Gaming Thoughts Heading into 2Q26 Earnings

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Gaming Thoughts Heading into 2Q26 Earnings

J P M O R G A N North America Equity Research

15 July 2026

Gaming

Thoughts Heading into 2Q26 Earnings

Heading into 2Q26 earnings, we see a decent setup for Regionals, appropriately Gaming & Lodging

AClow expectations for Macau, and improving Las Vegas Strip trends that may be less Daniel Politzer, CFA

relevant for MGM/CZR given the stocks are now mostly event-driven. Among (1-212) 622-0110

sports-centric Digital stocks, we are prepared for noisy results reflecting handle/ daniel.politzer@jpmorgan.com

hold dynamics, World Cup, and prediction markets. Samuel Nielsen AC

(1-212) 622-1366

samuel.nielsen@jpmchase.com• Into the prints, we like PENN, RSI, and CHDN. PENN: our $498m 2Q26E

land-based EBITDAR is ~1% above Str and we see more gas in the tank as Michael Hirsh, CFA

recent growth projects gain EBITDA momentum/drive upside into 2H26/ (1-212) 622-0295

FY27; 12% short interest. RSI: another beat/raise qtr as it gains share w/ 2Q michael.hirsh@jpmchase.com

iGaming GGR tracking +27% vs. industry’s +15% y/y; World Cup likely a J.P. Morgan Securities LLC

boon for LatAm business as well. CHDN: modest upside to 2Q EBITDA,

dislocated valuation at just 8x FY27E (6x ex-Derby), and potential for asset

The authors wish to thank Kartik Sood, of

sales. We are more cautious on DKNG/FLUT; while unfavorable hold is

the J.P. Morgan Global Research Center,

understood, we also expect FY26 guides will be maintained, and the 4Q

for contributions to this report.

EBITDA hockey-stick will be even more pronounced.

• Macau expectations are low, with 2Q26 industry GGR flat y/y, -7% q/q, and

dropping to 83% of ’19, vs. 87% in 1Q26 and ~90% in 2H25. We attribute the

step back to lower VIP/premium play, unfavorable hold, and World Cup. GGR