OREANDA-NEWS. October 13, 2015. Fitch Ratings has published three Dashboards covering the U.S. regional markets, Las Vegas and Macau. With three-quarters of 2015 behind us and looking towards 2016, Fitch sees overall stable operating conditions in the markets; however, each market presents unique challenges. In the U.S., operators are looking to monetize their assets through various transactions, typically entailing sale and leasebacks. Such strategies may backfire if operating conditions soften as they did in 2013 and 2014 given the operating leverage that comes with the leases. Fitch is more positive on the Las Vegas Strip; however, the baccarat business (about 20% of the Strip's gaming revenues) is experiencing similar pressure as that in Macau. Fitch sees Macau being relatively stable in 2016 in terms of top line growth but expects some cannibalization from new Cotai openings and, as a result, some further EBITDA pressure on a same-store basis.

The published Dashboards are meant to serve as a quick reference for U.S. regional gaming, Las Vegas Strip and Macau gaming markets. The dashboards provide investors with Fitch's perspective on each market, along with charts of key drivers.