S&P puts Wheeling Island Gaming on watch

Standard & Poor's said it placed its B+ corporate credit and senior unsecured debt ratings on Wheeling Island Gaming Inc. on CreditWatch with negative implications, noting that listing reflects its reassessment of the potential impact that expected new competition from Pennsylvania will have on Wheeling's operating performance.

New competition in western Pennsylvania has been expected for some time now and the agency said it has anticipated that Wheeling's financial profile would provide cushion for this within the existing ratings.

S&P added that total debt to EBITDA was 2.6 times and EBITDA interest coverage was 3.5 times as of March and free operating cash flow in the 12 months ended March was $22 million.

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