily to repay borrowings” under a “US$1.6 billion senior secured credit facilities maturing in 2024,” said the parent’s Wednesday filing to Bursa Malaysia.
The 4.625-percent senior notes are due in 2031, and are only for qualified investors in the U.S. They are to be listed with Singapore Exchange Securities Trading Ltd.
Fitch Ratings Inc said in a Sunday memo that Resorts World Las Vegas LLC was “on track” to open its resort in the Nevada gaming hub, “in around June 2021”. It added that Resorts World Las Vegas could reach fully ramped-up earnings before interest, taxation, depreciation and amortisation (EBITDA) by the end of 2024.
Moody’s Investors Service Inc said in a Tuesday memo that it was affirming Genting Bhd’s and Genting Overseas Holdings’ Ltd’s ‘Baa2’ ratings and Genting Singapore Ltd’s ‘A3’ rating; with the outlook remaining ‘negative’ on securities issued by those entities.
Genting Singapore promotes the Resorts World Sentosa casino resort in Singapore.
The negative outlook for the mentioned portions of the Genting family of firms reflected the “pace of recovery of the operating performance of Genting group’s integrated resorts, including Resorts World Las Vegas, which is targeted to open in summer 2021,” stated Moody’s.
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