This report does not constitute a rating action. S&P Global Ratings forecasts a stable performance across its regional gaming portfolio , supporting organic revenue growth in the mid-single digit percent area in 2026. Rivers generated a solid 4.6% increase in its organic revenue in the first half of the year driven by growth at its Portsmouth, Va. and Schenectady, N.Y. properties and its online gaming commission (digital wagering revenue less direct expenses, excluding gaming and other taxes) in Pennsylvania, which were offset by revenue declines at its brick-and-mortar Pennsylvania properties. We forecast the company will expand its revenue by approximately 4%-5% in 2027, supported by continued strong growth in its Pennsylvania online gaming commission and a 2%-3% improvement in its
