(The following statement was released by the rating agency)NEW YORK, September 23 (Fitch) With three-quarters of 2015 behind us and looking towards 2016, Fitch Ratings sees overall stable operating conditions in U.S. regional gaming markets, Las Vegas and Macau. However, each market presents unique challenges. In the U.S., operators are looking to monetize their assets through various transactions, typically entailing sale and leasebacks. Such strategies may backfire if operating conditions soften as they did in 2013 and 2014 given the operating leverage that comes with the leases. Fitch is more positive on the Las Vegas Strip; however, the baccarat business (over 20% of the Strip's gaming revenues) is feeling similar pressure as seen in Macau. Fitch sees Macau being relatively stable in 2016 in terms of top line growth but expects to see some cannibalization from new Cotai openings and as a result some further EBITDA pressure on the same-store basis.
All In: Global Gaming Handbook is meant to serve as a convenient, timely and comprehensive reference for gaming investors. In this version of All In, readers will find Fitch's outlooks supplemented with tables and charts for U.S. regional markets, the Las Vegas Strip and Macau. All In also contains issuer-specific sections for 16 major gaming issuers, including those in Asia-Pacific and Europe. Issuer sections include our views of the credit drivers, tearsheets and, in most cases, organizational charts and covenant summaries. The report will be updated twice a year and will evolve alongside the dynamic, ever-changing gaming industry in an effort to meet the demands of the investment community. To that end, we welcome content-related suggestions. Corporates Gaming Contacts:U.S. and GlobalAlex Bumazhny, CFADirector+1 212 908-9179Fitch Ratings, Inc.33 Whitehall StNew York, NY 10004alex.bumazhny@fitchratings.comMichael Paladino, CFAManaging Director+1 212 908-9113michael.paladino@fitchratings.comAPAC Nandini Vijayaraghavan, CFADirector+65 6796 7216nandini.vijayaraghavan@fitchratings.comEMEA Jean-Pierre HusbandDirector+44 20 3530 1155jean-pierre.husband@fitchratings.comMedia Relations: Alyssa Castelli, New York, Tel: +1 (212) 908 0540, Email: alyssa.castelli@fitchratings.com.Additional information is available on www.fitchratings.comAll In: Global Gaming Handbookhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=869264ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.