Gaming, Lodging, & Leisure Weekly Matters

Research evidence excerpt

Gaming, Lodging, & Leisure Weekly Matters

USA | Gaming, Lodging & Leisure EquityJuneResearch7, 2026

Updated Views on Lodging Following a WeekGaming, Lodging, & Leisure Weekly Matters

at NYU / NAREIT

We address the following key issues affecting Gaming, Lodging & Leisure

stocks: 1) Timeshares; 2) Key takes from NYU / NAREIT conferences; 3)

Previewing our Vegas channel checks; 4) NY Statewide OSB Hold Down 430bps

W/W, Handle Now Down (1.7%) YTD; 5) Upcoming Gaming, Lodging, and

Leisure earnings.

.

Investors Asking About Timeshares. The focus of investors, primarily on TNL and VAC. TNL Chart 1 - GLL Event Calendar

Gaming, Lodging & Leisure Upcoming Corporate Access Events

Event Location Eventindicated publicly that its delinquencies, which caused concern post the 1Q26 report where Mgt. DateJun 8-9 Las Vegas Market Tour Las Vegas, NV Property Tours

Jun 9 CCL NDR CEO/IR Los Angeles, CA NDR

Jun 16-17 Jefferies Consumer Conference (Nantucket) Nantucket, MA Conferenceindicated a 20 bps increased, have since decreased 40-50 bps and stabilized at normal levels. . Jun 25 PENN Hollywood Aurora Tour Aurora, IL Property Tours

Meanwhile, VAC is seeing volatility during the week, but winding up 2.3% for the week, but is in the Source: Jefferies

Contact us for details on the schedule

very early stage of a significant turnaround and the 5.1% EBITDA growth for 2027 and historical low

and registration for our upcoming events

end 6.8X EBITDA both have an upward bias in our view.

HERE

Our NYU / NAREIT meetings were among the most constructive in recent memory. Key takes

include limited new supply growth of hotels (<1.0%), when combined with sustained strength in

group and leisure demand, are expected to support continued RevPAR growth. June is widely