Gaming and Wagering Operations Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER SERVICES › GAMING AND WAGERING OPERATIONS

Gaming and Wagering: Growth Sits with the Premium

The report shows how growth, earnings quality and operating structure separate valuation across the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER DISCRETIONARY › CONSUMER SERVICES › GAMING AND WAGERING OPERATIONS

   Cover page introducing the Gaming and Wagering Operations sector outlook dated September 2026.

   We open with the Gaming and Wagering Operations sector as of September 2026, valued primarily on EV/EBITDA (CY2027E). This outlook sets up the split between destination casino resorts and adjacent listed vehicles that shapes everything that follows.

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   CONSUMER DISCRETIONARY › CONSUMER SERVICES › GAMING AND WAGERING OPERATIONS Gaming and Wagering: Growth Sits with the Premium The report shows how growth, earnings quality and operating structure separate valuation across the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections and the appendix.

   We've built this report in five sections plus an appendix, and we've put the bottom line first by design. If you only have time for section one, you'll still leave with the full story: how the sector splits, where the valuation premium sits, and what precedent deals tell us about pricing. The sections that follow — the landscape, valuation and situations, precedent transactions and strategic implications — exist to support that headline, not to bury it. So what: you can go as deep as you need, and the conclusion never changes underneath you.

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   CONTENTS What This Report Covers 01 The Bottom Line Growth and Durable Earnings Separate the Premium from the Rest 02 The Landscape One Sector Spans Operating Businesses with Different Paths to Value 03 Valuation & Situations The Premium Sits with Faster Growth Despite Thinner Margins 04 Precedent Transactions Precedent Transactions Price Licensed Reach, Product and Earnings Differently 05 Strategic Implications Strengthen the Economics Behind Growth Before Adding More of It 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Gaming and Wagering Operations Splits Between Destination Casino Resorts and Adjacent Listed Vehicles

   The bottom line page shows the sector splitting between destination casino resorts and adjacent listed vehicles, using EV/EBITDA (CY2027E).

   We find that Gaming and Wagering Operations splits cleanly between destination casino resorts and adjacent listed vehicles, and that split runs through every page of this report. On our primary basis — EV/EBITDA on CY2027E consensus — the premium end trades at 13.8x against 6.0x at the discount end, a gap wide enough that durability, not just growth, has to justify it. Destination casino resorts anchor 94% of the approved company set, so property economics and licensed market access remain central to how we read the sector. So what: before assigning a target multiple to any name in this space, we start by placing it correctly on this map.

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   01 · THE BOTTOM LINE Gaming and Wagering Operations Splits Between Destination Casino Resorts and Adjacent Listed Vehicles The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (12 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Carries a Material Valuation Gap The premium end stands at 13.8x versus 6.0x at the discount end. A forward multiple already credits forecast growth, so the gap puts durability under close scrutiny. 2 Faster Growth Sits with Higher Forward Valuation On the 6 faster-growing names, the middle of the range is 10.0x. The 6 slower-growing names sit at 7.5x, showing an association between growth and valuation in this set. 3 Fast Growth Sits Near the Top of the Range Even Without High Margins On the 10 names with both measures, the growth-only group sits above the balanced group. The balanced group stands at 8.3x, alongside 6.6x for names clearing neither bar. 4 Property Economics Still Anchor the Sector Destination casino resorts represent 94% of the approved companies. Owned real estate, the rent line, gaming tax and licensed market positions remain central to earnings quality. 7.9x Sector median EV/EBITDA CY2027E consensus · 12 rated of 16 companies 13.8x Premium end EV/EBITDA vs 6.0x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 32 Transactions with disclosed terms 66 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market landscape across operating businesses with different paths to value.

   One sector label covers operating businesses with very different paths to value — property economics, digital scale and licensed market access each shape how owners should frame performance. The next pages map that landscape before we turn to valuation.

