Gaming & Lodging: Weekly Gaming & Lodging Data Recap in One Place

Research evidence excerpt

Gaming & Lodging: Weekly Gaming & Lodging Data Recap in One Place

Deutsche Bank

Research

North America Industry Date

United States 17 May 2026

Gaming & Lodging

Consumer Industry Update

Weekly Gaming & Lodging Data Recap

in One Place

Steven Pizzella, CFA

Weekly Gaming & Lodging Data Recap Research Analyst

In this note, we aim to provide a summary of the most recent Gaming & Lodging +1-212-250-9817

data and implications for our covered companies, plus some one-off analysis of the

recent trends and market implications. For this edition, we cover; 1) weekly / 2Q26

to date RevPAR trends and our estimates for where 2Q26 Lodging C-Corps

domestic RevPAR is tracking, 2) April sports betting and iCasino GGR for states that

have reported thus far, and 3) April to date brick & mortar GGR and compare versus

our estimates. Plus more.

Portfolio Managers Summary:

n RevPAR Trends: U.S. RevPAR trends continue to be strong overall,

excluding calendar shifts, despite elevated gas price and geopolitical risks,

led by Luxury RevPAR and improving select service chain scales. Last week,

U.S. hotel RevPAR was up 2.0% Y/Y. Rates were up 1.7% Y/Y, and

occupancy was up ~30 bps Y/Y. Transient RevPAR was up 4.0% (occupancy

+1.1%), while Group RevPAR was flat (occupancy -3.2%). For the 2Q26 to

date, we estimate RevPAR is up 4.0% for the U.S. Industry, +5.8% for

Luxury, +2.8% for Upper Upscale, +1.0% for Economy, and +4.2% for the

Top 25 Markets.

n Lodging C-Corps: We estimate Lodging C-Corps 2Q26 to date domestic

RevPAR is tracking mixed versus 2Q26 consensus forecasts. Using our

2Q26-to-date domestic Y/Y RevPAR estimates, from our daily RevPAR

tracker, we estimate HLT US RevPAR is implied up 3.8% (consensus +3.6%

Y/Y), MAR North America RevPAR +4.1% Y/Y (consensus +3.8% Y/Y), H US