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Owner Genting Bhd is expected to keep supporting Resorts World Las Vegas (RWLV) financially despite growing controversy, as the company faces the prospect of a large fine from Nevada regulators.
The Nevada Gaming Control Board (NGCB) said last week that it intends to pursue financial penalties against Resorts World Las Vegas for allegedly allowing well-known black market bookies to place bets there without disclosing the source of their funding. Among those bookies was Mathew Bowyer, the guy who is thought to have accepted millions of dollars in wagers from Ippei Mizuhara, the interpreter for Los Angeles Dodgers sensation Shohei Ohtani.
Although the precise financial penalty for RWLV is unknown, S&P Global Ratings predicts that Genting will help the integrated resort weather the regulatory heat.
"We believe it will receive extraordinary support from its parent, Genting Bhd., under almost all foreseeable circumstances,” observed the research firm.
RWLV is rated BB+ by S&P, with a "stable" outlook.
The controversy revolves around former Resorts World Las Vegas President Scott Sibella, and it may be helpful to note how the NGCB handled MGM Resorts International, his employment before RWLV, in terms of potential financial penalties for the Genting venue.
The Cosmopolitan and MGM Grand settled charges relating to alleged breaches of the Bank Secrecy Act and anti-money laundering legislation in January by paying $7.45 million. Prior to 2010, Sibella held the position of president at MGM Grand. At that point, he joined RWLV.
“Genting group has a track record of gaming operations in different jurisdictions for over five decades. The group also has the strategic significance of expanding its foothold into the U.S. gaming market. We expect RWLV to work with regulators to resolve and address the issues raised,” added S&P.
It is to be seen, but parent Genting should have no trouble covering such costs if the taxes RWLV is subject to as a result of the Sibella scandal are comparable to those paid by the MGM hotels.
Together with Resorts World Sentosa in Singapore and a flagship property in its native Malaysia, RWLV is one of the three jewels in the Genting gaming empire. Consequently, the parent business has an incentive to finance the Las Vegas location.
Although Genting's Strip casino resort's BB+ corporate credit rating is one notch below junk, the conglomerate has the financial means to maintain the rating, and there doesn't seem to be any immediate risk of a downgrade.
“The stable outlook on RWLV mirrors that on the parent, which in turn reflects our expectation that the company’s market position across its operations will translate into a stable operating performance, such that its ratio of funds from operations to debt remains above 30% over the next two years,” concludes S&P.
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