S&P ups 155 East Tropicana outlook to positive

Standard & Poor's said it revised its outlook on 155 East Tropicana LLC to positive from stable and affirmed the company's B- corporate credit and senior secured debt ratings.

The outlook revision reflects S&P's expectation that the operating performance of the newly re-branded Hooters Casino Hotel, scheduled to open in February, will be good upon opening given the combination of its middle market focus, the national exposure of the Hooters brand and continued good operating momentum in Las Vegas.

S&P said the ratings continue to reflect the company's narrow business position as an operator of a single casino, its off-Strip location, highly competitive market environment and small pro forma cash flow base.

Still, the company's liquidity position is adequate to complete the re-branding and provide for an appropriate ramp-up period, the agency said.

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