As Genting Bhd subsidiary Genting Resorts World Las Vegas (RWLV) continues construction of the Las Vegas venue by the same name, Fitch Ratings has issued the subsidiary a senior unsecured rating of “A-.” The firm sees a stable outlook for the company and its development and issued an “A-(EXP)” expected rating for the term-loan and proposed senior secured revolver facilities, as well as for the proposed senior unsecured notes that will be issued by RWLV and its subsidiary, RWLV Capital Inc.

Malaysia-based Genting operates casinos in Malaysia, Egypt, the UK, Singapore, the Bahamas and the U.S. It also is involved in palm oil plantations, power, fossil fuels and property investments. Fitch also gave Genting a rating of A-.

According to Fitch’s note, RWLV will pay for part of the construction and operating costs of the venue using revenue generated from the proposed term-loan and secured revolver facilities, as well as from unsecured notes. It sees a stable future for the casino resort, indicating, “We have equalised RWLV’s [LLC’s] ratings with those of Genting [Bhd], based on strong operational and strategic ties between the entities.”

Fitch added, “We assess RWLV’s standalone credit profile to be in the ‘B’ category, based on geographic concentration, limited market share and brand recognition in the first few years after start-up, ramp-up risk from competitive pressure in a mature market like Las Vegas and weak financial ratios in the initial years until earnings before interest, tax, depreciation and amortisation [EBITDA] stabilises.”