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Most Recent Online Casino News

S&P Rats American Casino & Entertainment Notes

NEW YORK, Jan 9 – Standard & Poor’s Ratings Services assigned its ‘B’ rating to the proposed $200 million senior secured notes due 2012 to be issued jointly by American Casino & Entertainment Properties LLC (ACEP) and its wholly owned subsidiary American Casino & Entertainment Properties Finance Corp. The notes will be secured by substantially all current and future assets of the company; however, its $20 million proposed bank facility will benefit from a priority lien.

At the same time, a ‘B’ corporate credit rating was assigned to ACEP. Pro forma for the transaction, Las Vegas-headquartered casino owner and operator will have $201 million in total consolidated debt outstanding. The outlook is positive.

The proceeds from the above transaction will be used to finance the acquisition of two Las Vegas-based casinos, repay intercompany indebtedness of one of the contributed entities, to fund distributions to ACEP’s direct parent, and to pay related fees and expenses.

The ratings on ACEP reflect the entity’s portfolio of second-tier assets, reliance on a single market, the disadvantaged northern Strip location of its largest cash flow generating entity (The Stratosphere Casino, Hotel and Tower), the fact that one of the properties has been unprofitable for the past few years, and a relatively small cash flow base. These factors are tempered by a healthy ‘locals’ market in Las Vegas, a stable regulatory environment in Nevada, good credit measures for the rating, and expected adequate liquidity upon closing of the transaction.

Read the entire article at: Reuters.Com 

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