Lacks diversity as a single casino in a competitive market, exposing CBAC to event risks and EBITDA volatility. Urban location and more limited amenities than other market competitors can create challenges in driving customer traffic particularly when there are safety perception issues. Operates in a jurisdiction with a high gaming tax rate, resulting in a modestly weaker EBITDA margin compared to peers. High adjusted debt to EBITDA of more than 7x through 2019. EBITDA coverage of interest in the low-2x area through 2019. The stable rating outlook reflects S&P Global Ratings' view that Baltimore-based CBAC Borrower LLC's EBITDA in 2018 will stabilize following a meaningful (low to mid-20%) EBITDA decline in 2017 as a result of new competition. In addition,
