Mon 10/02/2023 09:00 AM
We are initiating coverage on Caa1/B- rated casino operator Mohegan Gaming and Entertainment, which has $1.7 billion of debt coming due in 2026 and 2027. Management stressed during the company’s Sept. 21 investor day that Mohegan is focused on deleveraging.
Additional key takeaways are reviewed below.
Key Takeaways
Negatives
- Balance sheet: Net debt to EBITDAR - earnings before interest, taxes, depreciation, amortization and an estimated $45...
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