Moody's Downgrades del Lago; Gives Negative Outlook

There are signs del Lago Casino and Resort in Seneca County is still struggling.

Moody's Investor Service has downgraded the casino's credit rating for a second consecutive year. Lower than expected revenue growth -- and a crowded casino market -- were factors in the decision. 

"Despite the fact that del Lago Resort Casino opened on time and on budget and has substantially grown total gaming revenues generated in its primary market area, the property's revenue ramp-up is well below Moody's expectations," stated Keith Foley, a Senior Vice President at Moody's.

Moody's also says the casino will need a restructuring or further equity investment.

 

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