1、M FoundationGaming|North America2Q25 Preview:Expectations Higher After Summer Melt-Up,but Still Expecting Beats;OW DKNG/WYNNOverall,2Q brick&mortar trends strengthened from a softer 1Q.Digital handle growth maintained stability and win rate improved notably.We tweak estimates to reflect better regio

2、ns&Macau but a weaker Vegas.Still too early to fully extrapolate full acceleration.OW DKNG/WYNN.Morgan Stanley&Co.LLCStephen W GramblingEquity Analyst Stephen.G +1 212 761-1010 Morgan Stanley&Co.International plc+Ed YoungEquity Analyst Ed.Y +44 20 7677-1761 Jamie RolloEquity Analyst Jamie.R +44 20 7

3、425-3281 Morgan Stanley Asia Limited+Praveen K ChoudharyEquity Analyst Praveen.C +852 2848-5068 Morgan Stanley&Co.LLCNicholas P DeValeriaEquity Analyst Nick.DeV +1 212 761-1413 Matthew AmegadzieResearch Associate Matt.A +1 212 761-4773 Molly BaumEquity Analyst Molly.B +1 212 761-0378 Gaming&LodgingN

4、orth AmericaIndustry ViewIn-LineSee our price target changes in Exhibit 9 along with our estimate changes in Exhibit 1 ,Exhibit 7 ,and Exhibit 8 .Setup for Gaming:Gaming stocks have performed well over the past 30 days going into earnings amidst an acceleration in Macau/Regional gaming spend in both

5、 April/May,better than feared results in OSB and stable trends in the Locals market.Our Gaming stock coverage is+17%vs.S&P 500+4%,with individual performance ranging from+30%to+11%vs.the S&P 500+4%(WYNN best,CZR worst).What to do with the stocks-OW DKNG/WYNN,hand improving for the regions:While sent

6、iment has improved on the margin,valuations are still undemanding so beats should support the recent momentum.Beyond the releases,follow through likely hinges on demand momentum holding in the regions and Macau.We have a more guarded forecast than recent trends given potential for goods inflation in