Summary: Shingle Springs Tribal Gaming Authority May 11
- ID: 1807960
- May 2011
- Standard & Poors
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
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included. SHOW LESS READ MORE >