Data published in a recent CBRE research report show that major gaming suppliers are currently holding $16.4 billion in debt, with Aristocrat and IGT appearing to be in a more favorable financial position.
In a recent analysis of the debt comparables across several gaming companies, CBRE detailed the credit ratings, debt amounts, spreads over benchmarks, maturity dates, interest rates, and market prices of eight major gaming suppliers.
The analysis detailed the debt amounts and types for each company, revealing significant variation, with Aristocrat carrying a total debt of $500 million in a secured term loan, while Entain has a more substantial $1.2 billion across two secured term loans.
Everi’s total debt stood at $981 million, divided between secured and unsecured notes, while Evoke’s debt is notably higher at $2 billion, primarily in various secured notes.
At the same time, IGT is responsible for $1.3 billion in multiple secured notes, while Light & Wonder has a total debt of $3.8 billion, encompassing both secured and unsecured notes.
Scientific Games reports $2 billion in debt, including a secured term loan and unsecured notes, and Stars Group leads with $3.8 billion, also in a secured term loan.
In terms of credit ratings, CBRE research points out that Aristocrat Technologies Inc. holds a credit rating of BBB- from Standard & Poor’s, Ba1 from Moody’s, and BBB from Fitch, positioning it as one of the stronger players in the sector.
Meanwhile, Entain Holdings Gibraltar Ltd has a slightly lower rating of BB-, Ba1, and BB, indicating moderate risk. Everi Holdings Inc. is rated B+, Ba2, and BB-, while Evoke PLC sits lower at B-, B1, and B+.
International Game Technology PLC (IGT) boasts a BB+, Ba1, and BB+ rating, suggesting solid financial stability, while Light & Wonder International Inc. has a BB-, Ba1, and BB rating; Scientific Games Holdings LP is rated B-, B3, and B.
The Stars Group Holdings BV, a subsidiary of Flutter, holds a BB+, Ba1, and BBB rating, reflecting a robust standing in the industry.
