Standard & Poor's Ratings Services' issuer credit rating on El Dorado County, Calif.-based Shingle Springs Tribal Gaming Authority reflects the Authority's weak liquidity position, high debt leverage, well-established competition, and a narrow business focus as an operator of a single gaming facility. We expect EBITDA before management fees (EBITDAM) in the first half of 2011 to decline in the mid-single digits and remain flat in the second half. The projected first-half decline is primarily attributable to annualizing the impact from the recent upgrade of competing property Thunder Valley (the upgrade opened in July 2010) and continued pressure on consumer spending in the region. Revenue and EBITDAM were down approximately 10% and 11%, respectively, in 2010. The decrease was driven by...
Companies mentioned in this report are:
- Shingle Springs Tribal Gaming Authority
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