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   SECTION 02 02 THE LANDSCAPE One Sector Spans Operating Businesses with Different Paths to Value Property economics, digital scale and licensed market access shape how owners should frame performance. 02 of 06 Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Operating Assets Anchor the Set While Listed Vehicles Offer a Different Route to Gaming Exposure

   Market map groups the approved companies by business segment and shows median EV/EBITDA (CY2027E) per group.

   We group the approved set by business segment because operating assets and listed vehicles offer genuinely different routes to gaming exposure. Group medians on EV/EBITDA (CY2027E) let us compare like with like rather than blending property-heavy operators with lighter-asset vehicles. This grouping is the foundation for every valuation comparison later in the report. So what: segment context has to come before any multiple is judged rich or cheap.

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   02 · MARKET MAP Operating Assets Anchor the Set While Listed Vehicles Offer a Different Route to Gaming Exposure 16 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DESTINATION CASINO RESORTS 15 cos median 7.9x Las Vegas Sands (LVS) Flutter (FLUT) DraftKings (DKNG) Wynn Resorts, (WYNN) Churchill Downs (CHDN) Red Rock Resorts (RRR) Melco Resorts & (MLCO) Boyd Gaming (BYD) Super Group (SGHC) Rush Street (RSI) Studio City (MSC) Monarch Casino & (MCRI) Full House Resorts (FLL) Codere Online (CDRO) Canterbury Park (CPHC) This group carries the operating earnings, property exposure and digital platforms that shape sector valuation. ADJACENT: LISTED ACQUISITION AND HOLDING VEHICLES SEEKING GAMING ASSETS 1 cos no rated names YHN Acquisition (YHNA) This group offers listed access to future gaming assets without the same current operating profile.

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   02 · LANDSCAPE

   Property Economics and Digital Scaling Sit Under the Same Sector Label

   Landscape page describes what each segment does and why it matters, alongside segment EV/EBITDA (CY2027E) medians.

   Property economics and digital scaling sit under the same sector label, but they earn differently and deserve separate scrutiny. We pair a plain description of what each segment does with its EV/EBITDA (CY2027E) median so the numbers stay tied to the operating reality behind them. Full company-level detail sits in the appendix for anyone who wants to trace a specific name. So what: segment identity, not sector membership alone, should anchor how a business is valued here.

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   02 · LANDSCAPE Property Economics and Digital Scaling Sit Under the Same Sector Label Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Destination casino resorts 15 94% 7.9x Las Vegas Sands Corp. (LVS) · Flutter Entertainment plc (FLUT) · +13 more Operating economics set the frame. The group spans destination and regional properties alongside online wagering platforms. Property ownership, master leases, promotional reinvestment and jurisdiction mix create materially different earnings profiles. Adjacent: listed acquisition and holding vehicles seeking gaming assets 1 6% — YHN Acquisition I Limited (YHNA) Future assets define the proposition. Listed acquisition and holding vehicles seek gaming assets rather than relying on an established operating base. Their standing depends on asset selection, financing and regulatory clearance.

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   SECTION 03

   03

   Section divider introducing the public market valuation analysis.

   The premium in this sector sits with faster growth despite thinner margins, and forward valuation already credits those growth forecasts. The pages ahead test whether that growth can hold up.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium Sits with Faster Growth Despite Thinner Margins Forward valuation already credits forecasts, putting the focus on whether growth can endure. 03 of 06 Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Sits with Growth That Holds up Under a Forward Valuation Test

   Ranks all rated companies on EV/EBITDA (CY2027E) against the sector median and shows tier zones.

   Across the rated companies, we sort EV/EBITDA (CY2027E) from richest to cheapest against a sector median of 7.9x. The premium end sits at 13.8x and the discount end at 6.0x — a gap this wide only holds if forward growth actually shows up. Tier zones here are cut at the rated set's own quartiles, so the grouping reflects this sector's distribution, not an external benchmark. So what: a name's tier tells us how much growth the market has already paid for, which frames every question we ask next.

