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This Month, Gaylord Called Off One Deal for Lack of Financing, but Still Plans to Go Ahead in Chula Vista

Nashville's Gaylord Entertainment, which still plans on building a subsidized project in Chula Vista, on April 15 called off a $252.5 million deal to buy a resort in San Antonio. The problem was financing. After the economy slumped, Gaylord sought to bring in another partner to provide capital, but it didn't work out. When the deal was scrubbed, Gaylord stock shot up over $30, even though the company has to pay a $12 million cancellation fee. The stock was down $1.38 or 4.52 percent today (Tuesday April 22) to $29.15. Over the last 52 weeks, the stock has been as high as $59.89. It has taken a steady beating. Standard & Poor's expects Gaylord to earn 30 cents a share this year. Last year it earned 29 cents, excluding a $2.20 gain from sale of an asset. S&P says it has seen "softer attendance" in this year's economic downturn. Also, Gaylord "has taken on more financial risk through higher debt levels." Already, a bit more than half the company's capitalization is debt. S&P gives the company a C quality rating. Morningstar gives it an F for profitability and a D for financial position. The company told me today that it expected the on-again, off-again Chula Vista Bayfront project would be complete in 2013 at the earliest. Subsidies are expected to make up $300 million of the $900 million project.

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Nashville's Gaylord Entertainment, which still plans on building a subsidized project in Chula Vista, on April 15 called off a $252.5 million deal to buy a resort in San Antonio. The problem was financing. After the economy slumped, Gaylord sought to bring in another partner to provide capital, but it didn't work out. When the deal was scrubbed, Gaylord stock shot up over $30, even though the company has to pay a $12 million cancellation fee. The stock was down $1.38 or 4.52 percent today (Tuesday April 22) to $29.15. Over the last 52 weeks, the stock has been as high as $59.89. It has taken a steady beating. Standard & Poor's expects Gaylord to earn 30 cents a share this year. Last year it earned 29 cents, excluding a $2.20 gain from sale of an asset. S&P says it has seen "softer attendance" in this year's economic downturn. Also, Gaylord "has taken on more financial risk through higher debt levels." Already, a bit more than half the company's capitalization is debt. S&P gives the company a C quality rating. Morningstar gives it an F for profitability and a D for financial position. The company told me today that it expected the on-again, off-again Chula Vista Bayfront project would be complete in 2013 at the earliest. Subsidies are expected to make up $300 million of the $900 million project.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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