45°F
weather icon Partly Cloudy

Aristocrat Leisure responds to downgrade by ratings agency

Aristocrat Leisure Ltd. on Monday responded to a ratings agency’s decision to downgrade the slot machine manufacturer’s debt.

The downgrade by Standard & Poor’s followed the Sydney-based company’s announcement that its annual profit could decline by 57 percent due to weak sales. Aristocrat Leisure also attributed its profit drop to the strength of the Australian dollar.

Standard & Poor’s on Friday downgraded Aristocrat’s debt to junk, lowering it one level from BBB- to BB+. The company was also placed on CreditWatch negative.

"Whilst Aristocrat is disappointed with this outcome the impact on the company’s performance is immaterial," the company said in a Monday statement. "The only consequence of a downgrade will be mildly increased borrowing costs under Aristocrat’s existing bank facilities."

Aristocrat Leisure employs about 650 people in Las Vegas through its Aristocrat Gaming unit.

Don't miss the big stories. Like us on Facebook.
MORE STORIES
THE LATEST
Primm casino closes temporarily

A rural desert casino at the state line between Nevada and California has closed, at least for the time being.

What are casino rewards programs?

From free hotel stays and complimentary meals to exclusive access to entertainment and priority services, these rewards programs are designed to keep patrons coming back.

Why do casinos do giveaways?

Gift giveaways are often incorporated into a casino’s loyalty rewards program as an alternative to comps, free play and other promotions.

Strip slots player turns $9 into $1.4M jackpot

The guest was playing IGT’s Wheel of Fortune 2X Wilds when the Wheel Bonus Spin activated the progressive jackpot for a payout of $1,426,361.

 
Las Vegas Strip casino unveils new loyalty program

Treasure Island announced a new casino loyalty program Tuesday and will commemorate the occasion with limited-edition items worthy of a pirate.

$411K slots jackpot hits at off-Strip casino

A slots player on Monday won a progressive jackpot on a new slot machine that was recently added to the floor, according to a casino spokesperson.