Posts tagged Las Vegas
MGM grand expecting rating upgrade.
Feb 8th
- Image by Bert K via Flickr
Moody’s Investors Service put its ratings on MGM Mirage (MGM) on review for possible upgrade after the casino operator said it is trying to extend the maturity dates on $5.55 billion of credit lines to 2014 from next year.
Moody’s vice president Peggy Holloway said an extension “would be a positive step forward for MGM with respect to near-term financial flexibility as well as its longer-term ability to remain viable as a going concern.” The proposed amendment also would allow the company to issue more secured debt, which could be used to refinance other borrowings. More >
Planet Hollywood gets endorsement from Nevada regulators
Feb 3rd
Image via Wikipedia
Nevada casino regulators have given preliminary approval for Harrah’s Entertainment to acquire the Planet Hollywood Resort in Las Vegas.
Under the deal endorsed Wednesday by the Gaming Control Board, Harrah’s will acquire $306 million in debt at a discounted rate of less than $70 million and assume Planet Hollywood’s remaining debt of $554 million. More >
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