Illinois-based Midwest Gaming Borrower LLC (MGB), the Illinois-based owner and operator of Rivers Casino Des Plaines (Rivers), had faster revenue recovery than we expected, despite its expansion project and pandemic-related restrictions in 2021, and changes to its cost structure drove significant EBITDA growth. As a result, MGB's leverage improved to 3.6x, which provides the company significant cushion to withstand new competition over the next few years. Therefore, we revised our rating outlook to stable from negative and affirmed all ratings, including our 'B+' issuer credit rating. The stable outlook reflects our expectation that MGB's adjusted leverage in 2022 will improve to the low-3x area, which provides a significant cushion relative to our 5x downgrade threshold to absorb the likely impact
