Tuesday, July 13, 2004 | 10:46 a.m.
Ratings raised on Alliance
Moody's Investors Service has raised the ratings of Las Vegas slot maker Alliance Gaming Corp. in response to the recently completed sale of the company's United Coin Machine Co. slot machine route to Century Gaming Inc. of Montana for $100 million, plus $5 million in debt.
The ratings agency also considered Alliance's improved financial profile and positive industry trends regarding the growth and development of slot machine and software products. The company's ratings outlook remains stable.
Moody's raised the company's $125 million senior secured revolving credit facility and $350 million in senior secured term loans to Ba3 from B1. It raised the company's senior implied rating to Ba3 from B1 and raised its senior unsecured issuer rating to B1 from B2.
Mermaid show planned
The Silverton hotel-casino plans to produce a live hourly mermaid show at a 110,000-gallon salt-water tropical fish tank it is building as a new attraction.
The largest of seven viewing panels was installed Monday at the Mermaid Bar. The 8-ton acrylic panel is 256 feet long, 14 1/2 feet high and 6 inches thick, and it cost $250,000 to manufacture.
Company representatives said the new bar is part of a $150 million casinowide renovation that will be completed Nov. 4. The renovation will double the casino size to 60,000 square feet and expand the number of slot machines from 1,000 to 1,500. It also will include a 145,000-square-foot Bass Pro Shops Outdoor World store.
The expansion will result in the creation of 100 jobs, a company spokeswoman said today.
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