Introducing a Proprietary Land-Based GGR Knowledge Base; June, 2Q Trends Mixed

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Introducing a Proprietary Land-Based GGR Knowledge Base; June, 2Q Trends Mixed

USA | Gaming EquityJulyResearch12, 2026

Chart 1 - 2Q GGR Providing Reflect and StableIntroducing a Proprietary Land-Based GGR

& Durable Operating Environment

2.120

+1.0%Knowledge Base; June, 2Q Trends Mixed 2.110

2.100 +1.5%

To provide an efficient way to analyze regional GGR trends, we are launching a 2.0902.080

+0.3%proprietary land-based GGR knowledge base enabling custom analytics across ($B) 2.0702.060

reported KPIs. Our initial read across five states with full 2Q reporting shows 2.0502.040

2Q23 2Q24 2Q25 2Q26GGR growth of +1.0% YoY, supported by incremental supply and stable demand. . 2.030

BYD strength (+3.2% YoY) points to healthy regional operations ahead of its 2Q Source:A state isStateincludedgamingin thecommissions,comparisonJefferiesonly if at least one

print. Knowledge base available upon request. propertysame setinofthatstatesstateis hasappliedreportedto all priorresultsyearsfor Juneto ensure2026.a Thelike- for-like comparison

First wave of June results mixed; underlying trend stable. June GGR prints began mixed, with

growth in NY video lottery properties (+3.7% YoY) and MO (+1.8%) offset by declines in IN (0.4%),

MD (2.4%), and ME (27.6%). Note that June 2026 had one fewer weekend day vs the prior year.

Ex-NY (which has not reported monthly results for commercial casinos), the remaining four states

delivered 2Q GGR growth of +0.7% YoY. Our view remains that these results support a healthy

regional backdrop, with low-single-digit growth likely to persist through FY26.

Empire City strong, despite Resorts World. Empire City GGR increased +4.5% YoY in 2Q, with w/

u/d improving +5.6%. This growth was achieved despite Resorts World introducing table games in

April.