case studies of la vegas sands in 2008 financial distress Free Essay, Term Paper and Book Report
Generally, only a firm has sufficient large amount of cash or cash equivalents or has small amount of debt can have investment grade rating. All the above three companies have borrowed a lot of money to support their global expansion before 2008, thus lead to a low rating (the debt to equity ratios are shown in next page). When the 2008 financial crisis began, Sands and MGM face some liquidity problems, and both of them were downgraded.
The problem with gaming companies
Subprime/Credit Crunch make the gaming industry fall into distress, even nearly bankruptcy. Over leverage is the underlying reason which caused the trouble. These gaming companies prefer to expand their business as large as possible. More gaming tables, more facilities, and more entertainments need more money to support. The money mostly comes from the loans. Casinos repay the debt when it matured. Then it will make another new loan to repay the debt. However the Subprime/Credit Crunch cause not easy to borrow money, the casinos cannot deal with all the short term debt, and make the credit rating lower. Moreo......
Word Count: 1131
Page Count: 4.5 (250 words a page / double spaced)
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