Resorts and Casino Operations Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER SERVICES › RESORTS AND CASINO OPERATIONS

Resorts and Casinos: Premiums Span Different Profiles

The report shows where forward pricing sits and which operating questions matter most for owners.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER DISCRETIONARY › CONSUMER SERVICES › RESORTS AND CASINO OPERATIONS

   This is the cover page for the Resorts and Casino Operations sector outlook, dated September 2026.

   We open with the Resorts and Casino Operations sector as of September 2026, framed on a forward EV/EBITDA (CY2027E) basis. What follows shows where pricing sits across integrated resort destinations and adjacent models, and what that means for owners planning the next twelve months.

   Everything on this page

   CONSUMER DISCRETIONARY › CONSUMER SERVICES › RESORTS AND CASINO OPERATIONS Resorts and Casinos: Premiums Span Different Profiles The report shows where forward pricing sits and which operating questions matter most for owners. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the report's five sections plus appendix: the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications.

   We've built this report so the bottom line comes first — section one carries the whole story for a reader who only has a few minutes. From there we walk through the competitive landscape, valuation and operating situations, the transaction record, and what it means for owners going forward.

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   CONTENTS What This Report Covers 01 The Bottom Line Resorts and Casinos Reward More than One Operating Profile 02 The Landscape Business Model Matters Before Headline Multiples Do 03 Valuation & Situations The Premium End Contains Two Very Different Earnings Profiles 04 Precedent Transactions Buyers Underwrite Operations, Real Estate and Licensing Together 05 Strategic Implications Durable Property Cash Flow Is the Value Case Owners Can Strengthen 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Resorts and Casino Operations Spans Integrated Resort Destinations and Adjacent Models with Different Value Cases

   This page states the report's conclusion: Resorts and Casino Operations spans integrated resort destinations and adjacent models with different value cases.

   Forward EV/EBITDA (CY2027E) is the clearest common lens here, with nine of ten approved companies carrying an eligible estimate. The premium end trades at 10.8x against 6.6x at the discount end, and the two ends do not share one growth or margin profile. On the nine names with growth estimates, those at or above 4% sit at 7.6x while those below sit at 8.1x, so pace alone does not explain the pricing. That points owners toward proving durable property-level cash flow as the test that matters most.

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   01 · THE BOTTOM LINE Resorts and Casino Operations Spans Integrated Resort Destinations and Adjacent Models with Different Value Cases 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 (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward EBITDA Is the Clearest Common Valuation Lens Nine of 10 approved companies have a forward EV / EBITDA estimate. The profit multiple fits a set in which 9 of 9 companies with reported forward EBITDA carry meaningful earnings. 2 The Premium End Does Not Share One Operating Formula The premium end is at 10.8x, against 6.6x at the discount end. Its members carry different combinations of growth and margin, so the observed premium is not tied to one common profile. 3 Property Economics Matter Beyond the Headline Multiple Integrated resort destinations bring gaming mix, non-gaming attach and jurisdiction exposure into the value case. Adjacent models bring different fee streams and capital needs, making business mix a live explanation for relative pricing. 4 Faster Forecast Growth Is Not Associated with Higher Pricing On the nine names with growth estimates, the five at or above 4% sit at 7.6x, while the four below 4% sit at 8.1x. Owners therefore need to connect growth to durable property-level cash flow rather than rely on pace alone. 8.1x Sector median EV/EBITDA CY2027E consensus · 9 rated of 10 companies 10.8x Premium end EV/EBITDA vs 6.6x at the discount end top quartile (n=2) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 22 Transactions with disclosed terms 57 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section two, on how business model shapes value across the sector.

   Before we look at headline multiples, we set the stage on business model. Integrated resort destinations dominate the set we cover, while adjacent models bring different cash-flow economics into the picture.

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   SECTION 02 02 THE LANDSCAPE Business Model Matters Before Headline Multiples Do Integrated resort destinations dominate the set, while adjacent models bring different cash-flow economics. 02 of 06 Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Integrated Resort Destinations Hold Most of the Set, but Adjacent Models Broaden the Value Story

   This page groups the ten approved companies by business segment and shows the median EV/EBITDA (CY2027E) for each group.

   We start by mapping the ten approved companies into their business segments, from integrated resort destinations to adjacent models. Grouping this way shows each segment's median forward EV/EBITDA (CY2027E) side by side, rather than blending very different economics into one number. Integrated resort destinations hold most of the set, but the adjacent names broaden the value story worth watching. So the multiple a reader picks depends on which segment's economics actually apply.

