MA GGR -3.6% in June, -1.6% in 2Q. Competitive Pressures Continue to Mount

Research evidence excerpt

MA GGR -3.6% in June, -1.6% in 2Q. Competitive Pressures Continue to Mount

ect security(ies) and subject

company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed

in this research report.

I, Anthony Berni, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and

subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views

expressed in this research report.

I, Alexander Hino, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and

As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensation

based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations

may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals

as appropriate in the analyst's judgement.

Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published July 20, 2026 15:38 P.M.

Recommendation Distributed July 20, 2026 15:38 P.M.

Company Specific Disclosures

Jefferies LLC may have a position (long or short) in the company(ies) mentioned in this material.

Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Penn Entertainment.