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Business
April 1, 2025
Bally’s Gets New Rating Blow Because of Chicago Project
Bally’s Corporation is facing yet another financial setback as a leading Wall Street ratings agency has downgraded its credit once more. Award-winning provider of “credit ratings, commentary, and research,” Fitch Ratings, announced it dropped Bally’s rating from “B” to “B-” due to “execution risk in the development of the Chicago projects,” along with a series […]
Business
March 21, 2025
Fitch Affirms BB- Rating and Stable Outlook for MGM Resorts
Fitch Ratings affirmed a BB- rating for MGM Resorts International and its subsidiaries. The rating reflects MGM’s EBITDA leverage and places MGM’s stock into non-investment grade. In addition to an Issuer Default Rating (IDR) of BB-, Fitch affirmed MGM’s senior secured debt at BB+ with a Recovery Rating of RR1. The unsecured debt, on the […]
Business
May 24, 2024
Fitch Predicts Growth for Ras Al Khaimah with Wynn’s UAE Resort
Earlier this month, Wynn Resorts, the leading casino and hospitality operator, released new concept art of its much-anticipated luxury resorts in Ras Al Khaimah, United Arab Emirates (UAE), Wynn Al Marjan Island. The massive project is the result of collaboration between the company and local partners, RAK Hospitality Holding and Al Marjan Island. The upcoming […]
Business
April 2, 2024
Fitch: Bally’s Corporation’s Rating Downgraded, Outlook Negative
The leading ratings agency, Fitch Ratings, announced a new downgrade, affecting Bally’s Corporation. This marked another downgrade for the company recently, which has now seen action from three rating agencies, Fitch included. On Monday, Fitch Ratings said that it downgraded the company’s Issuer Default Rating (IDR) from “B+” to “B.” Additionally, the company said it […]
Business
January 31, 2024
Fitch Bumps Wynn Resorts to BB- with Stable Outlook
Wynn Resorts, the global hospitality, entertainment and gaming company, secured a first-time BB- rating from Fitch Ratings, the leading provider of credit ratings, commentary and research for global capital markets. Announcement about the rating and the stable outlook, applicable for the gaming company along with its related companies, came Tuesday. Per the leading credit research […]
Business
November 23, 2023
Fitch Trusts Light & Wonder to Hit Its EBITDA Leverage Goals in 2024
Fitch, a renowned capital market analyst, is optimistic about Light & Wonder’s EBITDA leverage targets, believing that the gambling supplier will be able to hit its goals by 2024. While the agency still believes there is some default risk associated with the company, it still gave Light & Wonder a BB rating. Fitch updated Light […]
Business
January 24, 2023
Aristocrat Poised for Strategic M&A Deals According to Fitch Ratings
Fitch Ratings has recently evaluated the creditworthiness of Aristocrat Leisure, affirming their Long-Term Issuer Default Rating at “BBB-“. The outlook on the rating is stable. Sound Balance Sheet Will Enable Aristocrat to Pursue M&A Deals The positive assessment is based on Aristocrat’s strong business profile as a global gaming supplier and low gross leverage. The […]
Business
July 6, 2022
Fitch Lowers Crown’s Rating Post-Blackstone Takeover
Crown Resorts, Australia’s largest gaming operator, recently sold its business to The Blackstone Group, a real estate and private equity firm. As a result, Fitch Ratings, a major rating agency, downgraded its rating of Crown’s business. Fitch Changed Its Ratings Soon after Blackstone completed the deal, Fitch lowered Crown Resorts’ Issuer Default Rating from BBB […]
Casino
June 1, 2022
Crown Resorts Financial Profile to Remain Fairly Intact by VGCCC Penalty
The close-to-$60 million (AU$80 million) fine that was slapped on Crown Melbourne in Australia is not very likely to have an immediate negative bearing on the property’s financial results. Following the issuance of the penalty by the Victorian Gambling and Casino Control Commission or VGCCC for its acronym, credit rating agency Fitch looked into the […]
Casino
April 28, 2022
Fitch Happy with Aristocrat Financials as M&As Continue
Rating agency Fitch is confident that Aristocrat Leisure Limited will continue to invest heavily in the mergers and acquisitions (M&A) segment with the company tipped to spend as much as AU$100 million ($71 million) annually in order to maintain its momentum and add valuable assets that will consolidate its standing in the land-based and digital […]