Gaming, Lodging, & Leisure Weekly Matters

Research evidence excerpt

Gaming, Lodging, & Leisure Weekly Matters

USA | Gaming, Lodging & Leisure EquityJulyResearch2, 2026

Chart 1 - GLL Event CalendarGaming, Lodging, & Leisure Weekly Matters Gaming, Lodging & Leisure Upcoming Corporate Access Events

Date Event Location Event

July 14 - 15 Analyst Marketing West Palm Beach, FL Analyst Marketing

Sep 28 - Oct 1 Global Gaming Expo (G2E) Las Vegas, NV Conference

Dec 7 - 8 Jefferies Real Estate Conference Miami, FL ConferenceWe address the following key issues affecting Gaming, Lodging & Leisure . Nov 17 -18 Jefferies Miami Consumer Conference Miami, FL Conference

Contact us for details on the schedule

stocks: 1) Investors asking about Cruise; 2) 2Q casino preview; 3) Lodging stock and registration for our upcoming events

pullback; 4) NY Statewide OSB Hold Up ~290bps W/W, Handle Now Up 2.8% HERE

YTD.

Investors asking about Cruise. Given the earnings report from CCL and our published pricing data

HERE, investors asked about forthcoming earnings expectations for RCL and NCLH. Our impression

is that there had been some transitory softness in bookings at the start of the Iran conflict, which

have since recovered. Our sense is that the focus is on competitiveness in the Caribbean as well

as demand levels in Europe. We believe the leadership and operating changes at NCLH could add

some uncertainty to the pricing environment, which could impact RCL to some degree.

2Q casino preview; fundamentals are solid, remaining highly selective . Land-based gaming

remains the most out-of-favor subsector in our coverage, as medium-term growth algorithms

across the Las Vegas Strip and Macau face increasing headwinds. We believe growth in the sector

is scarce, though recent M&A suggests potential catalysts ahead. RRR remains our preferred Buy,