...March 13, 2023 - Seminole Hard Rock Entertainment Inc. acquired the operations of The Mirage Hotel and Casino in December 2022 with a $1.1 billion capital contribution from its parent, Seminole Tribe of Florida. The Tribe also plans to contribute additional equity for a future redevelopment of the property into the Hard Rock Las Vegas. - Additionally, Seminole Hard Rock's new senior secured credit facility is fully guaranteed by The Seminole Tribe of Florida. The guarantee is equivalent to the guarantee on its existing debt. The continuation of the Tribe's guarantee of Hard Rock's debt strengthens its track record of support, in our view. - We believe the Tribe's sizable equity contribution for the acquisition, its plan to use its cash flow to support the Mirage's redevelopment into an iconic Hard Rock branded casino hotel, and its recommitment to guarantee Hard Rock's debt, demonstrates a stronger commitment to Hard Rock. As a result, we now view Hard Rock as highly strategic to the Tribe....
