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Related Issuers
155 East Tropicana, LLC
AMC Entertainment Inc.
Ameristar Casinos, Inc.
Aztar Corporation
Black Gaming, LLC
Bluegreen Corporation
Boyd Gaming Corporation
Carmike Cinemas, Inc.
CCM Merger, Inc.
Cedar Fair, L.P.
Century Theatres, Inc.
Choctaw Resort Development Enterprise
Chukchansi Economic Development Authority
Cinemark USA, Inc.
Cinemark, Inc.
Circus and Eldorado Joint Venture
Copa Casino of Mississippi, LLC
Festival Fun Parks, LLC
French Lick Resorts & Casino, LLC
Golden Nugget, Inc.
Greektown Holdings, LLC
Hard Rock Hotel, Inc.
Herbst Gaming, Inc.
Hilton Hotels Corporation
Hollywood Theaters, Inc.
HRP Myrtle Beach Operations, LLC
IMAX Corporation
Inn of the Mountain Gods Resort and Casino
Intrawest Corporation
Isle of Capri Black Hawk L.L.C.
Isle of Capri Casinos, Inc.
Jacobs Entertainment, Inc.
Kerasotes Showplace Theatres, LLC
Las Vegas Sands Corp.
Legends Gaming, LLC (OLD)
Little Traverse Bay Bands of Odawa Indians
Live Nation Worldwide, Inc.
Majestic HoldCo, LLC
Majestic Star Casino, L.L.C. (The)
Marquee Holdings, Inc.
MGM Resorts International
Mohegan Tribal Gaming Authority
MTR Gaming Group, Inc.
OpBiz, LLC
Peninsula Gaming, LLC (Old)
Penn National Gaming, Inc. (Old)
Pinnacle Entertainment, Inc.
Pokagon Gaming Authority
Regal Cinemas Corporation
Regal Entertainment Group
Resorts International Holdings, LLC
Resorts International Hotel And Casino, Inc.
River Rock Entertainment Authority
Riverside Casino & Golf Resort, LLC
Riviera Holdings Corporation
Royal Caribbean Cruises Ltd.
Ryman Hospitality Properties, Inc. (Old)
San Pasqual Casino Development Group, Inc.
Scientific Games Corporation
Seminole Tribe of Florida
Seneca Gaming Corporation
Six Flags Inc. (Old)
Six Flags Theme Parks Inc. (OLD)
Speedway Motorsports, LLC
Station Casinos, Inc. (Old)
Trump Entertainment Resorts Holdings, L.P
Tunica-Biloxi Gaming Authority
Turning Stone Resort Casino LLC
Twin River Management Group, Inc.
Universal City Development Partners, Ltd.
Universal City Florida Holding Co. I
Universal City Florida Holding Co. II
Vail Resorts, Inc.
Venetian Macao Limited
Waterford Gaming LLC
Wheeling Island Gaming, Inc.
Wynn Las Vegas, LLC
Rating Action:

Correction to text, Sept. 26, 2006 release: Moody's changes ratings on 70 gaming, lodging & leisure companies under LGD rating methodology

28 Sep 2006
Correction to text, Sept. 26, 2006 release: Moody's changes ratings on 70 gaming, lodging & leisure companies under LGD rating methodology

Corrections to text under BLB Management Services, Inc., Hilton Hotels Corporation and Royal Caribbean Cruises Ltd. Revised release follows.

New York, September 28, 2006 -- Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the Gaming, Lodging & Leisure sector. The Gaming, Lodging & Leisure sector included 70 companies subject to the LGD methodology.

Moody's current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Attached is a list of the rating actions for the Gaming, Lodging & Leisure sector.

