Wall Street Bets is a roundup of recent notes from analysts covering the gambling industry.
David Katz of Jefferies looked at Las Vegas Sands on July 27:
“With Las Vegas Sands posting results below already negative expectations, particularly for Macau, where EBITDA was below our estimate by 27% on revenue 9% below, does the weakness inform on the outcomes for Wynn Resorts and MGM? We believe it does not. Given the specific transition strategy for Las Vegas Sands toward premium mass at the expense of margins, we do not expect similar margin pressure for others, despite a weak quarter for the market generally.”
David Bain of Texas Capital Securities looked at Boyd Gaming/Las Vegas locals on July 24:
“Following Boyd’s 3% 2Q26 EBITDAR beat, our forecast is relatively unchanged. Las Vegas local’s results/trends are the largest lever of Boyd stock sentiment, in our view. 2Q Las Vegas local’s EBITDA results beat consensus estimates by 2%. However, destination locals trends and construction disruption continue to weigh on year-over-year Las Vegas locals growth. We believe Boyd’s stock “inflection,” comes by or before Las Vegas segment growth, which we have increased confidence occurs by 4Q26E.”
Dan Politzer of J. P. Morgan also looked at Boyd on July 23:
“Adjusted EBITDAR of $350 million topped J. P. Morgan Diversified Return U.S. Mid Cap Equity ETF/ the Street by 3%, or about $10 million, but we view the quarter as pretty much in-line, as the majority of upside came from non-core items (i.e., online, managed, and lower corporate expense), with land-based EBITDAR driving $2 million of upside. Of the total $332 million in land-based EBITDAR, Las Vegas locals $106 million was likely better than some feared (J. P. Morgan Diversified Return U.S. Mid Cap Equity ETF /the Street: $105m), Morgan Stanley Wealth & Services $209 million was +$2 million vs J. P. Morgan Diversified Return U.S. Mid Cap Equity ETF /the Street) on upside margins/strong cost control, and Downtown was a tad weaker at $17 million vs. J. P. Morgan Diversified Return U.S. Mid Cap Equity ETF /the Street on soft destination business.”
Truist Securities’ Barry Jonas examined Monarch Casino & Resort on July 20:
“After a nice run of earnings beats, Monarch Casino’s Q2 EBITDA missed slightly on higher one-timers, though it was otherwise inline. With revenues inline, we continue to favor regional gaming this earnings season, and remain Buy rated on Monarch Casino for its high-quality assets and M&A/capital return optionality. We flow through Q2 miss but also boost Q3E slightly keeping our 2026E and price target the same.”
