马里兰州6月博彩总收入同比下降1.4%；第二季度同比增长10个基点

IndustryGaming North AmericaUnited States ConsumerGaming & Lodging Maryland June GGR Down 1.4% Y/Y;2Q25 Up 10 bps Y/Y Carlo Santarelli MD Gross Gaming Revenue -1.4% Y/Y; 2Q25 Up 10 bps Y/Y Research Analyst+1-212-250-5815 Maryland gross gaming revenue came in at $160.7 mm forthe month of June, down1.4% year over year.For the 2Q25 period, MD GGR was up10bps Y/Y. Steven Pizzella, CFAResearch Analyst+1-212-250-9817 PENN's Hollywood Perryville generated $7.2 mm in gross gaming revenue and wasdown3.7%Y/Y.The result was $0.3mm below our $7.5mm estimate.Forthe 2Q25period, PENN's MD GGR was up 70 bps Y/Y. CZR's Horseshoe Baltimore generated $14.2 mm in gross gaming revenue and wasup 80 bps Y/Y. The result was $0.5 mm above our $13.7 mm estimate. For the 2Q25period, CZR's MD GGR was up 3.5% Y/Y. MGM's National Harbor generated $67.2 mm in gross gaming revenue and wasdown 1.4% Y/Y. The result was $2.1 mm below our $69.3 mm estimate. For the2Q25 period, MGM's MD GGR was up 1.3%Y/Y. Ocean Downs generated $8.5 mm in gross gamigg r&venue and was up 4.3% Y/Y.For the 2Q25 period, Ocean Downs GGR was7up 4.1% Y/Y. eMaryland Live (~37% of market shae) generated $59.0 mm of gross gamingrevenue in the month and waslovSn 2.4% Y/Y. For the 2Q25 period, Maryland Live We note the calendar in June versus 2024 was unfavorable, with 8 weekend daysin June of 2025 versus 9 weekend days in June 2024. I Figure 4: 2025 YTD Monthly Maryland Gross Gaming Revenue Year-Over-Year Comparison ($ in Millions) Figure 5: 2024 Monthly Maryland Gross Gaming Revenue Year-Over-Year Comparison ($ in Millions) Appendix 1 Important Disclosures *Other information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localour website at https://research.db.com/Research/Disclosures/EguityResearchDisclosures. Aside from, within this report,Investors are strongly encouraged to review this information before investing. Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subjectissuers and the securities of those.issuers.'In addition, the undersigned lead analyst has.not and will not receive any 7 July2025Gaming & LodgingGaming Equity Rating and Dispersion Key The Equity Rating Dispersion Chart depicts the following: The proportion of recommendations that are rated"buy","sell"and"hold" over the previous 12 months. This is shown forsecurities issued in the stated region e.g. "Europe Universe". See rating definitions below. This is represented by the"Companies Covered" bars in the chart. The percentage value displayed above the bar is the proportion as a percentage.E.g. 50% above the "buy" / "Companies Covered" bar means that 50% of DB's equity research covered companies overthe past 12 months have a "buy" rating. Next to each of the three respective bars showing the proportion of "buy", "sell" and "hold" recommendations we providetwo additional bars to show: - The proportion of "buy","sell" or"hold recommendations where Deutsche Bank and or/Affiliates provided MIFIDInvestmentorAncillaryServices inthepast12months.Thisisrepresented inthe"MiFiDInvestmentandAncillaryServices" bar. The percentage value displayed above the bar shows the proportion of Companies Covered with the givenalso received MIFID Investment and Ancillary Services from DB. - The proportion of "buy" (or"sell" or "hold) recommendations where Deutsche Bank and or/Affiliates has providedInvestment Banking services in the past 12 months for which it has received compensation.The percentage valuedisplayed above the bar shows the proportion of Companies Covered with the stated rating where DB has also providedmeans 50% of the Companies Covered with the rating stated also have an Investment Banking Relationship with DB. Buy: Based on a current 12- month view of TSR, we recommend that investors buy the stock. Sell: Based on a current 12-month view of TSR, we recommend that investors sell the stock. Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either aBuy or Sell. projected dividend yield Newly issued research recommendations and target prices supersede previously published research. 7 July 2025Gaming & LodgingGaming Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively 'DeutscheBank'). Though the information herein is believed to be reliable and has been obtained from public sources believed to bereport are provided for reader convenience only. Deutsche Bank neither endorses the content nor is responsible for theaccuracy or security controls of those websites. If you use the services of Deutsche Bank in connection with a purchase or sale of a security that is discussed in this report, oris included or discussed in another communication (oral or written) from a De