Gaming, Lodging, & Leisure Weekly Matters

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Gaming, Lodging, & Leisure Weekly Matters

USA | Gaming, Lodging & Leisure EquityMayResearch17, 2026

Chart 1 - GLL Event Calendar

Gaming, Lodging & Leisure Upcoming Corporate Access EventsGaming, Lodging, & Leisure Weekly Matters Date Event Location Event

May 20-21 Virginia Casino Market Tour Richmond & Norfolk, VA Property Tours

May 27 WH NDR CEO/CFO/IR Toronto, Canada NDR

May 28 Hyatt Investor Day Chicago, IL Investor Day

May 31-Jun 4 NYU/NAREIT New York, NY Conference

8-9 Las Vegas Market Tour Las Vegas, NV Property ToursWe address the following key issues affecting Gaming, Lodging & Leisure JunJun 9 CCL NDR CEO/IR Los Angeles, CA NDR

Source: Jefferiesstocks: 1) Investors asking about Timeshare stocks; 2) Conversations with . Jun 16-17 Jefferies Consumer Conference (Nantucket) Nantucket, MA Conference

Contact us for details on the schedule

gaming operators; 3) RevPAR Momentum Extends into 2Q26; 5) NY Statewide and registration for our upcoming events

OSB Hold Up 420bps W/W; Handle Still Down (1.1%) YTD. HERE

Investors Asking About: Timeshare names are the most asked about stocks in our group this past

week (TNL, VAC, HGV). The gap down for TNL (-21% from peak) post the 1Q26 report was largely

driven by indication of 20bps increase in delinquencies, which we consider an overreaction driven

by the de-risking context of the tape this past week. VAC also indicated 17bps increase, but in

the context of a budding turnaround, and is 10% off the highs. Meanwhile, HGV announced the

acquisition of the outstanding Elara interest, which is positive albeit complex, and also is off 10%

from its peak. In short, we are always mindful of overreactions in this subgroup while its earnings

durability creates opportunities. We remain comfortable with opportunities for TNL and VAC at