155 East Tropicana, LLC, B3

PDR: B3

8 3/4% Senior Secured Notes, B3 --> B3, LGD4, 57%

Ameristar Casinos, Inc., Ba3

PDR: B1

Five Year Senior Secured Revolver, Ba3 --> Ba3, LGD3, 36%

Seven Year Senior Secured Term Loan, Ba3 --> Ba3, LGD3, 36%

Aztar Corporation, Ba2

PDR: Ba2

9% Senior Subordinated Notes, Ba3 --> Ba3, LGD5, 80%

7 7/8% Senior Subordinated Notes, Ba3 --> Ba3, LGD5, 80%

BLB Management Services, Inc., B1

PDR: B1

Senior Secured 1st Lien Revolver, B1 --> Ba3, LGD 3, 36%

Senior Secured 1st Lien TL-B, B1 --> Ba3, LGD 3, 36%

Senior Secured 2nd Lien TL-C, B2 --> B3, LGD 5, 88%

Bluegreen Corporation, B2

PDR: B2

$110m 10.5% senior secured notes due 2008, B3 --> B3, LGD5, 76%

Boyd Gaming Corporation, Ba2

PDR: Ba2

Senior Secured Revolver, Ba2 --> Ba1, LGD2, 28%

Senior Secured Term Loan, Ba2 --> Ba1, LGD2, 28%

6.75% Senior Subordinated Notes, B1 --> Ba3, LGD5, 83%

7.75% Senior Subordinated Notes, B1 --> Ba3, LGD5, 83%

8.75% Senior Subordinated Notes, B1 --> Ba3, LGD5, 83%

7.125% Senior Subordinated Notes, B1 --> Ba3, LGD5, 83%

Carmike Cinemas, Inc., B2

PDR: B3

Sr Sec Rev matures May 2010, B2 --> B1, LGD 2, 29%

Sr Sec TL matures May 2012, B2 --> B1, LGD 2, 29%

Delayed draw TL due May 2012, B2 --> B1, LGD 2, 29%

CasaBlanca Resorts, B3

PDR: B3

9% Senior Secured Notes due 2009, B3 --> B2, LGD3, 43%

12 3/4% Senior Suboardinated Notes due 2013, Caa3 --> Caa2, LGD5, 89%

CCM Merger Inc., B1

PDR: B1

Five Year Senior Secured Revolver, B1 --> Ba3, LGD3, 35%

Seven Year Senior Secured Term Loan B, B1 --> Ba3, LGD3, 35%

8% Senior Unsecured Notes, B3 --> B3, LGD5, 88%

Cedar Fair, L.P., Ba3

PDR: B1

Sr Sec Revolver matures July 2011, Ba3 --> Ba3, LGD 3, 35%

Sr Secured Term Loan matures July 2012, Ba3 --> Ba3, LGD 3, 35%

Century Theatres, Inc. , Ba3

PDR: B1

Sr Sec Revolver matures 2012, Ba3 --> Ba2, LGD 2, 29%

Sr Sec Term Loan matures 2013, Ba3 --> Ba2, LGD 2, 29%

Choctaw Resort Development Enterprise, Ba2

PDR: Ba2

Term Loan, Ba2 --> Ba2, LGD3, 44%

7 1/4% Senior Notes, Ba3 --> Ba2, LGD4, 57%

Chukchansi Economic Development Authority, B2

PDR: B1

8% Senior Notes due 2013, B2 --> B2, LGD4, 65%

Floating Rate Notes due 2012, B2 --> B2, LGD4, 65%

Cinemark, Inc. , B1

PDR: B1

9 3/4% Sr Disc Notes due March 2014, Caa1 --> B3, LGD 6, 92%

Cinemark USA, Inc.

9% Sr Sub Notes due Feb 2013, B3 --> B2, LGD 5, 74%

Cinemark USA, Inc.

Sr Secured RC , Ba2 --> Ba2, LGD 2, 27%

Cinemark USA, Inc.

Sr Secured TL , Ba2 --> Ba2, LGD 2, 27%

above ratings based on proposed bank financing and acquisition of Century Theatres, Inc.

Cinemark USA, Inc.

Sr Secured RC due Sept 2010, Ba3 --> Ba1, LGD 2, 11%

Cinemark USA, Inc.

Sr Secured TL due March 2011, Ba3 --> Ba1, LGD 2, 11%

above ratings to be withdrawn following proposed bank financing and acquisition of Century Theatres, Inc.

