...March 24, 2025 S&P Global Ratings revised its base-case forecast for PCI Gaming Authority moderately lower because of a slower-than-expected ramp up at its new Chicago property and growing risks of a U.S. recession. Although PCI's fiscal 2024 (ended Sept. 30, 2024) operating performance was largely in line with our prior expectations, our forecast for fiscal 2025 is somewhat lower than we previously anticipated. We project PCI's fiscal 2025 revenue will grow 8%-10%, compared with our prior forecast of 12%-14%. This is largely driven by a slower-than-expected ramp up of operations at its new Chicago Southland property that opened in November 2024. The greater Chicago market is highly competitive, and PCI is investing heavily in marketing and promotions to increase brand awareness to attract customers and build its database. PCI's closest competitor in the market, the Hard Rock Northern Indiana (HRNI Holdings LLC), just 13 miles away, has experienced modest revenue growth in the first three...
