Leisure Facilities and Recreation Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER DISCRETIONARY › CONSUMER SERVICES › LEISURE FACILITIES AND RECREATION

Balance Sheets and Ownership Questions Drive the Sector's Story

What moved, what companies announced, and what changed in the transaction record across September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Leisure Facilities and Recreation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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The analyst’s walkthrough of the deck, page by page.

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER DISCRETIONARY › CONSUMER SERVICES › LEISURE FACILITIES AND RECREATION

   Cover slide introducing the Leisure Facilities and Recreation bi-weekly industry events and M&A update for September 14–28, 2026.

   This bi-weekly update covers what changed, who moved and why, what transacted, and what it means for the Leisure Facilities and Recreation sector over September 14–28, 2026. We'll walk through the period's biggest movers, catalysts and deal activity so you leave with a clear read on where the sector stands.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › CONSUMER SERVICES › LEISURE FACILITIES AND RECREATION Balance Sheets and Ownership Questions Drive the Sector's Story What moved, what companies announced, and what changed in the transaction record across September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Leisure Facilities and Recreation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Capital Structure and Ownership Questions Moved the Set More than Trading Did

   This slide summarizes the two-week period, showing that capital structure and ownership questions drove moves more than trading conditions did.

   Across the 14 names we cover, 9 fell and the median move was -2.2%, well behind the S&P 500's +0.8% over the same window. The spread was wide — from +31.6% at AMC to -24.3% at Dave & Buster's — showing this was a story about individual company catalysts, not sector-wide trading conditions. AMC's refinancing push and Six Flags' activist-driven sale talk illustrate how capital structure and ownership questions, not results alone, set the tone. That's the through-line we build on for the rest of this update.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Capital Structure and Ownership Questions Moved the Set More than Trading Did The two-week period in one page · 14 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Leisure Facilities and Recreation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 9 of 14 Covered Names Fell; The Median Move Was -2.2% The S&P 500 returned +0.8% over the same two-week period. The spread inside the covered set was wide, running from +31.6% at the top to -24.3% at the bottom. 2 AMC's Refinancing Push Led the Two-Week Gainers AMC Entertainment Holdings, Inc. (AMC) rose +31.6%, including +11.9% on Sep 28. The company announced a first lien notes offering with new term loan facilities and a cash tender offer for its 7.500% senior secured notes due 2029. 3 Dave & Buster's Results Reset the Eatertainment Read Dave & Buster's Entertainment, Inc. (PLAY) fell -24.3% over the period, with a -19.0% session on Sep 15. WSJ reported a swing to a quarterly loss with entertainment sales still falling. 4 Sale Talk Reaches a Premium-Tier Park Operator Six Flags Entertainment Corporation (FUN) fell -12.4%, with a -6.3% session on Sep 28, after WSJ reported on Sep 22 that an activist investor urged the company to explore a sale. +31.6% Best mover — AMC worst: PLAY -24.3% · 5 up / 9 down of 14 covered -2.2% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Refinancing, Results and Ownership Pressure Set the Two-Week Range

   This slide ranks the two-week public market movers and ties each move to the recorded filing or headline behind it.

   AMC Entertainment led the gainers at +31.6%, including an +11.9% single-day move on September 28, tied to its first lien notes offering, new term loan facilities and a cash tender offer for its 7.500% senior secured notes due 2029. On the other side, Dave & Buster's fell -24.3%, including a -19.0% session on September 15, after a reported swing to a quarterly loss with entertainment sales still declining. Six Flags fell -12.4%, with a -6.3% session on September 28, following a report that an activist investor urged the company to explore a sale. With a sector-relative materiality bar of 10.7%, several of these moves clear the threshold for names worth watching closely.

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   PUBLIC MARKET MOVERS Refinancing, Results and Ownership Pressure Set the Two-Week Range Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.2% · S&P 500 +0.8% · materiality bar ±10.7% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Leisure Facilities and Recreation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.2% AMC Entertainment Holdings, Inc. (AMC) +31.6% Shares moved following AMC's Sep 21 announcement of a first lien notes offering and new term loan facilities to refinance existing debt, alongside a cash tender offer for its 7.500% senior secured notes due 2029. Refinancing news can reprice a leveraged venue operator faster than any shift in admissions. COMPANY-SPECIFIC Dave & Buster's Entertainment, Inc. (PLAY) -24.3% Shares moved following the Sep 14 second-quarter results, which WSJ reported as a swing to a quarterly loss with entertainment sales still falling; follow-up coverage on Sep 15 pointed to a sales miss. When entertainment sales soften, in-venue spend mix carries the whole four-wall result. COMPANY-SPECIFIC United Parks & Resorts Inc. (PRKS) -12.7% No notable in-window news was identified that clearly explains the move. The -12.7% return sits well below the -2.2% median for the covered set. A Discount-tier park name can trail the set without one identifiable disclosure behind it. UNEXPLAINED Six Flags Entertainment Corporation (FUN) -12.4% Shares fell over the period; the in-window record includes WSJ's Sep 22 report that an activist investor urged Six Flags to explore a sale following disappointing earnings, and the Sep 14 Golden Ticket Awards for its attractions. Ownership questions are being put to Premium-tier park operators, not only to the value end. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Operators Spent the Period on Balance Sheets, Members and Attractions

   This slide lists the two-week period's highest-impact operator news across balance sheets, memberships and attractions.

