It's For Lovers... Of Gaming: Takes From Jef's Virginia Casino Tours

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It's For Lovers... Of Gaming: Takes From Jef's Virginia Casino Tours

Execution opportunity for CHDN. Our conversations with key operators

limited growth, our view is that operators with

across both urban markets indicate that the absorption of incremental supply is the primary driver of

meaningful exposure to Virginia represent

near-term operating performance. CHDN remains the incumbent in Richmond, with assets located

compelling investment opportunities.

closer to the city than Cordish’s Live! development and a differentiated customer offering anchored

by historical horse racing (HHR) terminals. We view Live! as a credible risk to the earnings power Chart 1 - VA is a Top 15 Market in the US for

of Rosie’s and expect CHDN to respond by increasing its focus on core customers while leveraging Commercial Land Based Gaming

operational expertise and first-mover advantage. Rush Street Gaming is emphasizing non-gaming Rank State TTM GGR ($M) GGR per Capita ($) 1 Nevada $25,497 $7,768

amenities, including its $65M hotel tower scheduled for 1Q27 in advance of competition from BYD. 2 Pennsylvania $3,368 $258

3 New York $3,136 $157

Still evolving, more growth to be had. Proposed legislation in Virginia—including measures related 4 New Jersey $2,885 $302

5 Louisiana $2,506 $543

to iGaming, skill games, and a potential new casino in Fairfax County—was a key investment 6 Ohio $2,460 $207

consideration in 1H26, ultimately resulting in a largely unchanged regulatory environment. Among 7 Indiana $2,433 $349

8 Missouri $2,043 $326

existing operators, views on the support for and likelihood of implementation of these proposals 9 Colorado $2,018 $336

were mixed, further complicated by public comments from the governor indicating opposition 10 Illinois $2,002 $157