Best Gambling Guide from Gambling Headquarters

Best Gambling Guide for online gambling reviews, best gambling bonuses, gambling games, and gambling tips. Our gambling guide features

rules for baccarat, blackjack, craps, roulette & slots.. Best gambling payouts and best gambling bonuses are featured in this gambling guide.

Best Gambling Guide for online gambling reviews, best gambling bonuses, gambling games, and gambling tips. Best gambling payouts and best gambling bonuses are featured in this gambling guide.

 

Gambling News by Gambling Headquarters

Monday, June 12, 2006

Fitch Comments on Seminole Lawsuit

 

On May 22, 2006 the Seminole Tribe of FL (the tribe) filed a claim in Broward County, FL court stating that the financial services agreement (FSA) between the tribe and Power Plant Entertainment, LLC. (PPE) originally executed in 2000, is illegal. Under the terms of the FSA the tribe pays PPE 30% of net revenues from three of the tribe's six gaming facilities; Tampa Hard Rock, Hollywood Hard Rock and Seminole Indian Casino, Hollywood (together Tampa/Hollywood). The remaining 70% flows to the tribe and is pledged to bondholders. The tribe continues to honor its obligation to PPE on a monthly basis and has expressed its intention to maintain such payments pending a court decision on the claim. PPE has until Monday, June 12th to respond to the tribe's claim and to date, has not filed any official correspondence.

Fitch believes that rating action at this time would be premature. If PPE files any correspondence by the June 12, 2006 deadline Fitch will conduct further review and provide additional comments to the market. Any potential impairment of pledged revenues or deterioration of the general credit profile of the tribe could create negative pressure on the rating.

Fitch assigned an 'A-' rating to the tribe's Gaming Division Revenue Bonds Series 2005 A & B on September 26, 2005. Security for the bonds is primarily derived from earnings before interest, taxes, depreciation and amortization of the tribe's Immokalee, Brighton and Coconut Creek gaming facilities and from net revenues of the Tampa/Hollywood facilities, excluding payments to PPE. Credit strengths supporting the 'A-' rating include strong legal protections, ample debt service coverage, solid competitive position and revenue diversity across six gaming facilities and sound financial management at both the governmental and gaming operations.

At the time of the rating assignment Fitch identified the key credit risk as uncertainty regarding the tribe's contractual relationship with PPE. Prior to filing the claim in court, the tribe and PPE were negotiating a buy-out of the FSA and Fitch was concerned that any bonded settlement by the tribe could reduce debt service coverage. This credit risk is still applicable.

READY TO GET STARTED AT OUR PREFERRED GAMBLING SITES?
  • To see our Best Gambling Guide picks, visit or Best Gambling sites list.
  • To find reviews of the Best Gambling Guide, visit our Best Gambling Sites Reviews.
  • For the best bonuses available, please read our Best Gambling Bonuses Offers.
  • For access to our list of gambling payouts visit our Best Gambling Payouts section.
  • Gambling Rules & Strategies, select from Poker, Baccarat, Blackjack, Craps, Roulette or Slots.
  • For news stories on the Best Gambling Guide industry, read our Best Gambling Guide News Articles.
  • Copyright© 1999 to 2009 - Best Gambling Guide from Gambling Headquarters

    Gambling Guide Menu

    Home
    Best Gambling Sites
    Casino Reviews
    Best Gambling Payouts
    Best Gambling Bonus
    No Deposit Bonuses
    Monthly Bonus
    High Roller Bonus
    Biggest Jackpots
    Progressive Slots
    Live Dealer Casinos

    Gambling Resources

    New Players Guide
    Ten Commandments
    House Edge
    Gambling Articles
    Probabilities
    Money Management
    Gambling Psychology
    Gambling Guide News

    Gambling Rules

    Poker
    Baccarat
    Blackjack
    Craps
    Roulette
    Slots
    Betting Systems

    Gambling Software

    Microgaming
    Cryptologic
    Playtech
    Real Time Gaming
    Boss Media
    Viper
    Odds On
    Other Software

    Gambling Groups

    Belle Rock Gaming
    Fortune Lounge
    Bright Share
    Casino Partners
    Vegas Partners
    Casino Profit Share
    Gambling Rewards
    Casino Coins

    Banking Methods

    Firepay
    Neteller
    Citadel
    more...

    More Gambling

    Poker
    Sports
    Bingo
    Casino Affiliates

    Misc.

    Best Gambling Directory
    Webmasters
    Contact Us

    Best Gambling Guide for online gambling reviews, best gambling bonuses, gambling games, and gambling tips. Our gambling guide features

    rules for baccarat, blackjack, craps, roulette & slots. Best gambling payouts and best gambling bonuses are featured in this gambling guide.

    Best Gambling Guide from Gambling Headquarters