The Quapaw Nation announced Moody’s and Standard and Poor
upgraded their credit ratings for Saracen Development, the tribe’s subsidiary that operates the Saracen Resort Casino in Pine Bluff, Arkansas.
Joseph Tali Byrd, Quapaw Nation Business Committee chairman, said, “We are thrilled two such respected credit rating agencies like Moody’s and S&P saw the need to upgrade our rating on the same day. This rating upgrade sends a strong message that our Saracen gaming operation is performing well and confidence exists in our ability to service debt.”
Byrd noted Moody’s and S&P based their decisions on how the tribe handled Covid-19, its financial solvency and ranking in the Arkansas gaming market. “This rating upgrade and the confidence it represents serves Quapaw Nation citizens well, along with the citizens of Pine Bluff and Jefferson County. This is fantastic news as we continue to strengthen our partnerships within the community,” he said.
Quapaw Nation Business Committee Secretary-Treasurer Guy Barker added, “A double credit rating upgrade on the same day by the world’s two largest credit rating agencies is impressive on its own merits. But twin upgrades for a tribal entity is entirely unprecedented. The factors leading to the increased rating for Saracen from both Moody’s and S&P indicate increased confidence in both our financial performance and outlook from the biggest and most respected financial institutions in the country. This rating increase is external validation of our dedicated efforts to eliminate debt and is confirmation of our increased ability to do so.”
Improved credit ratings generally allow easier access to credit at more favorable terms, which could benefit the Quapaw tribe since it’s planning to add a hotel at its Pine Bluff casino. No date has been announced for a groundbreaking as yet.
One of three casinos in Arkansas, Saracen posted the second-highest net win in August at $12.2 million, behind Southland in West Memphis at $21.1 million and ahead of Oaklawn in Hot Springs at $11 million, according to Arkansas Racing Commission figures.
