Gaming Market Overview: Waiting In Vein

研报英文原文证据摘录

Gaming Market Overview: Waiting In Vein

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Gaming Market Overview

Waiting In Vein

Estimate Change

2Q26 Trends 20 July 2026

In late February, as markets had grown comfortable with the tariff outlook and the High Yield Credit

economy, the US launched Operation Epic Fury against Iran. The result was a rapid 40% United States

increase in national average gas prices, a 73 basis point increase in 10-year treasury Gaming, Lodging & Leisure,

yields and a 9% decline in the S&P 500. However, the market faded Iran risks relatively Restaurants

quickly as the US consumer (including casino customers) again demonstrated resilience James Kayler, CFA

and the Trump administration began seeking an off ramp. Research Analyst

BofAS

US regional gaming trends remained solid in 2Q26 with revenues tracking up 4% year- +1james.f.kayler@bofa.com646 855 9223

over-year based on the data we have so far. On the Las Vegas Strip through May, Drew Thompson

gaming revenues are up 10% year-over-year in 2Q on flat visitation. Macau was the Research Analyst

underperformer in 2Q with revenues flat year-over-year, driven by World Cup distraction BofASandrew.thompson2@bofa.com

and low VIP hold, which added to broader China Macro fears.

More than fundamentals, the focus in the Gaming industry today is on Caesars

Entertainment, which has announced a definitive agreement to be acquired by Fertitta

Entertainment in a $17.6 billion transaction and MGM Resorts, where Barry Diller’s

People Inc, has made an offer to purchase the 74% of the company it doesn’t own at

$48.30 per share.

Performance and Valuation

In 1Q26, which included the initial reports of Caesars “go-private” transaction, Gaming

credit continued to lag the market as it had in 2025. In 2Q26, the sector has rallied