Gaming Maryland July Casino GGR -5% Y/Y

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Gaming

Maryland July Casino GGR -5% Y/Y

Maryland July Casino GGR of $157.9m was -4.7% y/y. July Slot GGR was -2%

y/y, while table GGR was -11% y/y. July 2026 had nine weekend days while 2025

had eight weekend days.

Gaming & Lodging

Daniel Politzer, CFA AC

(1-212) 622-0110

MGM. July GGR at MGM’s National Harbor of $60.2m was -12.2% y/y. For

the 3Q, we estimate GGR flat y/y at the property.

Samuel Nielsen

CZR. July GGR at CZR’s Horseshoe Baltimore of $15.1m was +4.5% y/y. For

the 3Q, we estimate GGR flat y/y at the property.

Michael Hirsh, CFA

CHDN. July GGR at CHDN’s Ocean Downs of $10.5m was +2.3% y/y. For the

3Q, we estimate GGR +5% y/y at the property.

PENN. July GGR at PENN’s Hollywood Perryville of $7.8m was +2.8% y/y.

For the 3Q, we estimate GGR flat y/y at the property.

Keep going… Our detailed charts and tables follow in the body of this note.

(1-212) 622-1366

(1-212) 622-0295

J.P. Morgan Securities LLC

The authors wish to thank Kartik Sood, of

the J.P. Morgan Global Research Center,

for contributions to this report.