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   02 · MARKET MAP Integrated Resort Destinations Hold Most of the Set, but Adjacent Models Broaden the Value Story 10 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. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 STRIP AND COTAI INTEGRATED RESORT DESTINATIONS 8 cos median 8.0x Las Vegas Sands (LVS) MGM Resorts (MGM) Caesars (CZR) Wynn Resorts, (WYNN) PENN Entertainment (PENN) Bally's (BALY) Melco Resorts & (MLCO) Monarch Casino & (MCRI) This group concentrates the sector's gaming, lodging and non-gaming economics across major resort markets. ADJACENT MODELS 2 cos 8.3x · 1 rated Travel + Leisure (TNL) Falcon's Beyond (FBYD) These businesses add leisure travel distribution and other economics that do not map neatly onto an integrated resort model.

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   02 · LANDSCAPE

   Adjacent Models Carry a Similar Multiple Through Different Economics

   This page compares segment-level median EV/EBITDA (CY2027E) across the approved universe of rated companies.

   Looking across the approved universe, adjacent business models often land on a similar median multiple to integrated resort destinations, even though the underlying economics differ. That similarity is worth pausing on: a comparable multiple can still hide very different capital intensity and cash-flow durability. We carry full company-level detail in the appendix for readers who want to check any group. So the segment lens is a starting point, not the final word on comparability.

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   02 · LANDSCAPE Adjacent Models Carry a Similar Multiple Through Different Economics 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. Resorts and Casino 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 Strip and Cotai integrated resort destinations 8 80% 8.0x Las Vegas Sands Corp. (LVS) · MGM Resorts International (MGM) · +6 more Resort economics set the frame. Eight companies represent 80% of the set and sit at 8.0x. Their standing depends on property-level cash flow, mass versus VIP mix, non-gaming attach, jurisdiction exposure and the burden of rent or reinvestment commitments. Adjacent models 2 20% 8.3x n=1 Travel + Leisure Co. (TNL) · Falcon's Beyond Global, Inc. Class A Common Stock (FBYD) Different cash flows broaden value. Two companies represent 20% of the set, with one carrying an estimate at 8.3x. Leisure travel distribution and other adjacent economics require a separate view of capital intensity, recurring revenue and conversion into cash.

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   SECTION 03

   03

   This divider introduces section three, on how forward pricing separates across earnings profiles.

   Section three turns to public market valuation directly. Forward pricing separates sharply at the premium end, even though growth and margin do not offer one common explanation.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Contains Two Very Different Earnings Profiles Forward pricing separates sharply even though growth and margin do not offer one common explanation. 03 of 06 Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Two Different Earnings Profiles Occupy the Premium End

   This page ranks all nine rated companies by EV/EBITDA (CY2027E) against a sector median of 8.1x.

   We rank the nine rated companies on forward EV/EBITDA (CY2027E), against a sector median of 8.1x. The premium end holds two distinct earnings profiles rather than one repeatable formula, which is the finding this whole section builds on. Tier zones here are our own groupings at the rated set's quartiles, so every multiple quoted is on the same basis. That means owners at the premium end got there through different paths, and the path each took matters for what comes next.

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   03 · PUBLIC MARKET VALUATION Two Different Earnings Profiles Occupy the Premium End EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 8.1x · 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 (9 of 10 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. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 10.8x CORE · median 8.1x DISCOUNT · median 6.6x Sector median 8.1x WHAT SEPARATES THE TWO ENDS The endpoints separate clearly. The premium end sits at 10.8x, compared with 6.6x at the discount end. That spread is observed on forward EV / EBITDA, which already credits forecast growth, so durability remains central to defending the premium. The premium profiles differ. Bally's Corporation (BALY) combines higher forecast growth with a thinner margin, while Monarch Casino & Resort, Inc. (MCRI) combines lower forecast growth with a wider margin. The top of the range therefore contains more than one operating profile. The discount profiles also vary. Las Vegas Sands Corp. (LVS), PENN Entertainment, Inc. (PENN) and Melco Resorts & Entertainment Limited (MLCO) show different growth and margin combinations. Business mix, jurisdiction and capital structure remain live explanations for their relative pricing.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 27% Margin Line Carry 8.1x Against 7.4x Below It

   This page splits the rated companies by revenue-growth and EBITDA-margin cohorts and compares median EV/EBITDA (CY2027E) for each.

