Gaming Virginia July HRM GGR +1% Y/Y

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Gaming

Virginia July HRM GGR +1% Y/Y

Virginia reported July HRM GGR of $48.4m, +1.2% y/y in total. On a “samestore” basis, i.e., excluding Rose, Dumfries, and Roseshire (consistent with how

CHDN management has talked about it), GGR was -12% y/y. Recall, CHDN is the

100% owner of all VA HRM properties. July had nine weekend days in 2026 vs

eight in 2025. Lastly, we note that the temporary Live! Casino opened in Petersburg

in January 2026, and continues to have an impact on Richmond, with July GGR

there -26% y/y (vs. May/June’s -22%/-25%). For 3Q, we estimate CHDN’s total

VA GGR +1.9% y/y.

The Rose (Prince William) generated July GGR of $15.2m, +22% y/y. Win/

Unit/Day was $306 in July (vs. June’s $286 and May's $323). For 3Q26, we

forecast W/U/D of $300, implying GGR +17% y/y at the property.

Richmond July GGR of $10.3m was -25.6% y/y, reflecting the ongoing impact

from the new market competitor that opened in January 2026. Richmond win/

unit/day was $277 in July (May/June were $302/$270). For 3Q26, we forecast

GGR -20% y/y at the property.

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

Gaming & Lodging

Daniel Politzer, CFA AC

(1-212) 622-0110

Samuel Nielsen

(1-212) 622-1366

Michael Hirsh, CFA

(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.