Circus and Eldorado JV, B2

PDR: B2

10 1/8 % Senior Secured 2nd Lien Mortgage Notes Due 2012, B2 --> B2, LGD 4, 52%

Copa Casino of Mississippi, LLC, B3

PDR: Caa1

$45 Million Senior Secured Revolver, B3 --> B3, LGD 3, 34%

$185 Million Senior Secured Term Loan, B3 --> B3, LGD 3, 34%

Festival Fun Parks, LLC, B2

PDR: B2

10 7/8% Sr Notes due April 2014, B2 --> B3, LGD 4, 59%

French Lick Resorts & Casino LLC, B3

PDR: B3

$270MM Sr Sec Secured Mortgage Notes, B3 --> B3, LGD 4, 54%

Gaylord Entertainment Company, B2

PDR: B2

$350m 8% senior unsecured notes due 2013, B3 --> B3, LGD5, 77%

$225m 6.75% senior unsecured notes due 2014, B3 --> B3, LGD5, 77%

Golden Nugget, Inc., B2

PDR: B2

$155m 8.75% senior secured notes due 2011, B2 --> B3, LGD4, 62%

Greektown Holdings, L.L.C., B1

PDR: B1

Five Year Senior Secured Revolver, B1 --> Ba3, LGD3, 32%

Seven Year Senior Secured Term Loan, B1 --> Ba3, LGD3, 32%

10 3/4% Senior Notes, B3 --> B3, LGD5, 89%

Hard Rock Hotel, Inc., B2

PDR: B2

8 7/8 % Senior Secured 2nd Lien Notes Due 2013, B3 --> B2, LGD 3, 45%

Herbst Gaming, Inc., B1

PDR: B1

Revolver, B1 --> Ba1, LGD2, 16%

Term Loan, B1 --> Ba1, LGD2, 16%

8 1/8% Senior Subordinated Notes, B3 --> B3, LGD5, 78%

7% Senior Subordinated Notes, B3 --> B3, LGD5, 78%

Hilton Hotels Corporation, Ba2

PDR: Ba2

Senior Notes with an average rate of 8.1% due 2007 - 2031, Ba2 --> Ba2, LGD 4, 53%

Chilean inflation indexed note effective rate 7.65% due 2009, Ba2 --> Ba2, LGD 4, 53%

