US Gaming: Encouraging 2Q Fundamentals with M&A/Global Soccer Tournament Fueled Attention

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US Gaming: Encouraging 2Q Fundamentals with M&A/Global Soccer Tournament Fueled Attention

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02 Jul 2026 07:02:59 ET │ 47 pages

US Gaming

Encouraging 2Q Fundamentals with M&A/Global Soccer Tournament

Fueled Attention

CITI'S TAKE

James Hardiman AC

As we look forward to Q2 gaming earnings, and await the June data, we believe +1-212-816-4035

it was an encouraging quarter from a demand perspective, with the industry james.hardiman@citi.com

seeing an influx of investor attention on the heels of multiple takeout bids (CZR

and now MGM) and amidst a U.S. hosted Global Soccer Tournament. Medium Sean Wagner

term, signs of life out of the Las Vegas strip are encouraging for the likes of +1-212-519-8834

WYNN, CZR, and MGM (whether public or private), while regional markets sean.wagner@citi.com

appear to be holding up well in their own right. Longer-term we continue to

believe that WYNN and RRR are well positioned with respect to their customer

value propositions, with DKNG representing significant value if we can see any

rebound in online sports betting activity and/or some resolution to the

predictions market threat/opportunity.

We have seen encouraging signs on the Las Vegas Strip during the first two

months of the quarter and the first four months of the year. The setup has long

been that 2H should benefit from exceedingly easy comps, and yet 1H trends on the

Strip have outperformed consistently, suggesting a better overall trajectory as we

enter 2H, and one that does not appear to be fully reflected in estimates.

In Regional markets, industry data would suggest that all but WYNN and MGM

have seen positive 2QTD y/y growth and sequential improvement from 1Q. In

MGM’s case this is due to the sale of Northfield Park, while WYNN’s Boston property