Saracen Development LLC, a wholly owned company of the Quapaw Nation that owns the Saracen Casino Resort has received upgrades to its credit ratings, according to Arkansas Business.
In its Nov. 1 issue, Arkansas Business reported that the Moody’s and S&P Global Ratings have upgraded their ratings for Saracen Development.
“The improved ratings are a testament really to the different philosophy that we brought in terms of a change in tribal leadership,” Quapaw’s Secretary Treasurer Guy Barker was quoted as saying. “The makeup of the entire board is different now.”
S&P raised its issue-credit rating on Saracen to B- from CCC.
Moody’s upgraded Saracen’s corporate family rating and $285 million senior secured notes due in 2025 to B3 from Caa1.
Arkansas Business quoted a news release from Saracen that said Moody’s reported the casino resort will generate annual earnings before interest, taxes, depreciation and amortization of between $64 million and $70 million in its first full year of operation. That figure is above the $60 million Moody’s predicted.
Barker said groundbreaking is set for March on the 300-room hotel portion of the resort with construction expected to start later in the spring.
