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San Manuel Casino Entertainment

SMEA, with a high focus on the locals market, also has a more limited exposure to non-gaming operations, which tend to be more cyclical than gaming. While Fitch is not permitted to keep copies of the audited financial statements of the tribal government, it is provided with copies of audited financial statements for the casino operation and is permitted to view the annual governmental audit in the presence of SMEA management. Log In Sign Up.{/INSERTKEYS}{/PARAGRAPH} Fitch believes that the latter is an unlikely scenario as capital expansion is currently hampered by poor operating trends and lack of access to external financing due to strained capital market conditions. Supreme Court Decision' Feb. Additional credit concern centers on Fitch's relatively limited access to the finances of the tribal government. The Stable Outlook indicates Fitch's view that SMEA is well positioned to weather continued weakness in the regional gaming market, which will likely persist for the remainder of and into early However, there may be downward pressure on the ratings of all Fitch-rated Southern California gaming operators if operating trends in the market continue to weaken more than anticipated, or if there is rapid and significant expansion of Class III gaming in the market which does not substantially boost revenues and results in pressure on the cash flows of the operators in the market. While many other casino properties in the region exhibited double digit revenue declines in and , SMEA's revenue grew in in response to additional slot machines being installed and revenue declined only modestly in The firm top-line performance throughout the recession is reflective of SMEA's protected market area and closer proximity to major Southern California urban areas relative to other facilities. The Rating Outlook is Stable. Given the very strong financial profile of the operation and no plans for additional debt issuance, credit metrics, including debt service coverage ratios and leverage, are expected to remain very strong relative to other credits in this rating category. Despite the poor outlook for the forward operating trend in the regional gaming market, the Stable Rating Outlook reflects the strong financial profile of the SMEA credit. Located near Highland, CA, immediately outside of San Bernardino and 65 miles east of Los Angeles, there are no other tribal governments with reservation lands approved for gaming purposes between SMEA's property and the Los Angeles area. Fitch believes the southern California gaming market will remain soft for the next six to 12 months. Despite the recent EBITDA compression, the liquidity profile of the credit remains very strong; the property generates significant free cash flow after debt service and maintenance capital expenditures and prior to distributions to the tribal government. The primary credit concern constraining SMEA's Issuer Rating to low investment grade is the business risk inherent in its single-site casino operation, which is prone to event risk and is highly dependent upon a single market area in San Bernardino, a region that has been significantly affected by the current economic downturn. The transactions are rated one notch above the Issuer Rating due to credit enhancement provided by security covenants included in the legal documents associated with the transactions. Upward movement in the rating continues to be constrained by business risk inherent in the single site operation. Fitch notes that some margin compression would be expected as the market matures and that SMEA's margins are still healthy relative to other facilities in the market. SMEA entered into a new compact with the state in January , which allowed the tribe to increase the number of slot machines at its facility from 2, to 7, but also required SMEA to increase its payments to the state. The bonds are term bonds with maturities in , and The bonds are subject to mandatory monthly sinking fund payments of principal in an amount sufficient to fully amortize by maturity, resulting in a level debt service schedule through A 'BBB' transaction rating is assigned to debt secured by a lien on the gaming enterprise cash flows. Additional information on Fitch's recent rating actions on the San Manuel Entertainment Authority and the Native American gaming industry outlook is available in the following reports, all available on Fitch's web site at www. Thus far, the additional revenue from the increased capacity has not offset the additional fees, which are about four times what the tribe paid in Since the expansion to 3, machines, SMEA permanently removed machines from the gaming floor and is contemplating other methods in an attempt to control the variable portion of the fees. {PARAGRAPH}{INSERTKEYS}The property benefits from a favorable location in the highly competitive Southern California gaming market. The tribe has conducted gaming on its reservation lands since Since the opening of the current facility in early , the operation has produced very strong cash flow, resulting in credit metrics that are strong for the rating category. There are no significant debt maturities, and no major projects under development. SMEA's EBITDA declines have been more severe mainly due to the higher fees paid to the state under the compact and, more recently, due to its heavier promotional and advertising spending. California's Inland Empire is still plagued by heavy levels of foreclosures, which in the near term should suppress growth in the housing related jobs, a major economic driver for the area prior to the housing market collapse. Additional information is available at www.