Fitch Ratings has assigned a final rating of ‘A-’ to the loan facilities and notes of Resorts World Las Vegas LLC, the company building a $4 billion integrated resort on the Las Vegas Strip.
The notes and loans include a senior secured $1.2 billion revolver and $400 million term-loan facilities due 2024 as well as senior unsecured $1 billion 4.625% notes due 2029, issued by RWLV and its unit RWLV Capital Inc.
According to Fitch, proceeds from the notes and loans will be used to finance a portion of the cost of construction and operations.
The new integrated resort is scheduled to open its first phase in 2020. It will include three hotels, multiple restaurants featuring a variety of authentic, regional Chinese cuisines; over 100,000 square feet of innovative gaming space; numerous retail offerings; and a top-tier nightlife venue.
The hotel towers are scheduled to reach full height (level 68) in the third quarter of 2019.