O'Reilly logo

The Handbook of Municipal Bonds by FRANK J. FABOZZI, SYLVAN G. FELDSTEIN

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

CHAPTER 70
Analysis of Tribal Casino Bonds
Megan Neuburger Director Fitch Ratings
 
Michael Paladino, CFA Director Fitch Ratings
 
Jessalynn Moro Senior Director Fitch Ratings
 
David Litvack Managing Director Fitch Ratings
 
 
 
In recent years, Native American governments have increasingly sought and gained access to the larger capital markets. Fitch expects this trend to continue as the financial resources and capital needs of Native American governments grow. Notably, there are stark differences that exist in the size and scope of current day Native American gaming operations. A small group of tribes with significant financial resources has had the ability to greatly expand their operations. Noteworthy recent developments include the Seminole Tribe of Florida’s acquisition of Hard Rock from Rank Group Plc; the partnership of the Mashantucket Pequot Tribal Nation, owner of the Foxwoods casino, with MGM Mirage; and the Mohegan Tribal Gaming Authority, owner of Mohegan Sun, being awarded a gaming license to operate slot machines at the Pennsylvania Downs race track.
However, many of the Native American gaming issuers now entering the debt markets own and operate much smaller gaming enterprises, and many are issuing debt to construct their first gaming facility. Most of these Native American gaming issuers operate single-site gaming enterprises with limited diversity in the revenue stream. The gaming operations often function with minimal liquidity levels due to the desire of tribal ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required