U.S. Gaming: 2Q26 Preview: Playing the Home Game

研报英文原文证据摘录

U.S. Gaming: 2Q26 Preview: Playing the Home Game

Equity Research

9 July 2026

U.S. Gaming

2Q26 Preview: Playing the Home

Game

We expect a mixed earnings season, with local spend U.S. Gaming, Leisure & Lodging

continuing to outshine destinations. We like Regionals (PENN, POSITIVE Unchanged

CHDN) and Digital (DKNG) into prints. Moving to sidelines on U.S. Gaming, Leisure & Lodging

Brandt Montour, CFACZR on unlikelihood it accepts a topping bid.

+1 212 526 9947

brandt.montour@barclays.com

Heading into 2Q earnings season, we are positive on the setup for Regional gaming and Digital, BCI, US

negative Macau and more neutral Las Vegas. Regional trends held up throughout the quarter

Kristi Martiko, CFA

(+LSD-MSD), which should drive solid results across the board (again), while forward estimates +1 212 526 7672

still haven't moved much and valuations remain inexpensive in our view. Digital companies saw kristi.martiko@barclays.com

a windfall of activity from the World Cup, and while our 2Q estimates come down for hold BCI, US

(Knicks, World cup) and we technically expect 2Q street misses (DKNG), we think this is already

William Wei

expected, while FY guidance reiteration (strong handle reacceleration, in part due to WC- +1 212 526 7591

acquisition) and strong early Prediction Market momentum should be able to carry the day, yangjing.wei@barclays.com

given still overly negative sentiment. Macau is widely expected to have the worst set of 2Q BCI, US

results, and we think the World Cup likely impacted Singapore as well. Macau should improve

Elizabeth Heffern

coming out of World Cup as we've seen in prior post-holiday periods, but visibility remains low, +1 212 526 3592

while September remains an easier comp (~5% point impact from Typhoon last year).