Wall Street Bets is a roundup of recent notes from analysts covering the gambling industry.
David Katz of Jefferies looked at overall gaming on July 2:
“Land-based gaming remains the most out-of-favor subsector in our coverage, as medium-term growth algorithms across the Las Vegas Strip and Macau face increasing headwinds. We believe growth in the sector is scarce, though recent M&A suggests potential catalysts ahead. Red Rock Resorts remains our preferred Buy, with MGM data indicating a solid 2Q on domestic trends. Penn (Entertainment) and Monarch Casino & Resorts appear at risk of pullback with lack of support for recent share price strength.”
Daniel Politzer of J.P. Morgan looked at online sports betting in New York on July 2:
“Based on online sports betting data released by the New York Gaming Commission for the week ending Sunday, June 28, 2026, GGR was +86% year-over-year and handle was +47% year-over-year, implying a 12.1% hold rate (+255 basis points year-over-year vs. the previous year’s comparable period). We attribute the handle strength to the World Cup, which took place during the weekly period and did not take place last year. For 2QTD (through 6/28/26), OSB GGR is tracking -12% year-over-year and handle is tracking +8% year-over-year, with a hold of 8.7% (-200 basis points year-over-year).”
Barry Jonas of Truist Securities wrote about the Las Vegas Strip on June 29:
“May Strip GGR was up +13% year-over-year driven by strong baccarat play and strong slot volumes. Normalized metrics were solid as well, with ex-baccarat GGR up +5% year-over-year and total normalized GGR up +8%. With another solid gaming month (third straight), and May strong on visitation as well, sentiment feels much better on the Strip post our investor meetings and nearing Q2 earnings. With that said, May Locals GGR (-2% year-over-year) was a bit lighter as operators continue to try and mitigate any construction impact/fatigue.”
Macquarie’s Chad Beynon examined regional operators on June 30:
“Regional GGR trends through May show moderation from April, but continued resilience, with May at +1.8% year-over-year (+0.3% same store sales) and 2QTD at +3.3% year-over-year (+2.0% same store sales), an acceleration from 1Q26 at +2.5% year-over-year (+1.5% same stores sales. This remains broadly in line with 2Q26 consensus revenue growth of +0.7% year-over-year, despite some monthly normalization. Overall, regional gaming continues to display defensive top-line characteristics supported by stable core customer trends, minimal signs of trade-down, and continued visitation strength, particularly among core and drive-in segments.”
