2Q26 Preview: Activism abounds, but laggards remain

Research evidence excerpt

2Q26 Preview: Activism abounds, but laggards remain

Foundation

July 22, 2026 07:24 PM GMT

Morgan Stanley & Co. LLCMGaming | North America Stephen W Grambling

Equity Analyst

2Q26 Preview: Activism Stephen.Grambling@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-1010

Ed Young

Equity Analystabounds, but laggards remain Ed.Young@morganstanley.com +44 20 7677-1761

Jamie Rollo

What’s Changed Jamie.Rollo@morganstanley.com +44 20 7425-3281

Boyd Gaming Corp (BYD.N) From To

Morgan Stanley Asia Limited+

Price Target $87.00 $90.00

Praveen K Choudhary

MGM Resorts International (MGM.N) Equity Analyst

Price Target $35.00 $43.00 Praveen.Choudhary@morganstanley.com +852 2848-5068

DraftKings Inc (DKNG.O) Morgan Stanley & Co. LLC

Price Target $39.00 $36.00 Nicholas P DeValeria

Red Rock Resorts Inc (RRR.O) Nick.DeValeria@morganstanley.com +1 212 761-1413

Price Target $59.00 $61.00 Molly Baum

PENN Entertainment Inc. (PENN.O) Molly.Baum@morganstanley.com +1 212 761-0378

Price Target $17.00 $19.00

James F Koehne, CFA

Sportradar Group AG (SRAD.O) Research Associate

James.Koehne@morganstanley.com +1 212 761-2186

Price Target $16.00 $17.00

Gaming & Lodging

Las Vegas Sands Corp (LVS.N)

North America

Price Target $69.00 $68.00

Industry View In-Line

Wynn Resorts, Limited (WYNN.O)

See our price target summary in Exhibit 7 along

Price Target $133.00 $128.00

with our estimate changes in Exhibit 5 and

Overall, 2Q demand trends have seen stronger US brick &

Exhibit 6.

mortar demand trends, whereas online and Macau have been

more mixed. Regional trends appear the most encouraging /

durable, but amid increasing activists and a broadening out of

the market, laggards could have better risk-reward. OW WYNN/

DKNG.

Key Takeaways