   Profitability separates the two ends more clearly than growth does: names above the 27% margin line carry 8.1x against 7.4x below it. This is an association we observe in the covered data, not a claim that margin causes the pricing. Growth cohorts show a smaller and less consistent split by comparison. So for owners, margin discipline looks like the more reliable lever to work on.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 27% Margin Line Carry 8.1x Against 7.4x Below It 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=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 4% · EBITDA-margin split at 27% The Growth Split Runs Against a Simple Premium Story On the nine names with growth estimates, the five at or above 4% carry 7.6x, while the four below 4% carry 8.1x. The observed split supports testing the quality and cash conversion of growth rather than treating pace as sufficient. Margin Alone Does Not Sort the Pricing Range Only 2 of the nine mapped names clear both the growth and margin bars, while 3 clear margin alone and 3 clear growth alone. The range accommodates different operating combinations. Fixed Charges Can Reorder Apparent Profitability Master lease rent, maintenance capex and license-linked reinvestment sit ahead of discretionary cash. Owners should judge headline margin alongside rent coverage and free cash flow conversion.

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    03 · SITUATION MAP

    Pricing and Growth Point to Four Different Operating Priorities

    This page maps the rated companies into four situations cut on EV/EBITDA against the 8.1x sector median and revenue growth against the 4% covered median.

    We cut the rated set on two axes: EV/EBITDA against the 8.1x sector median, and revenue growth against the 4% covered median. That produces four situations, each pointing to a different operating priority rather than a single sector-wide answer. These boundaries are our own directional read on the cohort's medians, and the page characterises situations rather than recommending any transaction. So the right next question depends on which quadrant a given owner sits in.

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    03 · SITUATION MAP Pricing and Growth Point to Four Different Operating Priorities Cut on EV / EBITDA vs the sector median (8.1x) (rows) and revenue growth vs the covered median (4%) (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. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Growth Above-median multiple · above-median revenue growth 2 names Travel + Leisure Co. (TNL) · Bally's Corporation (BALY) Two companies pair above-benchmark growth with above-benchmark pricing. The owner agenda is to preserve cash conversion, rent coverage and reinvestment discipline as the business expands. Premium Without Growth Above-median multiple · below-median revenue growth 3 names MGM Resorts International (MGM) · Wynn Resorts, Limited (WYNN) · Monarch Casino & Resort, Inc. (MCRI) Three companies hold above-benchmark pricing despite lower growth. Their value case rests on showing that property-level cash flow, margin quality and asset position can remain durable. Growth Without Premium Below-median multiple · above-median revenue growth 3 names Las Vegas Sands Corp. (LVS) · PENN Entertainment, Inc. (PENN) · Melco Resorts & Entertainment Limited (MLCO) Three companies deliver above-benchmark growth without receiving above-benchmark pricing. The central question is whether mix, fixed charges or reinvestment needs limit how much of that growth reaches cash flow. Below Both Benchmarks Below-median multiple · below-median revenue growth 1 names Caesars Entertainment, Inc. (CZR) One company sits below both benchmarks. The operating agenda is to improve revenue quality and cost structure while directing capital toward the properties and products with clearer returns.

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    03 · GROWTH VS PROFITABILITY

    Few Companies Clear Both Growth and Margin Bars

    This page plots the nine companies with both estimates on revenue growth against EBITDA margin, cut at the 4% and 27% covered medians, with median EV/EBITDA per quadrant.

    Very few companies in this set clear both the 4% growth median and the 27% margin median at the same time. Most sit in one corner or the other, which is consistent with the earlier finding that no single operating formula explains the premium end. The quadrant medians here are read on names with a meaningful EV/EBITDA, a small set worth treating as directional. So balancing growth and margin together, rather than choosing one, is the harder and rarer combination in this sector.

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    03 · GROWTH VS PROFITABILITY Few Companies Clear Both Growth and Margin Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 9 companies with both estimates · cuts at the covered medians (4% growth, 27% 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=1). Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 2% 4% 6% 8% 20% 25% 30% 35% MARGIN ONLY median 8.1x BALANCED median 7.9x NEITHER median 8.2x GROWTH ONLY median 6.6x MGM MCRI CZR WYNN PENN MLCO TNL LVS BALY x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map uses 4% revenue growth and 27% margin as its dividing lines. Two of the nine mapped names sit above both bars, while 3 clear margin alone and 3 clear growth alone. One sits below both. The spread shows why property mix, rent burden and jurisdiction exposure remain important when similar headline metrics receive different pricing. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 9 names clear it (LVS).

