Tear Sheet: Midwest Gaming Borrower LLC

This report does not constitute a rating action. The Chicagoland gaming market remains highly competitive with the additions of Wind Creek Chicago Southland (November 2024) and Hollywood Joliet?s land-based casino (August 2025), both within 45 miles of Midwest Gaming Borrower LLC?s (MGB) Rivers Des Plaines property. Furthermore, the temporary Bally?s Chicago and American Place casinos that opened in 2023 continue to contribute to the highly competitive environment. Through Sept. 30, 2025, MGB?s revenue declined 2.5% and EBITDA declined 7% from the same period in 2024, aligning with our expectations. While MGB?s year-over-year operating performance improved sequentially during the first three quarters of 2025, we expect continued earnings pressure in 2026. We forecast 2026 revenue will decline 1%-2%, should the permanent

...Rating Component Scores Foreign currency issuer credit rating B+/Stable/-- Local currency issuer credit rating B+/Stable/-- Business risk Weak Country risk Very Low Industry risk Intermediate Competitive position Weak Financial risk Aggressive Cash flow/leverage Aggressive Anchor b+ Modifiers Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Neutral (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile b+...

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