Summary: Melco Crown Gaming (Macau) Ltd. Dec 11

  • ID: 2030986
  • December 2011
  • Region: Macau
  • Standard & Poors
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The rating on Melco Crown Gaming (Macau) Ltd. reflects the company's aggressive, albeit strengthening, financial risk profile, execution and funding risks associated with the group's growth strategies, and the company's reliance on the Chinese market for the bulk of its customers. Melco Crown's position as one of six casino concession and sub-concession holders in Macau, strong and growing cash flow generation from its existing properties, and its strong parent sponsors temper these weaknesses. The good growth prospects of Macau's gaming market also bolster the rating. Melco Crown's stand-alone credit profile is 'b+'. The overall rating is one notch higher to reflect expected support from one of the company's parents, Australia-based Crown Ltd. (Crown: BBB/Stable/A-2). We consider Melco Crown to be...

Companies mentioned in this report are: Melco Crown Gaming (Macau) Ltd.,Crown Ltd.
Action: Review

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Melco Crown Gaming (Macau) Ltd.,Crown Ltd.

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