slots village casino is credit negative for the gaming company. Earlier this month, MGM said it’s paying .12 billion to Infinity World Development for the 50 percent interest in CityCenter. Since late 2019, the gaming company has significantly liquidated its real estate holdings, dramatically increasing cash on hand in the process. foxwood resort casino arcadeIt is also selling the property assets of Aria and Vdara to private equity firm Blackstone (NYSE:BX) for .89 billion in cash in a sale-leaseback deal.The transaction is credit negative, given the expectation for a considerable amount of lease obligations related to the transaction to come on the balance sheet (potentially higher than MGM’s consolidated 2020 rent multiple equivalent of around 11x), increasing leverage and financial risk,” said Moody’s.The research firm has a “Ba3” rating with a “negative” outlook on the Mirage operator. It is also selling the property assets of Aria and Vdara to private equity firm Blackstone (NYSE:BX) for .89 billion in cash in a sale-leaseback deal.The transaction is credit negative, given the expectation for a considerable amount of lease obligations related to the transaction to come on the balance sheet (potentially higher than MGM’s consolidated 2020 rent multiple equivalent of around 11x), increasing leverage and financial risk,” said Moody’s.The research firm has a “Ba3” rating with a “negative” outlook on the Mirage operator. Las Vegas Sands (NYSE:LVS) is making a long awaited foray into digital gdoubledown casino free chips facebookaming, announcing today it’s creating an investment arm dedicated to that effort. riversweeps online casino for iphone

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coolcat no deposit bonusIt can continue paring its stake in MGM Growth Properties (NYSE:MGP) — something it pledged to do — effectively raise cash without growing its debt burden.However, due to these transactions being structured as sale-leasebacks, whereby the seller maintains day-to-day control of the venue, long-term lease costs are added to MGM’s financial obligations.“Despite the expectation for significant new lease obligations for MGM associated with the transaction, Moody’s does not expect the transactions to have a meaningful impact on MGM’s consolidated leverage in 2022, where gross debt-to-earnings before interest, taxes, depreciation and amortization (EBITDA) leverage is expected near 7x,” said the ratings agency.Ways to Boost ‘Negative’ OutlookShould MGM choose to do so, there are avenues for it to shed the “negative” outlook on its debt rating.“Resolving the negative outlook will relate primarily to the pace and degree of the earnings recovery and accompanying improvement in leverage,” adds Moody’s.Additionally, if the casino operator needs more cash, it can access that capital without issuing debt. It can continue paring its stake in MGM Growth Properties (NYSE:MGP) — something it pledged to do — effectively raise cash without growing its debt burden.valley forge casino new years eve 2020Earlier this month, MGM said it’s paying .12 billion to Infinity World Development for the 50 percent interest in CityCenter. LVS did not mention specific regions in which it intends to focuHowever, due to these transactions being structured as sale-leasebacks, whereby the seller maintains day-to-day control of the venue, long-term lease costs are added to MGM’s financial obligations.“Despite the expectation for significant new lease obligations for MGM associated with the transaction, Moody’s does not expect the transactions to have a meaningful impact on MGM’s consolidated leverage in 2022, where gross debt-to-earnings before interest, taxes, depreciation and amortization (EBITDA) leverage is expected near 7x,” said the ratings agency.Ways to Boost ‘Negative’ OutlookShould MGM choose to do so, there are avenues for it to shed the “negative” outlook on its debt rating.“Resolving the negative outlook will relate primarily to the pace and degree of the earnings recovery and accompanying improvement in leverage,” adds Moody’s.Additionally, if the casino operator needs more cash, it can access that capital without issuing debt. riverwind casino tickets

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turtle lake casino st croixHowever, due to these transactions being structured as sale-leasebacks, whereby the seller maintains day-to-day control of the venue, long-term lease costs are added to MGM’s financial obligations.“Despite the expectation for significant new lease obligations for MGM associated with the transaction, Moody’s does not expect the transactions to have a meaningful impact on MGM’s consolidated leverage in 2022, where gross debt-to-earnings before interest, taxes, depreciation and amortization (EBITDA) leverage is expected near 7x,” said the ratings agency.Ways to Boost ‘Negative’ OutlookShould MGM choose to do so, there are avenues for it to shed the “negative” outlook on its debt rating.“Resolving the negative outlook will relate primarily to the pace and degree of the earnings recovery and accompanying improvement in leverage,” adds Moody’s.Additionally, if the casino operator needs more cash, it can access that capital without issuing debt. For the past decade, Catlin oversaw Sands Capital’s investments in public and private companies in digital gaming.Digital gaming and other related offerings are still very much in the early stages of development, and we believe there is an outstanding opportunity for us to invest in the technologies being developed,” said LVS CEO Rob Goldstein in a statement.The Las Vegas-based company it’s aiming to be a “strategic investor” in digital gaming on the businesses-to-business side of the industry.Digital Long Time Coming for Las Vegas SandsThus far, the US online casino and sports wagering boom is one that Las Vegas Sands has sat out. However, due to these transactions being structured as sale-leasebacks, whereby the seller maintains day-to-day control of the venue, long-term lease costs are added to MGM’s financial obligations.“Despite the expectation for significant new lease obligations for MGM associated with the transaction, Moody’s does not expect the transactions to have a meaningful impact on MGM’s consolidated leverage in 2022, where gross debt-to-earnings before interest, taxes, depreciation and amortization (EBITDA) leverage is expected near 7x,” said the ratings agency.Ways to Boost ‘Negative’ OutlookShould MGM choose to do so, there are avenues for it to shed the “negative” outlook on its debt rating.“Resolving the negative outlook will relate primarily to the pace and degree of the earnings recovery and accompanying improvement in leverage,” adds Moody’s.Additionally, if the casino operator needs more cash, it can access that capital without issuing debt. At the end of the first quarter, it had .2 billion in cash on hand and total liquidity of .7 billion, including cash and revolver access, giving it one of the strongest balance sheets in the gaming industry.For MGM, No Impact on RatingsThough the Aria/Vdara sales mesh with MGM’s asset-light quest, the combined transaction, including the CityCenter purchase, caught some industry observers by surprise. The late Sheldon Adelson served as chairman and chief executive officer until his passing in January. At the end of the first quarter, it had .2 billion in cash on hand and total liquidity of .7 billion, including cash and revolver access, giving it one of the strongest balance sheets in the gaming industry.For MGM, No Impact on RatingsThough the Aria/Vdara sales mesh with MGM’s asset-light quest, the combined transaction, including the CityCenter purchase, caught some industry observers by surprise. betrivers casino nj