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   03 · PUBLIC MARKET VALUATION The Premium End Sits with Growth That Holds up Under a Forward Valuation Test EV / EBITDA (CY2027E) · all 12 rated companies, sorted descending · sector median 7.9x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (12 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.8x CORE · median 7.9x DISCOUNT · median 6.0x Sector median 7.9x WHAT SEPARATES THE TWO ENDS The top carries growth. The premium end stands at 13.8x, with online-led names occupying the tier. The forward lens already credits forecast expansion, so retention, contribution and promotional payback remain central. The bottom needs durability. The discount end stands at 6.0x. Slower growth and jurisdictional exposure sit alongside the lower valuation, while asset quality and cash generation can still support a credible case. Margins need operating context. Headline EBITDA margin does not separate the ends cleanly. Gaming tax, property structure, product mix and promotional reinvestment change the quality of a reported margin.

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   03 · VALUATION DRIVERS

   Faster-Growing Names Carry the Higher Forward Valuation

   Splits the rated set into growth and margin cohorts and compares median EV/EBITDA (CY2027E) for each.

   We split the rated set into faster- and slower-growth cohorts, and separately into higher- and lower-margin cohorts, each cut at its own covered median. Faster-growing names carry a median EV/EBITDA (CY2027E) of 10.0x against 7.5x for slower growers, an association between growth and valuation in this set. We read this as association, not causation — the data shows where the premium sits, not why. So what: growth cohort membership is a better starting signal here than margin alone.

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   03 · VALUATION DRIVERS Faster-Growing Names Carry the Higher Forward Valuation Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=6; slower n=6; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at 30% Growth Separates the Two Halves of the Valued Set The 6 names above the growth split stand at 10.0x, compared with 7.5x for the 6 names below it. The result shows association, not causation. Higher Margins Do Not Consistently Command the Premium The valuation pattern is more favourable for faster-growing names than for names clearing the profitability bar. Jurisdiction mix, gaming tax and property structure remain plausible alternative explanations. Revenue Quality Determines How Growth Will Be Tested Owners should separate structural hold, retained player activity and disciplined promotional reinvestment from growth purchased through free play or market launches.

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    03 · SITUATION MAP

    Where the Money Sits: Higher-Priced Names Defend Growth, Lower-Priced Names Rebuild It

    Maps companies on EV/EBITDA versus the sector median against revenue growth versus the covered median to characterise situations.

    We cut the rated set on EV/EBITDA against the 7.9x sector median and on revenue growth against the covered median, which gives us four situations rather than one ranking. Higher-priced names in this map are generally defending growth already reflected in their multiple; lower-priced names are working to rebuild it. These are observations about where the money sits today, not recommendations to buy or sell any security. So what: the right question for a given name depends on which quadrant it's actually in.

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    03 · SITUATION MAP Where the Money Sits: Higher-Priced Names Defend Growth, Lower-Priced Names Rebuild It Cut on EV / EBITDA vs the sector median (7.9x) (rows) and revenue growth vs the covered median (5%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth Recognised in Valuation Above-median multiple · above-median revenue growth 4 names DraftKings Inc. (DKNG) · Wynn Resorts, Limited (WYNN) · Rush Street Interactive, Inc. (RSI) · +1 more Among the 4 names in this cell, DraftKings Inc. (DKNG), Wynn Resorts, Limited (WYNN), Rush Street Interactive, Inc. (RSI) and Codere Online Luxembourg, S.A. (CDRO) pair above-middle growth with above-middle valuation. The priority is sustaining retention, contribution and operating discipline. Premium Awaiting Growth Above-median multiple · below-median revenue growth 2 names Red Rock Resorts, Inc. (RRR) · Monarch Casino & Resort, Inc. (MCRI) Among the 2 names in this cell, Red Rock Resorts, Inc. (RRR) and Monarch Casino & Resort, Inc. (MCRI) carry above-middle valuation with below-middle growth. Asset quality and cash generation support the position, but renewed growth would broaden the case. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 2 names Las Vegas Sands Corp. (LVS) · Flutter Entertainment plc (FLUT) Among the 2 names in this cell, Las Vegas Sands Corp. (LVS) and Flutter Entertainment plc (FLUT) pair above-middle growth with below-middle valuation. The key question is whether earnings durability, jurisdiction mix or reinvestment can close the gap. Rebuild the Operating Case Below-median multiple · below-median revenue growth 4 names Churchill Downs Incorporated (CHDN) · Melco Resorts & Entertainment Limited (MLCO) · Boyd Gaming Corporation (BYD) · +1 more Among the 4 names in this cell, Churchill Downs Incorporated (CHDN), Melco Resorts & Entertainment Limited (MLCO), Boyd Gaming Corporation (BYD) and Super Group (SGHC) Limited (SGHC) sit below the middle on both measures. The agenda centres on revenue quality, cost structure and capital allocation.

