...- The operations of international restaurant, casino, and hotel owner, manager, and franchisor Seminole Hard Rock Entertainment Inc. and Seminole Hard Rock International LLC (collectively Hard Rock) have been closed since March due to the coronavirus pandemic, and we believe many restaurants and casinos may remain closed through June. We believe restaurants, hotels and casinos will experience a slow ramp after reopening given social distancing and other health and safety measures that will likely be in place, lingering consumer fears around travel and being in crowded or enclosed public spaces, and since we are now in a global recession, which will weigh on consumer discretionary spending. - We believe Hard Rock's near-term liquidity position will be strained given our expectation for cash burn and a slow recovery. We expect, however, that in the event Hard Rock is unable to meet its cash needs over the next several months, Hard Rock's parent, the Seminole Tribe of Florida (the Tribe),...
