The party’s over. So appropriately enough the default of the owner of the Tropicana casino in Las Vegas brought global defaults to 28 this year, affecting debt worth $18.4bn. That’s against 22 defaults in the whole of 2007, on debt worth $8.1bn.
All bar one of this year’s sick list are from the US - and the Tropicana has ample company in a heavy roll call of leisure and gaming companies.
S&P comments:
Mounting defaults in 2008 come as hardly surprising, overdue if anything…..The pace of U.S. defaults through the first five months of the year is the fastest since 2003.
The report gave Ambrose Evans-Pritchard of the Telegraph “a fright.” Every cloud…
Here’s the full list:
Related links
Bankrupticies and defaults gather pace - FT.com
