GDEN

• Nevada locals casinos continue strong performance, highest quarterly EBITDA in past 2 years, EBITDA growth for third quarter,受益于最近的税收立法。- Casino Resorts segment: Laughlin had stronger event calendar but low table game hold impacted EBITDA, STRAT managed costs to mitigate revenue impact, saw stabilization of bookings in August and optimistic about Q4 and Q1 '26. - Tavern business: Promotional environment negatively impacted Q2 revenue, reinvestment rate below peers, not anticipating increasing tavern reinvestment beyond current levels. - Big Beautiful Bill: Expected to benefit from accelerated depreciation (extra $10M - $15M tax shield, $2M - $3M cash flow) and starting 2026, increase in reportable limit of slot winnings beneficial for taverns.

• Nevada locals casinos expected to be biggest beneficiary in 2026 from tax relief on tips, overtime and additional tax deductions for seniors. - STRAT sees stabilization of bookings in August, optimistic about Q4 and Q1 '26 benefit from Las Vegas Convention Center attendees and group business. - Tavern business expects improvement in late night shifts volume with improved strip business in Q4.

In the second quarter, total revenue was $163.6 million and EBITDA was $38.4 million. Nevada locals casinos: revenue increased 3% year-over-year, EBITDA up 7%, posting highest quarterly EBITDA in past 2 years and growing for third consecutive quarter, EBITDA margin up 170 basis points to over 46%. Casino Resorts segment: revenue down 3%, EBITDA down 5%, largely due to low table game hold in Laughlin; STRAT had EBITDA increase in first 2 months but slowdown in June, occupancy 69% for quarter, down 4% year-over-year, 60% in June. Tavern business: revenue down 7% year-over-year due to promotional environment, with largest decline in April, lower volume during late night shifts.

• Significant lower table game hold in Laughlin impacted Casino Resorts segment EBITDA. - Summer slowdown on Las Vegas Strip affected STRAT. - Promotional environment negatively impacted tavern business revenue. - Uncertainty in macro environment affecting STRAT's demand and rate settlement.

Q: Do you guys expect any other impacts from the passing of the Big Beautiful Bill? And any chance you could quantify or give more color on the no tax on tips benefit?

A: Blake L. Sartini said expected to benefit from accelerated depreciation (extra $10M - $15M tax shield, $2M - $3M cash flow) and starting 2026, increase in reportable limit of slot winnings beneficial for taverns.

Q: Can you provide a little color on the growth outlook for the second half of the year?

A: Blake L. Sartini said local economy positive, Laughlin market consistent, STRAT hard to gauge due to macro environment uncertainty but diverse portfolio has positive parts.

Q: Can you elaborate a bit on the strategy to mitigate recent depressed prices and rates on the strip?

A: Charles H. Protell said focused on cost structure, curtail restaurant hours midweeks, adjust services like valet based on occupancy.

Q: Any notable change or difference in M&A landscape?

A: Charles H. Protell said focus on stabilizing business first, M&A not in focus until confluence of stabilized strip operation and lower interest rate environment.

Q: How would you characterize the spend on property at the STRAT?

A: Blake L. Sartini said casino showing good momentum, Top of the World restaurant strong, Atomic Golf generating revenue, midweek fixed costs optimized, weekends and amenities driving positive signs.

Q: Outlook on Laughlin and growth at that property?

A: Blake L. Sartini said is growth in the market, prime location and market share, new marketing momentum with smaller events, LEC Center strategy working, bullish on market due to value and market-leading position.