Resorts World Las Vegas is seen as achieving fully ramped up EBITDA by 2024, three years after its opening, as the pandemic slows visitation, according to Fitch Ratings.

Fitch has given a ‘BBB’ rating to a proposed senior note offering by the U.S. unit, with a negative outlook. The company plans to use the proceeds to refinance existing secured debt.

“RWLV is on track to open its resort in around June 2021,” Fitch says. “However, the pandemic is likely to delay operational ramp-up, as we expect inbound flights and demand for large-scale conventions in Las Vegas to remain soft in 2021.”

“We estimate aggregate revenue for Las Vegas’s strip operators will only recover to 90 percent of 2019 by end-2023, and expect RWLV to reach fully ramped-up EBITDA of USD350 million by end-2024.”

The $4.3 billion resort will be the Genting group’s third largest after its properties in Malaysia and Singapore.

Fitch has given the note offering a negative outlook due to the risk of a slower gaming recovery from the coronavirus pandemic that may mean that group leverage will remain higher for longer.