Fitch Ratings releases inaugural 'All In: Global Gaming Handbook'

24 September 2015

(PRESS RELEASE) -- With three quarters of 2015 behind us and looking toward 2016, Fitch Ratings sees overall stable operating conditions in U.S. regional gaming markets, Las Vegas and Macau. However, each market presents unique challenges. In the U.S., operators are looking to monetize their assets through various transactions, typically entailing sale and leasebacks. Such strategies may backfire if operating conditions soften as they did in 2013 and 2014 given the operating leverage that comes with the leases. Fitch is more positive on the Las Vegas Strip; however, the baccarat business (over 20% of the Strip's gaming revenues) is feeling similar pressure as seen in Macau. Fitch sees Macau being relatively stable in 2016 in terms of top line growth but expects to see some cannibalization from new Cotai openings and as a result some further EBITDA pressure on the same-store basis.

"All In: Global Gaming Handbook" is meant to serve as a convenient, timely and comprehensive reference for gaming investors. In this version of All In, readers will find Fitch's outlooks supplemented with tables and charts for U.S. regional markets, the Las Vegas Strip and Macau. All In also contains issuer-specific sections for 16 major gaming issuers, including those in Asia-Pacific and Europe. Issuer sections include our views of the credit drivers, tearsheets and, in most cases, organizational charts and covenant summaries. The report will be updated twice a year and will evolve alongside the dynamic, ever-changing gaming industry in an effort to meet the demands of the investment community. To that end, we welcome content-related suggestions.

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