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    03 · GROWTH VS PROFITABILITY

    In the Measured Set, the Higher Multiples Sit with the Faster Growers, and Not the Higher-Margin Names

    Plots revenue growth against EBITDA margin for companies with both estimates and shows median EV/EBITDA per quadrant.

    Among the companies with both a growth and a margin estimate, we cut on revenue growth and EBITDA margin at their covered medians and take the median EV/EBITDA in each quadrant. The growth-only quadrant sits above the balanced quadrant, which stands at 8.3x, with names clearing neither bar lowest at 6.6x. In this measured set, the higher multiples travel with growth rather than with margin. So what: margin alone doesn't explain the premium here — growth does more of the work.

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    03 · GROWTH VS PROFITABILITY In the Measured Set, the Higher Multiples Sit with the Faster Growers, and Not the Higher-Margin Names Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2025A, y-axis) · 10 companies with both estimates · cuts at the covered medians (4% growth, 30% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=3; growth-only n=3; neither n=2). RSI plotted at the chart edge. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 30% 10% 20% 30% 40% MARGIN ONLY median 7.8x BALANCED median 8.3x NEITHER median 6.6x GROWTH ONLY median 13.8x BYD RRR MLCO SGHC CHDN MCRI LVS FLUT DKNG RSI x: revenue growth (CY2026E) · y: EBITDA margin (CY2025A) HOW TO READ THIS The chart covers the 10 names with both growth and margin measures. The bars are 4% growth and 30% margin, with 2 names clearing both, 3 clearing margin only, 3 clearing growth only and 2 clearing neither. The balanced group stands at 8.3x, compared with 6.6x for names clearing neither bar. The growth-only group carries the higher valuation pattern, although the small groups warrant caution. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 5 of 10 names clear it (RSI, RRR, MCRI, CHDN, LVS).

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    03 · THE AGENDA

    The Routes to More Defensible Growth Differ in Capital up Front and Time Before Results Show

    Frames the strategic questions an owner or acquirer should resolve to build more defensible growth.

    The routes to more defensible growth differ in how much capital they need up front and how long results take to show. We frame this page as the questions an owner or acquirer should be resolving now, grounded in the cohort data from the pages before it. This is directional, NeuraCap advisory judgment — not investment advice, and not a recommendation on any specific security. So what: the right next move depends on which trade-off a management team is actually willing to make.

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    03 · THE AGENDA The Routes to More Defensible Growth Differ in Capital up Front and Time Before Results Show NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Improve Revenue Quality Before Adding Volume Shift the mix toward retained player activity, structural hold and repeat visitation rather than relying on promotional escalation. What changes the answer: Retention and contribution improve alongside net gaming revenue. Rework the Property and Rent Structure Test owned real estate, master lease exposure and maintenance capital together when deciding where to allocate capital. What changes the answer: Fixed rent or property concentration constrains earnings flexibility. Concentrate on Jurisdictions with Durable Economics Prioritise markets where licence terms, gaming tax and market access obligations support an acceptable return on investment. What changes the answer: Tax resets, licence renewals or advertising rules alter expected contribution. Own More of the Player Relationship Assess whether proprietary product, data and technology can improve retention and reduce dependence on rented platforms. What changes the answer: Platform costs or limited product flexibility weaken player economics.

