Fitch Updates Recovery Analyses for U.S. Gaming Operators

  Fitch Updates Recovery Analyses for U.S. Gaming Operators

Business Wire

NEW YORK -- April 10, 2013

Fitch Ratings has published updated recovery analyses for the following U.S.
gaming operators:

--Caesars Entertainment Operating Co. (including Chester Downs and Marina LLC)

--MGM Resorts International

--CityCenter Holdings, LLC

--Boyd Gaming Corporation

--Marina District Finance Company, Inc. (Borgata)

--Peninsula Gaming, LLC

--Pinnacle Entertainment, Inc.

New in this version are Pinnacle and Ameristar recovery analysis pro forma for
the merger and a reference tab with recent transaction and equity implied
EV/EBITDA multiples.

The interactive recovery analysis worksheets are available at
'www.fitchratings.com' 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 Non-financial Corporate Issuers'
Nov. 13, 2012;

--'Corporate Rating Methodology' Aug. 8, 2012;

--'U.S. Gaming: Recovery Rating Methodology, April 4, 2008.

Applicable Criteria and Related Research U.S. Gaming Recovery Models -
Fourth-Quarter 2012

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=705479

Recovery Ratings and Notching Criteria for Non-Financial Corporate Issuers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=693773

Corporate Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460

US Gaming: Recovery Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=381344

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