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Credit FAQ: U.S. Gaming, Lodging, And Cruise: Top 10 Investor Questions For 2011 Feb 11
Standard & Poors, February 2011
While consumer spending levels remain depressed, operating performance across the gaming, lodging, and cruise sectors has improved, albeit in varying degrees, since the end of the recession in mid 2009. Reflecting this trend, the pace of rating upgrades matched that of downgrades in 2010, following two years (2008 and 2009) where downgrades vastly outnumbered upgrades. Additionally, we currently maintain negative outlooks on less than one-quarter of the companies we rate in these sectors, down from nearly 60% at the end of 2008. We met with investors regularly throughout the course of 2010 and discussed credit issues facing these sectors on a company-specific basis, as well as more broadly across each sector. We have compiled the questions or topics that we...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Caesars Entertainment Corp.
- Host Hotels & Resorts Inc.
- Bluegreen Corp.
- Carnival Corp.
- Royal Caribbean Cruises Ltd.
- MGM Resorts International
- Isle of Capri Casinos Inc.
- Boyd Gaming Corp.
- FelCor Lodging Trust Inc.
- Bally Technologies Inc.
- Mohegan Tribal Gaming Authority
- Ameristar Casinos Inc.
- Penn National Gaming Inc.
- Starwood Hotels & Resorts Worldwide Inc.
- Peninsula Gaming LLC
- International Speedway Corp.
- Choctaw Resort Development Enterprise
- Lottomatica Group SpA
- Circus and Eldorado Joint Venture
- Marina District Development Co. LLC
- Wynn Resorts Ltd.
- River Rock Entertainment Authority
- American Casino & Entertainment Properties LLC
- NCL Corporation Ltd.
- Las Vegas Sands Corp.
- CCM Merger Inc.
- Chukchansi Economic Development Authority
- Wyndham Worldwide Corp.
- Cannery Casino Resorts LLC
- AGS LLC
- Seven Seas Cruises S de R.L.
- Chester Downs and Marina LLC
- Midwest Gaming Borrower LLC
- Gun Lake Tribal Gaming Authority
- Twin River Worldwide Holdings Inc.
- CityCenter Holdings LLC
- Revel AC Inc.
- Kalispel Tribal Economic Authority