Two credit rating organizations have downgraded Bally’s Corp. just as the company is on the verge of closing its Tropicana property in Las Vegas.
In separate actions, Moody’s Investors Services downgraded Rhode Island-based Bally’s from “B1” to “B2” while S&P Global Ratings cut its Bally’s rating from “B” to “B-,” junk-bond status.
The downgrades could affect the company’s ability to borrow money for three projects it has on the horizon, including the development of a $1.5 billion, 33,000-seat Major League Baseball stadium for the Oakland Athletics, which has received permission to relocate to Las Vegas.
