Mohegan Tribal Gaming Authority Halting SEC Filings
The Mohegan Tribal Gaming Authority (MTGA) proclaimed Monday that it will no longer take part in the Securities and Exchange Commission’s (SEC) voluntary filing system.
The tribal gaming giant didn’t devote a specific ground for wherefore it’s withdrawing from SEC filings and the go caught some marketplace observers by surprise because the cassino operator hasn’t bleed afoul of SEC guidelines nor is it tussling with the regulatory agency. It could live a cost-cutting move because it is non cheap to file away with the SEC.
Mohegan intends to persist in to bring home the bacon current reports and every quarter and yearly financial entropy on our website at www.mohegangaming.com/, under the ‘Investor Relations/Financial Updates’ section. Interested parties may contract upwards at that website nexus to get email updates from us. We also design to continue to boniface every quarter operating results group discussion calls,” according to a statement issued past the Connecticut-based tribal casino operator.
As a tribal gaming organization, Mohegan isn’t a in public traded firm, but it tin and does sell debt inwards public markets. Prior to yesterday, the casino operator’s most recent SEC filing was dated Jan. 6, announcing a translatable draw together egress fastened to the development of its Inspire integrated resort hotel in South Korea.
Mohegan Rated past Credit Agencies
As a sizable issuer of incorporated debt, Mohegan is tracked past some of the major credit ratings agencies – an important boulevard for bondholders staying abreast of the issuer’s credit entry profile.
For example, Moody’s Investors Robert William Service shoemaker's last rated the tribal casino operator II years ago, tagging it with a “Caa1” tier with a “stable” outlook. That’s a extremely speculative rating and one that at the time of issuance, reflected Mohegan’s big debt/earnings before interest, taxes, wear and tear and amortization (EBITDA) profile. However, there are some positives associated with MTGA bonds.
“Positive rating considerations include MTGA’s mellow quality, well-established, and large amount of gaming and attractive non-gaming amenities on with its earnings variegation efforts. Diversification efforts exterior of MTGA’s restricted mathematical group bodily structure include direction and evolution fees from unaffiliated casinos inward the U.S. along with MTGA’s investment funds inward a holiday resort gambling casino cast inward South Korea, which Moody’s views as a long-term positively charged for the company, despite inherent risks,” noted Moody’s.
S&P rates Mohegan “B-,” which is also a junk grade. In the US, the accompany operates casino-hotels inwards Connecticut, Washington, Pennsylvania, New Jersey, and Nevada and owns the WNBA’s Connecticut Sun.
Mohegan Debt History
Like some other tribal operators, Mohegan has a checkered account when it comes to service debt. In 2011,the gambling casino manipulator tried and failed to refinance more than $800 billion inwards debt, but it was able to refinance some of those obligations the followers year.
Amid temporary closures of its gaming venues inward 2020 due to the COVID-19 crisis, MTGA missed a $19.7 zillion interestingness payment.
The tribal operator’s prominent issues include bonds yielding 7.875% maturing inwards Oct 2024 and debt with a bear of 8% coming due in Feb 2026, according to CBonds.
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