3.375% Contingently convertible senior notes due 2023, Ba2 --> Ba2, LGD 4, 53%

Minimum Leases Commitments, Ba2 --> Ba2, LGD 4, 53%

Term Loan A at adjustable rates due 2011, Ba2 --> Ba2, LGD 4, 53%

Term Loan B, at adjustable rates due 2013, Ba2 --> Ba2, LGD 4, 53%

Revolving loans, at adjustable rates, due 2011, Ba2 --> Ba2, LGD 4, 53%

Senior unsecured debt shelf, (P)Ba2 --> (P)Ba2, LGD 4, 53%

Subordinate debt shelf, (P)Ba3 --> (P)B1, LGD 6, 97%

Preferred, (P)B1 --> (P)B1, LGD 6, 97%

Hollywood Theaters, Inc. , B2

PDR: B2

Sr Sec Revolving Credit due 2009 , B2 --> B1, LGD 3, 41%

Sr Sec TL due 2009, B2 --> B1, LGD 3, 41%

2nd Lien TL due 2010, B3 --> Caa1, LGD 5, 90%

HRP Myrtle Beach Operations, LLC, Caa1

PDR: B3

Sr Secured Notes due 2012 (floating), B3 --> B2, LGD 3, 41%

12.5% Jr Secured Notes due 2013, Caa2 --> Caa2, LGD 5, 85%

Imax Corporation, B3

PDR: B3

9 5/8% Sr Notes due 2010, B3 --> Caa1, LGD 4, 58%

Inn of the Mountain Gods Resort and Casino, B3

PDR: B3

12% Senior Notes due 2010, B3 --> B3, LGD4, 54%

Intrawest Corp, Ba3

PDR: Ba3

$350m 7.5% Senior Unsecured notes due 2013, B1 --> B1, LGD5, 76%

$225m 7.5% Senior Unsecured notes due 2013, B1 --> B1, LGD5, 76%

CAD$125m 6.875% Senior Unsecured notes due 2009, B1 --> B1, LGD5, 76%

Isle of Capri Black Hawk L.L.C., B1

PDR: B2

Senior Secured Revolver, B1 --> B1, LGD3, 34%

Senior Secured Term Loan, B1 --> B1, LGD3, 34%

Isle of Capri Casinos, Inc., Ba3

PDR: Ba3

Senior Secured Revolver, Ba2 --> Ba1, LGD2, 18%

Senior Secured Term Loan, Ba2 --> Ba1, LGD2, 18%

7% Senior Subordinated Notes, B2 --> B1, LGD5, 76%

9% Senior Subordinated Notes, B2 --> B1, LGD5, 76%

Jacobs Entertainment, Inc., B2

PDR: B2

Five Year Senior Secured Revolver, B1 --> Ba2, LGD2, 13%

Six Year Senior Secured Term Loan B, B1 --> Ba2, LGD2, 13%

Six Year Senior Secured Delayed Draw Term Loan, B1 --> Ba2, LGD2, 13%

Guaranteed Senior Unsecured Notes, B3 --> B3, LGD4, 69%

Kerasotes Showplace Theatres, LLC, B2

PDR: B3

Sr Sec Revolver matures 10/28/2010, B1 --> B1, LGD 2, 30%

Sr Sec Term Loan B matures 10/28/11, B1 --> B1, LGD 2, 30%

Las Vegas Sands Corp., Ba3

PDR: Ba3

Senior Secured Revolver, Ba3 --> Ba2, LGD3, 39%

Senior Secured Term Loan, Ba3 --> Ba2, LGD3, 39%

Senior Secured Delayed Draw Term Loan, Ba3 --> Ba2, LGD3, 39%

6.375% Senior Notes, B1 --> B2, LGD6, 90%

Legends Gaming, LLC, B2

PDR: B2

Senior Secured Revolver, B2 --> B1, LGD3, 35%

Senior Secured Term Loan B, B2 --> B1, LGD3, 35%

Senior Secured Second Lien Term Loan, Caa1 --> Caa1, LGD5, 88%

Little Traverse Bay Bands of Odawa Indians, B2

PDR: B1

10.25% Senior Notes due 2014, B2 --> B2, LGD4, 66%

Majestic Holdco, LLC, B2

PDR: B2

Discount Notes, Caa2 --> Caa1, LGD6, 95%

Majestic Star Casino, L.L.C. (The)

9 1/2% Senior Secured Notes, B2 --> B1, LGD3, 33%

Majestic Star Casino, L.L.C. (The)

9 3/4% Senior Notes, B3 --> Caa1, LGD5, 80%

Marquee Holdings, Inc., B1

PDR: B1

12% Senior Discount Notes due 2014, Caa1 --> B3, LGD 6, 95%

AMC Entertainment, Inc.

senior secured revolving credit facility, Ba3 --> Ba1, LGD 2, 11%

AMC Entertainment, Inc.

senior secured term loan, Ba3 --> Ba1, LGD 2, 11%

AMC Entertainment, Inc.

sr floating rate notes due 8/15/2010, B2 --> Ba3, LGD 3, 35%

AMC Entertainment, Inc.

8 5/8% Sr Notes due 2012 , B2 --> Ba3, LGD 3, 35%

AMC Entertainment, Inc.

9 7/8% Sr Sub Notes due 2012, B3 --> B3, LGD 5, 81%

AMC Entertainment, Inc.

11% Sr Sub Notes due 2016, B3 --> B3, LGD 5, 81%

AMC Entertainment, Inc.

9 1/2% Sr Sub Nts due 2011, B3 --> B3, LGD 5, 81%

AMC Entertainment, Inc.

