...February 5, 2025 S&P Global Ratings expects Midwest Gaming Borrower LLC's (MGB) earnings will decline slightly in 2025 due to increasing competitive pressures. The company's 2024 operating performance (reported through Sept. 30, 2024) was negatively impacted by new competition from Bally's temporary casino (opened September 2023) and, to a lesser extent, American Place's temporary casino (opened February 2023). MGB's revenue declined by 2.5% for the 12 months ended Sept. 2024, which was in line with our prior forecast, primarily because of a 3.2% decrease in its gaming revenue, which was partially offset by increases in its non-gaming and online sportsbook commission. We expect the company will experience a similar revenue decline in the fourth quarter, given the 3% decline in the River's casino's fourth-quarter gross gaming revenue and the 10% decline in sports betting handle in October and November reported by the Illinois Gaming Board. We believe the decline in MGB's revenue will most...
