Macau June GGR Softens on World Cup, Seasonality; Challenging Near-term Set-up

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Macau June GGR Softens on World Cup, Seasonality; Challenging Near-term Set-up

Gaming

Equity Research

June 15, 2026

Within the past twelve months, Jefferies Financial Group Inc. and/or its affiliates received compensation for products and services other than investment

banking services from non-investment banking, securities related compensation for client services it provided to Las Vegas Sands.

banking services from non-investment banking, securities related compensation for client services it provided to Wynn Resorts.

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.

Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.

The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within

a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price

consistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated

securities with an average security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-

month period.

NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or