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    03 · THE AGENDA

    Growth and Margin Are the Operating Choices Associated with the Top of the Valuation Range

    This page frames growth and margin as the operating choices associated with the top of the valuation range.

    We frame this page as the questions an owner or acquirer should resolve, not as a recommendation. Growth and margin are the operating choices we associate with the top of the valuation range in this cohort. That framing is directional advisory judgment grounded in the data shown earlier in this section. So the agenda for any owner is to decide which of these levers they can move fastest.

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    03 · THE AGENDA Growth and Margin Are the Operating Choices Associated with the Top of the Valuation Range 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. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Improve the Quality of Growth Shift mix toward recurring rated play, mass-market demand and non-gaming spend that converts into property-level cash flow without excessive promotional reinvestment. What changes the answer: The answer changes when incremental revenue shows stronger cash conversion and lower promotional dependence. Strengthen Fixed-Charge Resilience Rework cost structure, maintenance spending and capital allocation around master lease rent coverage and license-linked commitments. What changes the answer: The answer changes when property cash flow covers fixed obligations with more room through a downturn. Concentrate Capital on Advantaged Properties Prioritise markets, amenities and products where jurisdiction, customer database and non-gaming attach support better returns on reinvestment. What changes the answer: The answer changes when property-level returns separate clearly across the portfolio. Test Build Versus Buy Compare internal investment with targeted acquisitions that add jurisdictions, loyalty reach or adjacent fee streams without weakening the balance sheet. What changes the answer: The answer changes when an acquisition offers a clearer path to durable cash flow than internal expansion.

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    SECTION 04

    04

    This divider introduces section four, on what the precedent transaction record shows about buyer priorities.

    Section four moves from public pricing to the deal record. The transaction record spans strategic combinations, portfolio moves and alternative ownership structures, and buyers appear to underwrite operations, real estate and licensing together rather than any one piece alone.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Underwrite Operations, Real Estate and Licensing Together The transaction record spans strategic combinations, portfolio moves and alternative ownership structures. 04 of 06 Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay Across the Transaction Record Points to More than One Kind of Strategic Fit

    This page walks through three of the 22 disclosed-terms transactions as case studies, with multiples on LTM financials at announcement.

    We walk through three of the twenty-two disclosed-terms transactions as case studies, each priced on LTM financials at announcement. Together they point to more than one kind of strategic fit — not a single repeatable deal logic. These multiples are not directly comparable to the CY2027E public basis, so we don't draw a spread between the two. The full list sits in the appendix for readers who want to check any other transaction.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay Across the Transaction Record Points to More than One Kind of Strategic Fit 3 of 22 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. 91 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. 35 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. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 May-2026 $17.5B Fertitta Entertainment, Inc. Fertitta Entertainment, Inc. paired with Caesars Entertainment, Inc. (CZR) in a large pending combination. EV / LTM revenue 1.5x EV / LTM EBITDA 4.8x WHY THE DEAL HAPPENED The transaction suggests a strategic case built around integrated resort scale, loyalty reach and a wider property base. Licensing suitability, capital structure and property-level cash flow remain central to that fit. HOW THE TARGET WAS VALUED The disclosed value is $17.5B, with Caesars Entertainment, Inc. (CZR) valued at 4.8x EV / EBITDA and 1.5x EV / Revenue. The EBITDA measure provides the closer benchmark for an earnings-producing resort platform. Apr-2017 $2.0B Eldorado Resorts, Inc. acquires Isle of Capri Casinos, Inc. EV / LTM revenue 2.0x EV / LTM EBITDA 8.8x WHY THE DEAL HAPPENED Its strategic relevance turns on the same operating fit, real estate structure and licensing suitability that shape sector combinations. Those factors determine how closely it can benchmark against integrated resort transactions. HOW THE TARGET WAS VALUED UNIQ-17791 serves as transaction context rather than a stated valuation anchor. Aug-2021 $3.8B FAST Acquisition Corp. FAST Acquisition Corp. and Fertitta Entertainment, Inc. showed an alternative route to platform ownership. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The announced combination suggests an effort to pair an acquisition vehicle with an established gaming and hospitality platform. The fit rests on access to the platform's operating cash flow and asset base. HOW THE TARGET WAS VALUED The disclosed value is $3.8B. Without another stated multiple, the transaction is most useful as a scale reference rather than a direct earnings benchmark.

