NJ June GGR Delivers a Soft June (-0.7%) but Strong 2Q (+3.1%)

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NJ June GGR Delivers a Soft June (-0.7%) but Strong 2Q (+3.1%)

YoY in 2Q. Within our coverage, CZR and MGM generated GGR growth of +5.0% and Prop Mkt Share Prop ShareState ΔYoYMarketOpShareMkt Share Op Share

Atlantic 4.0% 4.0%

CasinoCity & Spa 28.1% -0.3pp-1.6pp ΔYoY-0.3pp-1.6pp

AtlanticHotel City +0.7pp 28.1%23.9% +2.4pp

Nugget 8.6%4.0% -0.4pp 4.0% -0.4pp+1.5%, respectively. We attribute the late-quarter softness to one fewer weekend day, as well as

Rock Atlantic City Rock NuggetInternationa 18.0%

Atlantic City 7.7%

Casino Resort 16.9% +0.3pp+1.1pp+0.1pp 18.0%23.9%16.9% +0.3pp+2.4pp+0.1pp

Casino Hotel GamingCasino -0.5pp 5.1% -0.5pp

Casino & Resort NewNewNewNewNewNewNewNewNew JerseyJersey JerseyJerseyJerseyJerseyJerseyJerseyJersey Bally'sMGMCaesarsGoldenHardCaesarsIlitchDGMBCaesars 5.1%7.6% +0.6pp 23.9% +2.4pp 2026Weekend888888888 Days2025 999999999increased competition from the recently opened NYC casino and the World Cup. That said, 2Q Bally'sBorgataCaesarsGoldenHardHarrah'sOceanResortsTropicanaNew Jersey Subtotal (Jun) 100.0% .

results continued to reflect healthy regional gaming demand trends, which we expect to be evident Source: NJ Division of Gaming Enforcement, Jefferies

across upcoming 2Q earnings releases.

New Jersey regulatory review could become a focus following the CZR/Fertitta transaction.

Upon closing, the combined entity would control four of the state's nine casino licenses and

approximately 25% of New Jersey's land-based GGR. We believe there is a possibility that state

regulators could require the divestiture of one property as part of the approval process. In our

view, growing gaming supply in neighboring states has reduced the strategic appeal of Atlantic City

assets, which could complicate a potential sale.