8% Sr Sub notes due 2014, B3 --> B3, LGD 5, 81%

MGM MIRAGE, Ba2

PDR: Ba2

Senior Notes 6.75%-7.25% due through 2017 , Ba2 --> Ba2, LGD 3, 43%

Senior Notes 6.70%-9.50% due through 2096 , Ba2 --> Ba2, LGD 3, 43%

Senior Notes 5.875%-8.50% due through 2016 , Ba2 --> Ba2, LGD 3, 43%

Senior Subordinated Notes 8.375%-9.75% due through 2011, Ba3 --> B1, LGD 6, 93%

Senior Subordinated Notes 6.325%-10.25% due through 2013, Ba3 --> B1, LGD 6, 93%

Mohegan Tribal Gaming Authority, Ba1

PDR: Ba1

Revolver, Ba1 --> Baa1, LGD2, 12%

6 1/8% Senior Notes, Ba2 --> Baa2, LGD2, 15%

8 3/8% Senior Subordinated Notes, Ba3 --> Ba2, LGD4, 69%

8% Senior Subordinated Notes, Ba3 --> Ba2, LGD4, 69%

6 3/8% Senior Subordinated Notes, Ba3 --> Ba2, LGD4, 69%

7 1/8% Senior Subordinated Notes, Ba3 --> Ba2, LGD4, 69%

6 7/8 Senior Subordinated Notes, Ba3 --> Ba2, LGD4, 69%

MTR Gaming Group, Inc., B1

PDR: B1

9.75% Senior Unsecured Notes, B2 --> B1, LGD3, 46%

Senior Subordinated Notes, B3 --> B3, LGD5, 85%

OpBiz, LLC, B3

PDR: B3

Term Loan A, B3 --> B2, LGD3, 40%

Term Loan B, B3 --> B2, LGD3, 40%

Peninsula Gaming, LLC, B2

PDR: B2

8 3/4% Senior Secured Notes, B2 --> B3, LGD4, 62%

Penn National Gaming, Inc., Ba2

PDR: Ba2

Revolver, Ba2 --> Ba2, LGD3, 43%

Term Loan A, Ba2 --> Ba2, LGD3, 43%

Term Loan B, Ba2 --> Ba2, LGD3, 43%

6 7/8% Senior Subordinated Notes, Ba3 --> B1, LGD6, 91%

6 3/4% Senior Subordinated Notes, B1 --> B1, LGD6, 95%

Pinnacle Entertainment, Inc., B2

PDR: B2

Five Year Senior Secured Revolver, B1 --> B1, LGD3, 34%

Six Year Senior Secured Term Loan, B1 --> B1, LGD3, 34%

Delayed Draw Term Loan, B1 --> B1, LGD3, 34%

8.25% Senior Subordinated Notes, Caa1 --> Caa1, LGD5, 87%

8.75% Senior Subordinated Notes, Caa1 --> Caa1, LGD5, 87%

Pokagon Gaming Authority, B3

PDR: B3

Senior Unsecured Notes due 2014, B3 --> B3, LGD3, 46%

Regal Entertainment Group, Ba3

PDR: Ba3

3 3/4% Sr Unsec Converts due 2008, B3 --> B2, LGD 6, 95%

Regal Cinemas Corporation

Sr Sec Revolver due 2009, Ba2 --> Ba2, LGD 3, 40%

Regal Cinemas Corporation

Sr Sec Term Loan due 2010, Ba2 --> Ba2, LGD 3, 40%

Resorts International Holdings, LLC, Caa1

PDR: Caa1

Revolver, Caa1 --> B3, LGD3, 33%

Term Loan, Caa1 --> B3, LGD3, 33%

Second Lien Term Loan, Caa2 --> Caa3, LGD5, 86%

Resorts International Hotel and Casino, Inc., Caa1

PDR: Caa1

First Mortgage Notes due 2009, Caa1 --> Caa1, LGD3, 49%

River Rock Entertainment Authority, B2

PDR: B1

9.75% Senior Notes, B2 --> B2, LGD4, 66%

Riverside Casino & Golf Resort LLC, B3

PDR: Caa1

$10MM Senior Secured Revolving Credit Facility, B3 --> B3, LGD 3, 35%

$100MM Senior Secured Term Loan, B3 --> B3, LGD 3, 35%

Riviera Holdings Corporation, B2

PDR: B2

11% Sr Secured 2010 Notes, B2 --> B2, LGD 4, 56%

Royal Caribbean Cruises Ltd, Ba1

PDR: Ba1

Unsecured Notes 6.75%-8.75% 2006-2027, Ba1 --> Ba1, LGD 4, 55%

$550 Senior unsecured 7% 2013, Ba1 --> Ba1, LGD 4, 55%

$350 Senior unsecured 7.25% 2016 , Ba1 --> Ba1, LGD 4, 55%

Zero Coupon Convertible Notes, Ba1 --> Ba1, LGD 4, 55%

Senior Unsecured Shelf, (P)Ba1 --> (P)Ba1, LGD 4, 55%

Preferred Shelf, (P)Ba3 --> (P)Ba2, LGD 6, 97%

San Pasqual Casino Development, B2

PDR: B1

Senior Unsecured Notes, B2 --> B2, LGD4, 66%

Scientific Games Corporation, Ba2

PDR: Ba2

Gtd Sr Sec Revolving Credit Facility due 2009, Ba2 --> Baa3, LGD 2, 21%

Gtd Sr Sec Term Loan C due 2009, Ba2 --> Baa3, LGD 2, 21%

Gtd Sr Sec Term Loan D due 2009, Ba2 --> Baa3, LGD 2, 21%

Sr Sub 6 1/4% Notes due 2012, B1 --> Ba3, LGD 5, 76%

Seminole Tribe of Florida, Ba1

PDR: Ba1

Senior Notes, Ba1 --> Ba1, LGD4, 64%

Seneca Gaming Corporation, Ba2

PDR: Ba1

7 1/4% Senior Notes due 2012, Ba3 --> Ba2, LGD4, 66%

SFX Entertainment, Inc., B1

PDR: B1

senior secured revolver due 2012, B1 --> B1, LGD 3, 48%

senior secured term loan due 2013, B1 --> B1, LGD 3, 48%

Six Flags, Inc. , B3

PDR: B3

7.25% PIERS Mandatorily Convertible Preferred Stock due 8/15/09 , Caa3 --> Caa2, LGD 6, 98%