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    SECTION 05

    05

    This divider introduces section five, on strengthening the durable cash-flow case.

    Section five turns to what owners can actually do. Revenue mix, rent coverage and disciplined reinvestment deserve priority over scale alone in this sector.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Property Cash Flow Is the Value Case Owners Can Strengthen Revenue mix, rent coverage and disciplined reinvestment deserve priority over scale alone. 05 of 06 Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Owners Can Strengthen Value by Proving Cash Flow Holds Through the Cycle

    This page sets out the strategic questions the data raises for owners over the next twelve months.

    We lay out the questions this data puts on the table for owners over the next twelve months. This page reflects our directional view drawn from the analysis earlier in the report, not a recommendation to act on any specific transaction. The consistent thread is proving that property-level cash flow holds through the cycle. So the priority is demonstrating durability, not chasing the highest headline multiple.

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Value by Proving Cash Flow Holds Through the Cycle 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. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Make Revenue Quality Visible in Operations Manage mass versus VIP mix, rated play, reinvestment and non-gaming attach as one economic system. The objective is durable property-level cash flow, not volume that requires heavier comps. FOR OWNERS Treat Rent and Reinvestment as Strategic Constraints Set capital allocation against master lease coverage, maintenance capex and license commitments. Headline margin is less informative when fixed charges absorb the cash. FOR OWNERS Back the Assets That Earn More Capital Direct spending toward properties and products with defensible customer access, stronger cash conversion and a credible path to better returns. Reassess assets where reinvestment mainly holds position.

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    SECTION 06

    06

    This divider introduces the appendix, covering the full comparables set, methodology and sources.

    We close with the appendix: the full comparables detail behind every figure in the body, the valuation basis we used, and where each underlying disclosure lives. Anyone who wants to check a number can trace it from here.

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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 Resorts and Casino 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

    This appendix page lists all public comparables on EV/EBITDA (CY2027E), grouped by valuation tier against the 8.1x sector median.

    This page carries all nine rated companies on EV/EBITDA (CY2027E), shaded against the 8.1x sector median, plus the one name that carries no eligible multiple. Every ticker links back to its underlying source, and the companion workbook carries the complete field set. So this is the full record behind every comparable multiple cited earlier in the deck.

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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 (8.1x); amber marks below · 9 rated companies; 1 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 9 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. Resorts and Casino 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 — ≥8.3x · median 10.8x · 2 companies Bally's Corporation BALY Strip and Cotai integrated resort destinations $8.5B 12.6x 9% 20% 29 Monarch Casino & Resort, Inc. MCRI Strip and Cotai integrated resort destinations $2.0B 9.1x 2% 37% 39 CORE — 7.6x–8.3x · median 8.1x · 4 companies Travel + Leisure Co. TNL Adjacent: leisure travel distribution $9.6B 8.3x 5% 27% 31 MGM Resorts International MGM Strip and Cotai integrated resort destinations $38.3B 8.2x 1% 26% 27 Wynn Resorts, Limited WYNN Strip and Cotai integrated resort destinations $18.6B 8.1x 3% 30% 33 Caesars Entertainment, Inc. CZR Strip and Cotai integrated resort destinations $30.3B 7.9x 2% 31% 34 DISCOUNT — <7.6x · median 6.6x · 3 companies Las Vegas Sands Corp. LVS Strip and Cotai integrated resort destinations $38.5B 7.6x 5% 35% 40 PENN Entertainment, Inc. PENN Strip and Cotai integrated resort destinations $12.5B 6.6x 4% 25% 29 Melco Resorts & Entertainment Limited MLCO Strip and Cotai integrated resort destinations $8.1B 6.0x 4% 25% 29

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists eighteen of the twenty-two disclosed-terms precedent transactions, newest first.