   The period's catalysts centered on how operators are managing their balance sheets, their members and their attractions rather than on new strategic transactions. Each event on this page links back to the filing or article we sourced it from, and our 'why it matters' read is layered on top of that record, not in place of it. Together these catalysts explain much of the price action we just walked through. They're the evidence base for the moves, not just headlines running alongside them.

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   MAJOR NEWS & INDUSTRY CATALYSTS Operators Spent the Period on Balance Sheets, Members and Attractions The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Leisure Facilities and Recreation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 21 · NEWS · Business Wire AMC launches a first lien notes offering and new term loans to refinance existing debt Refinancing terms decide how much cash a leased cinema estate keeps after screens are kept current, and the tender for the 7.500% notes due 2029 shows the company addressing dated paper. Capital structure work is a live lever for leased-estate operators in this window. Sep 18 · NEWS · Business Wire Disney creates a Chief Technology Officer role and names Karandeep Anand to fill it NeuraCap read: a newly created technology seat at a major attractions owner points to where management attention is going in ticketing, passes and guest spend. The digital layer that sells passes and captures in-park spending is becoming a competitive front. Sep 16 · NEWS · PRNewsWire Life Time debuts LT Social with a New York City launch and opens member applications A new membership community built on an existing club is a direct play on retention and dues mix rather than on new sites. Deepening the member relationship is the cheapest route to recurring revenue in the club format. Sep 15 · NEWS · PRNewsWire Life Time opens a guaranteed-interview hiring pathway for certified personal trainers Floor staffing sets service levels and peak-hour throughput; the programme builds a direct pipeline as trainer employment is projected to grow 7% nationwide. Labour supply belongs in the operating KPIs, not in an HR footnote. Sep 14 · NEWS · Business Wire Six Flags parks take top honours across the 2026 Golden Ticket Awards Attraction awards are a read on reinvestment cadence, and new rides are what pull repeat visits and support effective ticket price. Capex that lands as a marquee attraction is the visible half of the attendance equation. Sep 21 · NEWS · PRNewsWire Life Time publishes dietitian protein guidance tied to its October Strong Challenge Programming and content keep members engaged between visits, which is where attrition is won or lost. Content wrapped around the membership is a low-cost retention tool for club operators.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Holds Its Shape While Sale Talk Surfaces in the Public Names

   This slide shows that the precedent transaction record held steady while sale-talk headlines emerged among the public names.

   The precedent transaction set stands at 40 recorded deals with a median 12.0x EV/LTM EBITDA, and no new transactions entered the record this period. That stability matters against the backdrop of Six Flags' reported activist pressure to explore a sale — the reference pricing for any such process is already established in this data. For acquirers and advisors, the multiple discipline is set; what's changed is the visible appetite among activists and boards to test it. That gap between a quiet deal record and louder ownership conversations is the period's clearest signal.

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   M&A & STRATEGIC ACTIVITY The Transaction Record Holds Its Shape While Sale Talk Surfaces in the Public Names September 14–28, 2026 · precedent transactions: 40 recorded deals · median 12.0x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Leisure Facilities and Recreation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record still carries 40 precedent transactions at a median 12.0x EV / EBITDA, while the only sale discussion in the window came through reporting on Six Flags Entertainment Corporation (FUN). A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 12.0x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Owners, Buyers and Advisors

   This slide translates the two-week period into observations for owners and operators, acquirers, and advisors.

   For owners and operators, the operating story sat with attendance, per caps and membership mix rather than headline growth. For acquirers, the pricing reference is unchanged at a median 12.0x EV/LTM EBITDA against a 9.6x CY2027E sector median, even as no new deals were recorded. For advisors, the period argues for leading conversations with capital structure and ownership — as AMC's refinancing and Six Flags' activist pressure show — before turning to operating format. These are observations drawn from the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Owners, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Leisure Facilities and Recreation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.6x 14 companies in the study 3 valuation tiers Standing thesis: Leisure Facilities and Recreation splits across live venues, out-of-home attractions and adjacent models FOR OWNERS & OPERATORS Per Caps and Membership Economics Carried the Operating Evidence Companies in the space traded across a wide range over the two-week period, and the operating story sat with attendance, per caps and membership mix. Life Time Group Holdings, Inc. FOR ACQUIRERS The Reference Set Is Unchanged, but Buyer Attention Is Visible No new transactions entered the record this period, so the pricing reference stays where it was: 40 trailing precedent transactions at a median 12.0x EV / EBITDA, against the study's 9.6x CY2027E sector median. FOR ADVISORS Lead with Capital Structure and Ownership, Then with Format AMC Entertainment Holdings, Inc. (AMC) refinanced into a notes offering and new term loans and returned +31.6%, while Core-tier Dave & Buster's Entertainment, Inc. (PLAY) returned -24.3% after results.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update and states the report's limitations.

   Every figure in this update links back to the filing, price record or article it was taken from, so the evidence trail is fully checkable. Attribution language throughout is calibrated — we say what the record supports and flag where no driver is recorded, rather than asserting causation. This methodology page is your reference for how each number and read in the deck was built. Use it to weigh how much confidence to place on any individual claim.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Leisure Facilities and Recreation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T111032Z_463_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · prnewswire.com

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