Fitch Ratings updates recovery analyses for US gaming operators

10 September 2015

(PRESS RELEASE) -- Fitch Ratings has published updated recovery analyses for the following U.S. gaming operators:

--Caesars Entertainment Resort Properties, LLC
--Caesars Growth Properties Holdings, LLC
--MGM Resorts International
--Boyd Gaming Corporation
--Marina District Finance Company, Inc. (Borgata)
--Peninsula Gaming, LLC
--Pinnacle Entertainment, Inc.

Fitch also includes a recovery analysis for Caesars Entertainment Operating Co., which had its ratings withdrawn on Apr. 22, 2015 following the Chapter 11 filing on Jan. 15, 2015.

The interactive recovery analysis worksheets are available at the Fitch Ratings website under the following headers: Sectors >> Corporate Finance >> Corporates >> Research. Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:
--'Recovery Ratings and Notching Criteria for Nonfinancial Corporate Issuers' Nov. 18, 2014;
--'Corporate Rating Methodology' Aug. 17, 2015.
U.S. Gaming Recovery Tools (Second-Quarter 2015): https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=870941

Applicable Criteria:
Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage (pub. 28 May 2014): https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393
Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers (pub. 18 Nov 2014): https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=813588.




ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Related Links
Boyd Gaming Corporation Gaming Vendor Information
Fitch Ratings Gaming Vendor Information
Caesars Entertainment Ownership Details
MGM Resorts International Ownership Details

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