Resorts World Las Vegas owner sells $1 billion bond to finance its construction; property on track for late 2020 opening
Two subsidiaries of Malaysian casino and hospitality giant Genting Bhd priced on Tuesday $1 billion senior notes to fund the construction of Resorts World Las Vegas, a $4-plus-billion integrated resort currently under development on the Las Vegas Strip and slated to open doors in late 2020.
Genting told Bursa Malaysia that its wholly-owned subsidiaries Resorts World Las Vegas LLC and RWLV Capital Inc sold a $1 billion bond with a coupon of 4.625%.
This indicates a strong demand from different investors, including ones from the United States.
The deal received a BBB+ rating by S According to bankers, it is on a rare occasion that a project still under development with no cash flow and with construction risk is given such a rare investment-grade rating.
First Las Vegas Strip Resort