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    SECTION 04

    04

    Section divider introducing the precedent transactions analysis.

    Precedent transactions in this sector price licensed reach, product and earnings differently, and the record spans both revenue-led digital assets and established cash-generative operations. The pages ahead walk through that record.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Price Licensed Reach, Product and Earnings Differently The transaction record spans revenue-led digital assets and established cash-generative operations. 04 of 06 Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Transactions Span Revenue-Led Digital Assets and Established Earnings

    Presents precedent transaction case studies drawn from the transactions with disclosed terms, valued on LTM financials at announcement.

    We walk through case studies drawn from the transactions with disclosed terms, each priced on LTM financials at announcement where disclosed. These deals span revenue-led digital assets on one end and established, earnings-generative operations on the other, showing the sector doesn't price on one single logic. Deal multiples here sit on a different basis from our CY2027E public comparison, so we don't claim a spread between the two. So what: precedent pricing confirms that structure and earnings quality, not just growth, drive what buyers have actually paid.

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    04 · DEAL CASE STUDIES Transactions Span Revenue-Led Digital Assets and Established Earnings 3 of 32 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 74 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jun-2019 $10.2B Pace acquires Accel Entertainment, Inc. EV / LTM revenue 58.6x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Its selection places the transaction within the Gaming and Wagering Operations benchmark set. Read the strategic fit through licensed reach, product and jurisdictional exposure. HOW THE TARGET WAS VALUED Use this case as a qualitative benchmark alongside the disclosed transaction multiples. Oct-2021 $1.5B DraftKings Inc. acquires Golden Nugget Online Gaming, Inc. EV / LTM revenue 18.2x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Its selection supports a broader view of how sector participants assess operating assets. Property structure, market access and earnings quality are the relevant lenses. HOW THE TARGET WAS VALUED Use this case qualitatively when comparing the range of disclosed revenue and earnings benchmarks. Jul-2020 $1.7B dMY Technology Group, Inc. acquires Rush Street Interactive, LP EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Its selection provides another reference for buyer behaviour in Gaming and Wagering Operations. The strategic read should focus on licensed footprint, player relationships and operating economics. HOW THE TARGET WAS VALUED Treat this case as a qualitative reference within the wider transaction record.

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    SECTION 05

    05

    Section divider introducing strategic implications for the next twelve months.

    Strengthening the economics behind growth matters more than adding more of it — revenue quality, promotional discipline and jurisdiction mix all factor in. The next page turns that into a set of practical implications.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Economics Behind Growth Before Adding More of It Revenue quality, promotional discipline and jurisdiction mix matter more than expansion alone. 05 of 06 Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Premium Sits with Revenue Quality, Operating Discipline and Durable Rights

    Sets out the strategic questions the data raises for the next twelve months around revenue quality, discipline and durable rights.

    We read the premium in this sector as sitting with revenue quality, operating discipline and durable rights rather than growth alone. This page turns the analysis into the questions we think matter most over the next twelve months for owners, management and boards. These are directional views grounded in the data shown earlier in the report, not recommendations. So what: the businesses that can show durable economics, not just fast growth, are best placed to defend today's premium.

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    05 · STRATEGIC IMPLICATIONS The Premium Sits with Revenue Quality, Operating Discipline and Durable Rights NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Protect the Economics Behind Growth Separate durable player activity from promotional volume. Direct capital toward products, properties and jurisdictions where retention and contribution can support continued expansion. FOR MANAGEMENT Manage the Full Earnings Bridge Treat hold, promotional reinvestment, gaming tax, rent and maintenance capital as one operating system. Improvement in one line should not conceal pressure elsewhere. FOR BOARDS Set Capital Allocation by Business Model Use different tests for property assets, online platforms and market access. Build-versus-buy decisions should reflect regulatory timing, product ownership and the durability of the customer relationship.