    We list eighteen of the twenty-two disclosed-terms transactions here, out of fifty-seven recorded in total, newest first. Multiples shown are on LTM financials at announcement, and deal values link back to the underlying filing. These are not directly comparable to the CY2027E public basis we use elsewhere, so no spread is claimed between the two. The remaining transactions sit in the companion workbook for full traceability.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (57 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. 91 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. 35 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 22 transactions shown; the rest are in the companion workbook. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 Fertitta Entertainment, Inc. → Caesars Entertainment, Inc. $17.5B 1.5x 4.8x The pending combination points to the value buyers may place on a broad integrated resort footprint, loyalty reach and property-level cash flow. May-2026 People Incorporated → MGM Resorts International $16.5B 0.9x 7.0x The announced transaction suggests that operating scale and a diversified resort base can attract buyers beyond established gaming operators. Jun-2022 Blackstone Inc. → Crown Resorts Limited n/a 5.7x n/a The transaction highlights investor interest in a large resort platform where property economics and jurisdiction exposure require joint underwriting. Aug-2021 FAST Acquisition Corp. → Fertitta Entertainment, Inc. $3.8B n/a n/a The announced combination shows that sector platforms can pursue alternative ownership structures alongside traditional strategic buyers. May-2021 n/a → MGM Holdings Inc. $0M 5.9x 27.5x The transaction points to differentiated valuation conventions where the target's economics sit outside a standard property operating model. Mar-2021 Hilton Grand Vacations Inc. → Diamond Resorts International, Inc. n/a n/a 9.8x The combination suggests strategic value in expanding leisure inventory, customer reach and recurring vacation ownership economics. Oct-2020 Bally's Corporation → Jumer's Casino & Hotel n/a n/a 7.4x The completed transaction illustrates how an operator can add a property and jurisdiction to its portfolio through a targeted acquisition. Aug-2020 IAC/InterActiveCorp → MGM Resorts International $14.8B 1.6x 6.3x The announced investment suggests that a scaled integrated resort operator can appeal to buyers with a broader consumer and digital perspective. Apr-2020 Twin River Worldwide Holdings, Inc. → Eldorado Shreveport Resort and Casino and Lake Tahoe MontBleu Resort Casino & Spa n/a n/a 4.1x The completed transaction shows how selected regional properties can expand an operator's market footprint without requiring a platform-wide combination.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page continues the list of disclosed-terms precedent transactions, newest first.

    This page continues the same eighteen-of-twenty-two disclosed-terms list, still newest first and still on the LTM-at-announcement basis. The data-quality flags noted earlier apply here too, and figures are shown as recorded in the filing. We keep the remaining transactions in the companion workbook rather than compressing this list further. So a reader gets the full disclosed-terms record without losing any single entry.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (57 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. 91 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. 35 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 22 transactions shown; the rest are in the companion workbook. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2019 Dometic → Crown Resorts Limited n/a 16.7x 16.7x Value shown as recorded in the filing; deal value unit unresolved. Nov-2018 Penn National Gaming Inc. → Greektown Holdings, L.L.C. n/a n/a 10.4x Sep-2018 MGM Resorts International → Hard Rock Rocksino n/a n/a 11.3x Apr-2018 Eldorado Resorts, Inc. / Gaming and Leisure Properties → Tropicana Entertainment Inc. n/a n/a 9.1x Value shown as recorded in the filing; deal value unit unresolved. Apr-2018 Undisclosed buyer → Icahn Enterprises L.P. $1.8B n/a n/a Value shown as recorded in the filing; divestiture roles reassigned. Apr-2018 Marriott Vacations Worldwide Corporation → ILG, Inc. n/a n/a 14.5x Mar-2018 PCI Gaming Authority → Sands Bethlehem property $1.3B n/a n/a Mar-2018 Bethlehem Wind Creek Hospitality → Sands Casino Resort n/a n/a 9.7x Feb-2018 Penn National Gaming, Inc. → Pinnacle Entertainment, Inc. n/a n/a 6.6x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This appendix page explains the report's sources, assumptions and data-quality treatment.

    This page sets out how we built the report: what basis we used, what we excluded, and where every underlying disclosure lives. Every figure in the body links to the record it came from, and where a figure has no link the appendix names its source directly. That traceability is what lets a reader trust the comparisons made earlier 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. Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 10 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 Resorts and Casino Operations and it clears the coverage gate with 9 of 10 companies (90%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of the 9 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 11 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 346 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 (345) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Premium Pricing Appears Across Different Profiles; Durable Cash Flow Is the Common Test.

    This closing page restates the report's conclusion: premium pricing appears across different profiles, and durable cash flow is the common test.

    Premium pricing appears across different profiles in this sector, and durable cash flow is the common test that separates them. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace.

    Everything on this page

    Premium Pricing Appears Across Different Profiles; Durable Cash Flow Is the Common Test. NeuraCap AI — Resorts and Casino Operations Coverage September 2026 · Prepared by NeuraCap AI · Confidential Resorts and Casino Operations Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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