Gaming, Lodging, & Leisure Weekly Matters

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Gaming, Lodging, & Leisure Weekly Matters

USA | Gaming, Lodging & Leisure EquityJuneResearch26, 2026

Chart 1 - GLL Event CalendarGaming, Lodging, & Leisure Weekly Matters Gaming, Lodging & Leisure Upcoming Corporate Access Events

Date Event Location Event

Jun 30 Middle East: Lodging Recovery Scenario & LT Prospects Virtual Expert Call

Sep 28 - Oct 1 Global Gaming Expo (G2E) Las Vegas, NV Conference

We address the following key issues affecting Gaming, Lodging & Leisure . July 14-15 Analyst Marketing West Palm Beach, FL Analyst Marketing Contact us for details on the schedule

stocks: 1) Investors asking about VAC; 2) PENN Thesis Review; 3) RHP and registration for our upcoming events

evaluating strategic opportunities for OEG; 4) Our Cruise Pricing Data Foretold HERE

CCL Guidance Cut - Buy the Weakness; 5) NY Statewide OSB Hold Up ~17pts

W/W, Handle Now Up 1.6% YTD.

Investors asking about VAC. Post our Nantucket meetings, investors focused on the cost of

initiatives at VAC in the near term, which are expected to drive higher contract sales, but could affect

margins. Our sense is that top-line trends have remained consistent with the positive commentary

from Mgmt. earlier in June, which indicated HSD growth in contract sales for April and May. We

also note that guidance implies 200bps of margin decrease yoy, which is reflected in our estimates.

Generally, we are moderately comfortable with our in-line estimates, given the early stage of the

turnaround and the limited public visibility in the business inherently. Our conviction in the long term

remains high.

PENN thesis review. Our visit to PENN’s relocated Hollywood Aurora property reinforces our view

that land-based operators must continue reinvesting across the portfolio to remain competitive