Sr Unsec 8 7/8% Senior Notes due 2010, Caa2 --> Caa1, LGD 5, 74%

Sr Unsec 9 3/4% Senior Notes due 2013, Caa2 --> Caa1, LGD 5, 74%

Sr Unsec 9 5/8% Senior Notes due 2014, Caa2 --> Caa1, LGD 5, 74%

Six Flags Theme Parks Inc.

Sr Secured RC, B1 --> Ba3, LGD 2, 16%

Six Flags Theme Parks Inc.

multi currency RC, B1 --> Ba3, LGD 2, 16%

Six Flags Theme Parks Inc.

Term Loan, B1 --> Ba3, LGD 2, 16%

Speedway Motorsports, Inc., Ba1

PDR: Ba1

Guaranteed Senior Secured Revolver R/C due 5/16/08, Ba1 --> Baa2, LGD2, 20%

6.75% Guaranteed Senior Subordinate Notes due 6/1/2013, Ba2 --> Ba2, LGD5, 75%

Station Casinos, Inc., Ba2

PDR: Ba2

6% Senior Notes, Ba3 --> Ba2, LGD3, 48%

7 3/4% Senior Notes, Ba3 --> Ba2, LGD3, 48%

6 1/2% Senior Subordinated Notes, B1 --> Ba3, LGD5, 82%

6 7/8% Senior Subordinated Notes, B1 --> Ba3, LGD5, 82%

6 5/8% Senior Subordinated Notes, B1 --> Ba3, LGD5, 82%

Trump Entertainment Resorts Holdings, L.P., B3

PDR: B3

Senior Secured Revolver, B2 --> Ba3, LGD1, 9%

Senior Secured Term Loan, B2 --> Ba3, LGD1, 9%

Senior Secured Delayed Draw Term Loan, B2 --> Ba3, LGD1, 9%

8.5% Senior Secured Notes due 2015, Caa1 --> Caa1, LGD4, 65%

Tunica-Biloxi Gaming Authority, B2

PDR: B2

9% Senior Unsecured Notes, B2 --> B2, LGD4, 53%

Turning Stone Casino Resort Enterprise, Ba3

PDR: Ba2

9.125% Senior Notes, Ba3 --> Ba3, LGD4, 67%

Universal City Florida Holding Co. I & II, B1

PDR: B1

FRNs due 5/1/2010, B3 --> B3, LGD 5, 87%

8.375% Sr. Notes due 5/1/2010, B3 --> B3, LGD 5, 87%

Universal City Development Partners, Ltd.

Gtd Sr Sec Revolver due 11/22/2010, Ba3 --> Ba1, LGD 2, 15%

Gtd Sr Sec Term Loan B due 11/22/2011, Ba3 --> Ba1, LGD 2, 15%

11.75% notes due 4/1/2010, B2 --> B2, LGD 4, 57%

Vail Resorts, Inc., Ba3

PDR: Ba3

$390m 6.75% senior sub notes due 2014, B2 --> B1, LGD5, 75%

Venetian Macao Limited, B1

PDR: B2

Senior Secured Revolver, B1 --> B1, LGD3, 33%

Senior Secured Term Loan, B1 --> B1, LGD3, 33%

Senior Secured Term Loan, B1 --> B1, LGD3, 33%

Senior Secured Delayed Draw Term Loan, B1 --> B1, LGD3, 33%

Waterford Gaming LLC, B1

PDR: Ba3

8.625% Senior Notes, B1 --> B1, LGD4, 65%

Wheeling Island Gaming, Inc., B2

PDR: B2

10.125% Senior Notes, B3 --> B3, LGD4, 60%

Wynn Las Vegas, LLC, B1

PDR: B1

6 5/8% First Mortgage Notes, B1 --> B1, LGD4, 50%

Second Mortgage Notes, B2 --> B3, LGD6, 96%

end

New York
Tom Marshella
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Keith Foley
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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