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Gaming Wk 1 Recap - No Major Surprises, Adjust Estimates & PTs

发布日期: 2026-07-27研究机构: Morgan Stanley公司 / 股票: BYD.N,CZR.O,DKNG.O,FLUT.N,LVS.N,MGM.N,PENN.O,RRR.O,SRAD.O,WYNN.O报告页数: 19原文语言: English证据页码: 1

研报英文原文证据摘录

Foundation

July 27, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMGaming | North America Stephen W Grambling

Equity Analyst

Gaming Wk 1 Recap - No Major Stephen.Grambling@morganstanley.comMorgan Stanley Asia Limited+ +1 212 761-1010

Praveen K Choudhary

Equity AnalystSurprises, Adjust Estimates & Praveen.Choudhary@morganstanley.com +852 2848-5068

Morgan Stanley & Co. LLCPTs Nicholas P DeValeria

Nick.DeValeria@morganstanley.com +1 212 761-1413

What’s Changed Molly Baum

Boyd Gaming Corp (BYD.N) From To Equity Analyst

Price Target $90.00 $89.00 Molly.Baum@morganstanley.com +1 212 761-0378

James F Koehne, CFA

Las Vegas Sands Corp. (LVS.N) Research Associate

Price Target $68.00 $61.00 James.Koehne@morganstanley.com +1 212 761-2186

We adjust ests for operators who reported EPS in Wk1 (LVS, Gaming & Lodging

BYD). Overall results QTD have been in-line with MSe North America

Industry View In-Line

expectations on better domestic performance (Regions/Locals)

and softer international trends (Macau/Singapore). Read across

positive for PENN given strength in underlying Regions.

Key Takeaways

Earnings learnings: Regions humming along, Macau / Singapore seeing high end

softness beyond the World Cup.

LVS- choppy quarter, uncertainty even higher than before; BYD - right down the

middle, estimates/expectations largely unchanged

Model implications: Changes to MS estimates/price targets as trends largely

mirrored those set out in our 2Q preview (here).

Read across: Expect positive results from PENN on better Regions; potentially

positive WYNN/MGM (weaker operating performance in Macau from LVS)

Key debate - Valuation for brick & mortar gaming names

Earnings Learnings / Debates:

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