Route 66 Development Authority Assigned 'B-' Issuer Credit Rating; Outlook Stable

Route 66 Development Authority is entering into a new $200 million term loan B. The Authority plans to use proceeds to fund the construction and development of the Harrah's Oklahoma Casino in Chandler, Okla. S&P Global Ratings assigned its 'B-' issuer credit rating to Route 66 Development Authority. At the same time, we assigned a 'B-' issue-level rating to the first-lien term loan B due 2030. The stable outlook reflects our expectation that the Authority will have adequate liquidity during the construction project, open on time, and ramp up operations successfully. NEW YORK (S&P Global Ratings) Oct. 14, 2024—S&P Global Ratings today took the above rating actions. While there are many casinos within a few hours' drive, we believe the

...October 14, 2024 - Route 66 Development Authority is entering into a new $200 million term loan B. The Authority plans to use proceeds to fund the construction and development of the Harrah's Oklahoma Casino in Chandler, Okla. - S&P Global Ratings assigned its 'B-' issuer credit rating to Route 66 Development Authority. - At the same time, we assigned a 'B-' issue-level rating to the first-lien term loan B due 2030. - The stable outlook reflects our expectation that the Authority will have adequate liquidity during the construction project, open on time, and ramp up operations successfully. NEW YORK (S&P Global Ratings) Oct. 14, 2024--S&P Global Ratings today took the above rating actions. The 'B-' issuer credit rating reflects the highly competitive nature of the Oklahoma gaming market, yet our expectations for the new property to benefit from its higher asset quality relative to peers, and from the Caesars brand partnership. The casino will operate in the highly competitive and saturated...

Ratings Action