Gaming, Lodging, & Leisure Weekly Matters

Research evidence excerpt

Gaming, Lodging, & Leisure Weekly Matters

e magnitude of RevPAR growth in Luxury and Upper Upscale segments. Full preview

HERE.

For timeshares, we see a favorable setup supported by resilient leisure demand, a stable credit

backdrop, and undemanding valuations. VAC remains our highest-conviction upgrade, and while we

expect some 2Q26 noise, our view remains that it is in the early innings of a mgmt-led turnaround.

We view TNL as a steady compounder that should benefit from two recent acquisitions (see HERE),

with additional details expected following its July 22 print. HGV is more complex, and we expect

near-term algo execution to be pressured by integration risk and tougher comps. Full preview HERE.

2Q casino GGR trends improved across reported states. 2Q GGR for the 18 reporting states

improved +3.8% YoY, driven by new supply and durable customer demand. May was the strongest

month at +6.4% YoY, followed by April at +5.3% and June at +1.6%. We believe June's relative

weakness reflected one fewer weekend day YoY and the World Cup, with a greater impact on

destination and metro markets. Atlantic City GGR declined (0.7%) YoY in June. Overall, reported data

support stable 2Q prints, assuming a stable promotional environment, particularly in the second

half of the quarter. We aggregate KPIs from publicly reported state data in our GGR Knowledge

Base, available upon request.

NY Statewide OSB Hold Up ~750bps W/W; Handle Now Up 5.1% YTD. NY Statewide OSB Hold

was up 750bps W/W to 14.2%, the best result since January, with all operators seeing ~300bps+

W/W increases in Hold. FLUT led with 15.4% Hold on the week, followed by Fanatics' 14.5%, and

DKNG's 14.2%, with most operators in the 9-13% range. Statewide Handle was up +41.3% Y/Y on David Katz * | Equity Analyst