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Board approves Excel Entertainment refinancing and equity pledges after executives outline growth in Nevada and Chicago plans
Summary
Excel Entertainment presented a refinancing package — $600 million term loan and $300 million revolver — and reported record 2025 results; the board approved requested amendments and pledges allowing liquidity for continued route expansion and acquisitions.
The Nevada Gaming Control Board recommended approval on March 12 of Excel Entertainment’s requested amendment to its order of registration tied to a 2025 refinancing. Chief accounting officer Christy Cos told the board the company closed a new credit facility in September 2025 with $600 million in term debt and a $300 million revolver to strengthen liquidity, extend maturities and lower cost of capital.
Christy Cos summarized 2025…
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