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S&P Credit Research4301 word report
published Oct 03, 2008
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S&P Credit Research
| Abstract: | The U.S. gaming industry has experienced a record number of defaults in 2008, and we predict that more are on the way. Defaults have been driven by multiple factors, including: Weak industry fundamentals, as casino visitors have tightened their belts in response to lower home values, higher gas prices, and generally weak economic conditions; Highly leveraged capital structures resulting from development spending and acquisitions, all financed with the abundance of debt capital that was available prior to the summer of 2007; and Significantly tougher credit markets in which debt capital is now harder to access and more expensive, and where lenders are much more demanding when covenants are violated. Up until the end of 2007, the North American gaming industry
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| Brief Excerpt: | RESEARCH Ratings Definitions U.S. Gaming Defaults Reach Record Levels: What Happened To This "Recession-Resistant" Industry? Publication date: 03-Oct-2008 Primary Credit Analyst: Craig Parmelee, CFA, New York (1) 212-438-7850; craig_parmelee@standardand...
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| Report Type: | Commentary
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| Sector: | Asset-Backed Securities, Corporations, Global Issuers, Hotel & Gaming, Media & Entertainment, Public Finance, Structured Finance
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