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    SECTION 06

    06

    Section divider introducing the full comparables set, methodology and sources.

    Every figure in this report ties back to comparables detail, the valuation basis and the underlying disclosure behind it. The remaining pages hold that full record for anyone who wants to trace a number.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Lists all rated public comparables on EV/EBITDA (CY2027E) grouped by valuation tier against the sector median.

    This appendix carries the rated companies on EV/EBITDA (CY2027E), shaded against the 7.9x sector median, alongside the names that carry no eligible multiple. Every ticker links back to its underlying source, and the companion workbook carries the complete field set. So what: this is the reference page to return to whenever a specific name needs checking against the sector.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.9x); amber marks below · 12 rated companies; 4 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 12 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.6x · median 13.8x · 3 companies DraftKings Inc. DKNG Destination casino resorts $19.7B 17.3x 10% 10% 28 Rush Street Interactive, Inc. RSI Destination casino resorts $4.4B 13.8x 40% 14% 33 Codere Online Luxembourg, S.A. CDRO Destination casino resorts $387M 11.9x 19% n/a 17 CORE — 7.4x–10.6x · median 7.9x · 6 companies Red Rock Resorts, Inc. RRR Destination casino resorts $8.8B 10.1x 1% 42% 47 Monarch Casino & Resort, Inc. MCRI Destination casino resorts $2.0B 9.1x 5% 37% 39 Wynn Resorts, Limited WYNN Destination casino resorts $18.6B 8.1x 5% n/a 33 Churchill Downs Incorporated CHDN Destination casino resorts $10.1B 7.8x 3% 41% 44 Las Vegas Sands Corp. LVS Destination casino resorts $38.5B 7.6x 6% 40% 40 Flutter Entertainment plc FLUT Destination casino resorts $25.0B 7.5x 9% 17% 26 DISCOUNT — <7.4x · median 6.0x · 3 companies Super Group (SGHC) Limited SGHC Destination casino resorts $5.6B 7.2x 3% 27% 40 Melco Resorts & Entertainment Limited MLCO Destination casino resorts $8.1B 6.0x 2% 28% 29 Boyd Gaming Corporation BYD Destination casino resorts $7.6B 5.6x 0% 33% 35

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, first of two pages.

