1、I N D U S T R Y P U L S E|US Gaming:2025 Q2Led by digital,gaming demand endures despite an ominous economic environment.J U N E 2 0 2 5Table of ContentsMorningstar Equity ResearchImportant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Conduct Policy,Personal Se

2、curity Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ WasiolekSenior Equity Analyst,ConsumerI N D U S T R Y P U L S E|U S G A M I N G 2 0 2 5 Q 2US Gaming Outlook:Strength in Digital Should Buoy EBITDA Margin Exp

3、ansion and Sales Growth Top Picks:Investment and Financing Cost Angst Offers Attractive Opportunities Within CoverageGaming Coverage:The Market Underappreciates Gaming Operators Top-Line and Profit TrajectoriesExecutive Summary:Even Against Resilient Demand,the Gaming Industry Offers BargainsUS Gami

4、ng Trends:Consumers Desire for Gaming Intact,Amid Economic and Labor Cost HeadwindsUS Gaming Segment Dynamics:Digital Results Strong,as Economic Peril Affects Physical Casinos3611I N D U S T R Y P U L S E|U S G A M I N G 2 0 2 5 Q 2Executive SummaryEven against resilient demand,the gaming industry o

5、ffers bargains.Morningstar Equity Research|4See Important Disclosures at the end of this report.Gaming Sales Healthy Despite Ominous Inflation Expectations and Subdued Consumer SentimentWhile Current Inflation Is Tame,Its Expected to Rise Over the Next YearRising Inflation Will Cause Angst Among Man

6、y ConsumersHowever,Retail and Commercial Sales Growth Remains Steadfast As Does I-Gaming and Sports Betting,Despite Unusual Sport Outcomes in Q1 2025K E Y T A K E A W A Y SSource:US Bureau of Economic Analysis(top left),University of Michigan(top right),US Census Bureau and American Gaming Associati