This report does not constitute a rating action. S&P Global Ratings revised its 2026 revenue forecast upward for Midwest Gaming Borrower LLC (MGB), reflecting stronger-than-anticipated performance in the first half of the year. Our forecast also accounts for the delayed opening of the permanent Bally’s Chicago casino, which is now likely to open in early-to-mid 2027 rather than late 2026. For the six months ended June 30, 2026, MGB grew its revenue 6% and reported EBITDA 7%, compared with the same period in 2025. In addition, Rivers Casino’s state reported gross gaming revenue increased 8% in the third quarter. We now expect 2026 revenue to grow 6%, an increase from our previous expectation of a 1%-2% decline. MGB’s growth was