    This page lists transactions with disclosed terms, newest first, priced on LTM financials at announcement where disclosed. A share of the recorded transactions carry data-quality flags, which we show as recorded in the filing rather than adjusting. So what: this is the primary transaction record to check before comparing any new deal against the sector's pricing history.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (66 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 74 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 32 transactions shown; the rest are in the companion workbook. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 DoubleU Games Co., Ltd. → DoubleDown Interactive Co., Ltd. $81M n/a n/a DoubleU Games Co., Ltd. announced the acquisition of DoubleDown Interactive Co., Ltd. at a recorded value of $81M. The filing note leaves the value unit unresolved, limiting direct comparison. Jun-2023 Fanatics → PointsBet Holdings Limited n/a 1.0x n/a Fanatics announced the acquisition of PointsBet Holdings Limited at 1.0x EV / Revenue. The transaction suggests licensed reach and an operating footprint mattered to the strategic buyer. Jun-2023 Betsson AB → betFIRST Group n/a 2.3x n/a Betsson AB announced the acquisition of betFIRST Group at 2.3x EV / Revenue. The benchmark points to the value placed on regulated market participation and an established player base. Aug-2022 MGM Casino Next Lion, LLC → LeoVegas AB (publ) n/a 1.5x 15.1x MGM Casino Next Lion, LLC announced the acquisition of LeoVegas AB (publ) at 1.5x EV / Revenue and 15.1x EV / EBITDA. The paired benchmarks frame both digital reach and earnings delivery. May-2022 MGM Resorts International → LeoVegas AB n/a 1.7x n/a MGM Resorts International announced the acquisition of LeoVegas AB at 1.7x EV / Revenue. The transaction suggests online product and licensed reach complemented the buyer's operating base. Apr-2022 Cerberus Capital Management, L.P. / Koch Minerals & Trading, LLC → William Hill (non-US assets) n/a n/a 7.7x Cerberus Capital Management, L.P. / Koch Minerals & Trading, LLC announced the acquisition of William Hill (non-US assets) at 7.7x EV / EBITDA. The benchmark centres the read on cash-generative operations. Feb-2022 Peninsula Pacific Entertainment LLC (substantially all assets) → Churchill Downs Incorporated n/a 0.7x 8.8x Peninsula Pacific Entertainment LLC (substantially all assets) completed a transaction involving Churchill Downs Incorporated at 0.7x EV / Revenue and 8.8x EV / EBITDA. The paired measures suggest buyers considered both operating scale and earnings. Jan-2022 Flutter Entertainment plc → Tombola Limited n/a 2.5x 10.4x Flutter Entertainment plc announced the acquisition of Tombola Limited at 2.5x EV / Revenue and 10.4x EV / EBITDA. The transaction provides both a revenue and earnings reference for an online wagering asset. Oct-2021 Penn National Gaming, Inc. → Score Media and Gaming Inc. n/a 66.7x n/a Penn National Gaming, Inc. announced the acquisition of Score Media and Gaming Inc. at 66.7x EV / Revenue. The level suggests the transaction reflected considerations beyond the target's current revenue base.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the precedent transactions list with disclosed terms, newest first.

    This second page continues the same transaction record, still ordered newest first and priced on LTM financials at announcement where disclosed. The companion workbook holds the remaining transactions beyond what's shown across these two pages. So what: together, these two pages are the complete disclosed-terms record behind every deal reference earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (66 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 74 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 32 transactions shown; the rest are in the companion workbook. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2021 DraftKings Inc. → Golden Nugget Online Gaming, Inc. $1.5B 18.2x n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2021 Bally’s Corporation → Gamesys Group plc n/a 3.3x n/a Jan-2021 MGM Resorts International → Entain plc n/a 2.1x n/a Nov-2020 GAN Ltd. → Coolbet n/a 3.5x n/a Sep-2020 Caesar’s Entertainment, Inc. → William Hill Limited n/a 2.0x n/a Jul-2020 dMY Technology Group, Inc. → Rush Street Interactive, LP $1.7B n/a n/a Mar-2020 Flutter Entertainment plc → The Stars Group Inc. n/a 5.2x n/a Dec-2019 Infor (Golden Gate Capital) → BetEasy n/a 2.4x 14.3x Jun-2019 Pace → Accel Entertainment, Inc. $10.2B 58.6x n/a Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains sources, assumptions and data-quality treatment behind the report.

    This page sets out how we built the report: the valuation basis, what we excluded and why, and where every underlying disclosure lives. Every figure links to the record it was taken from, and where it doesn't, the appendix names the source and the basis on which we read it. So what: this is the page to check before relying on any specific number in the deck.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (12 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Gaming and Wagering Operations and it clears the coverage gate with 12 of 16 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 12 of the 12 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 8 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 470 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (469) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, Faster Growth Sits with the Premium While Durability Remains the Test.

    Closing page restates that faster growth sits with the premium while durability remains the test.

    In this set, faster growth sits with the premium while durability remains the test. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure worth tracing further.

    Everything on this page

    In This Set, Faster Growth Sits with the Premium While Durability Remains the Test. NeuraCap AI — Gaming and Wagering Operations Coverage September 2026 · Prepared by NeuraCap AI · Confidential Gaming and Wagering Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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