{"id":281622,"date":"2023-07-18T22:08:31","date_gmt":"2023-07-19T03:08:31","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=281622"},"modified":"2023-07-20T17:19:30","modified_gmt":"2023-07-20T22:19:30","slug":"resorts-world-las-vegas-earns-ig-credit-rating-from-fitch","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-earns-ig-credit-rating-from-fitch\/","title":{"rendered":"Resorts World Las Vegas Gets Lowest Investment Grade Rating at Fitch"},"content":{"rendered":"

Fitch Ratings tagged Resorts World Las Vegas with a \u201cBBB-\u201c credit rating, the lowest on the investment-grade spectrum.<\/p>\n

\"Resorts
Resorts World Las Vegas. Fitch Ratings gave the venue a “BBB-” credit rating. (Image: Jeff Scheid\/Nevada Independent<\/em>)<\/figcaption><\/figure>\n

That\u2019s one notch below the research firm\u2019s \u201cBBB\u201d grade on Resorts World Las Vegas parent company Genting Bhd. Fitch notes the Strip venue is one of the three crown jewels of the Genting gaming empire, along with a flagship property in its home country of Malaysia and Resorts World Sentosa in Singapore. As such, the parent company is incentivized to provide financial support to the Las Vegas venue<\/a>.<\/p>\n

We expect RWLV to contribute over 20% of GENT’s proportionately consolidated earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) from 2024,\u201d noted Fitch. \u201cThe ‘Medium’ operational incentive is driven by the sharing of the Resorts World brand and integrated management decision-making, despite limited operational synergies, as GENT’s casinos operate independently.\u201d<\/p><\/blockquote>\n

The $4.3 billion Resorts World Las Vegas, the Strip\u2019s most expensive<\/a> integrated resort in terms of construction costs, opened in June 2021.<\/p>\n

Resorts World Las Vegas Ramp-Up Has Been Slow<\/h2>\n

A frequent critique of Resorts World Las Vegas among analysts is that the integrated resort has been slow to ramp up. That\u2019s understandable, as much of its first year of operations was spent dealing with the aftermath of the worst of the coronavirus pandemic.<\/p>\n

\n

However, this isn\u2019t a time for excuses, especially when visitation to the Strip remains sturdy, and hotel occupancy rates are high. Additionally, the convention business is bouncing back, and Las Vegas is slated to host a slew of marquee events in the coming months, which could benefit the Genting property.<\/p>\n<\/div>\n

The Genting venue, the first newly minted Strip property in over a decade, is situated at the northwest end of the Strip, where the Stardust Casino<\/a> was previously located.<\/p>\n

\u201cIt also faces significant competition in a mature market and will have to gradually carve its brand identity to compete effectively. We estimate a ramp-up towards an EBITDAR of USD 350 million by 2025, from around USD 115 million in 2022,\u201d added Fitch.<\/p>\n

The research firm pointed out that the property\u2019s 2022 EBITDAR and margins disappointed, signaling vulnerability to a spike in inflation.<\/p>\n

Resorts World Las Vegas Rating Factors<\/h2>\n

Bondholders hoping for an upgrade to RWLV\u2019s credit rating should hope for the same for parent Genting, or \u201cperceived strengthening of operating or legal incentives for GENT to support RWLV,\u201d according to Fitch.<\/p>\n

The research firm\u2019s rating on RWLV could be adversely affected if Genting suffers a downgrade or if legal and operating incentives weaken in a material fashion.<\/strong><\/p>\n

For now, Genting\u2019s\u00a0 \u201cBBB\u201d credit rating doesn\u2019t appear to be in danger of a downgrade. The operator has the resources to support that grade, which is two notches above rival Las Vegas Sands and on par with Hard Rock International.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Ratings tagged Resorts World Las Vegas with a \u201cBBB-\u201c credit rating, the lowest on the investment-grade spectrum. That\u2019s one notch below the research firm\u2019s \u201cBBB\u201d grade on Resorts World Las Vegas parent company Genting Bhd. Fitch notes the Strip venue is one of the three crown jewels of the Genting gaming empire, along with […]<\/p>\n","protected":false},"author":46,"featured_media":261418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10,81886],"tags":[81913,81903,23],"acf":[],"yoast_head":"\nResorts World Las Vegas Earns IG Credit Rating From Fitch<\/title>\n<meta name=\"description\" content=\"Resorts World Las Vegas lands lowest investment-grade credit rating at Fitch.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-earns-ig-credit-rating-from-fitch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Resorts World Las Vegas Earns IG Credit Rating From Fitch\" \/>\n<meta property=\"og:description\" content=\"Resorts World Las Vegas lands lowest investment-grade credit rating at Fitch.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-earns-ig-credit-rating-from-fitch\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-19T03:08:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-20T22:19:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/rwlv3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1118\" \/>\n\t<meta property=\"og:image:height\" content=\"866\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-earns-ig-credit-rating-from-fitch\/\",\"url\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-earns-ig-credit-rating-from-fitch\/\",\"name\":\"Resorts World Las Vegas Earns IG Credit Rating From Fitch\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-earns-ig-credit-rating-from-fitch\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-earns-ig-credit-rating-from-fitch\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/rwlv3.jpg\",\"datePublished\":\"2023-07-19T03:08:31+00:00\",\"dateModified\":\"2023-07-20T22:19:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Resorts World Las Vegas lands lowest investment-grade credit rating at Fitch.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-earns-ig-credit-rating-from-fitch\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-earns-ig-credit-rating-from-fitch\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/resorts-world-las-vegas-earns-ig-credit-rating-from-fitch\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/rwlv3.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/rwlv3.jpg\",\"width\":1118,\"height\":866,\"caption\":\"Resorts World Las Vegas. 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