14.7% over the next 12-18 months, reaching $7 billion.

Inside Asian Gaming, the U.S. giant yesterday issued a simultaneous "Ba2" rating on a $250 million new bond offering issued by a subsidiary of the casino company's Melco Resorts Finance Limited. Sources detailed that the offer is due to expire in 2029 with proceeds set to help operators of City of Dreams Macau, Studio City Macau and Altira Macau venues pay off some of their existing debts. Moody's Investors Service Inc. reportedly praised the present value of its assets held by Melco Resources and Entertainment Limited in announcing an upbeat rating and announced that the company's debt-to-earnings ratio could increase more than 10-fold later this year due to "slow cash flow and planned capital expenditure." The final element and financial services giant reportedly declared "likely to lead to negative free cash flow during this period" over costs related to the City of Dreams Mediterranean development under construction in Cyprus and plans to expand the 1,600-room Studio City Macao venue by $1.4 billion "Given the above expectations, Melco Resorts Entertainment Limited's pre-tax profit-adjusted debt is expected to improve from approximately 10x in 2021 to approximately 5-6x in 2022 and approximately 4x in 2023 Melco Resorts & Entertainment Limited reportedly posted a deficit of about $221 million in the nine months to the end of September, down more than 118% year-over-year due to factors related to the ongoing coronavirus pandemic with earnings before interest, taxes, depreciation and amortization. Moody's Investors Service also reportedly noted that there is a "significant risk" to leverage forecasts "given continued uncertainty about the pace and scope of the company's earnings recovery" and that "longer operational weakness could allow casino operators to post "greater negative free cash flow and higher debt leverage."