- Published: May 2012
- Region: New York, United States
Recovery Report: NP Opco LLC?s Recovery Rating Profile Jan 12
- Published: January 2012
- Standard & Poors
We are updating our recovery analysis on Las Vegas, Nev.-based gaming operator NP Opco LLC (Opco), following Station Casinos LLC's (the ultimate holding-company parent) issuance of $650 million of senior notes. Opco's recovery and issue-level ratings were not affected by this action. Standard & Poor's Ratings Services simulated default scenario and valuation on Opco are based on our consolidated enterprise valuation of Station Casinos LLC. Our simulated default scenario contemplates a payment default in 2015 and assumes a reorganization following the default. We are using an emergence EBITDA multiple of 7x to value Station Casinos and its subsidiaries. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings," published Aug. 10, 2009, on RatingsDirect.) Station Casinos recently...
Companies mentioned in this report are: Station GVR Acquisition LLC,NP Opco LLC,Station Casinos LLC
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Research Type: Full Analysis
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Station GVR Acquisition LLC,NP Opco LLC,Station Casinos LLC