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Fitch downgrades Empire Resorts
Fitch Ratings said it downgraded Empire Resorts, Inc.'s long-term issuer default rating to B from B+ and its senior secured notes to BB-/RR2 from BB+/RR1.
“The one-notch downgrade reflects the weaker stand-alone credit profile (SCP) for Empire as a result of the anticipated new full-scale casino competition in downstate New York. As a result, Fitch expects Empire's adjusted leverage to remain well above 7x (including HoldCo note) pro forma for the competitive impact, which was the previous negative leverage sensitivity at the B+ IDR. This also includes the incremental EBITDA from the opening of its slot-only property at Hudson Valley,” the agency said in a press release.
The outlook is stable.
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