Gaming, Lodging, & Leisure Weekly Matters

Research evidence excerpt

Gaming, Lodging, & Leisure Weekly Matters

USA | Gaming, Lodging & Leisure EquityJulyResearch12, 2026

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

Date Event Location Event

July 13 - 14 Analyst Marketing West Palm Beach, FL Analyst Marketing

Aug 18 RSI NDR with CFO Boston, MA NDR

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

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

stocks: 1) Investors asking about BRSL; 2) Strong RevPAR data; 3) launching Contact us for details on the schedule

and registration for our upcoming events

GGR knowledge base; 4) NY Statewide OSB Hold Down ~540bps W/W, Handle HERE

Now Up 4.2% YTD.

Investors are asking about BRSL. We believe the 2Q headwinds—most notably the final concession

payment in Italy, LMA pressure, and smaller lottery jackpots—are well understood and reflected

in the shares. As a result, our view is that investor focus likely centers on near-term opportunities

across new Italy business verticals, AI initiatives, and the anticipated FCF inflection. We assume the

company can sustain at least a $780M cash flow from the operations run rate. However, longer-

term durability remains less certain. Incremental initiatives in Italy, unfavorable jackpot outcomes,

and meaningful medium-term contract bids continue to balance the risk/reward profile, in our view.

Our preview HERE.

June RevPAR data caps a strong Q2. June RevPAR was +6.6% Y/Y, driven by summer leisure

demand and a World Cup uplift. The acceleration was primarily rate-led, with DD% ADR growth