26 June 2026 | 3:11AM EDT Equity Research AMERICAS GAMING Cash, capex cycles and catalysts in focus; Initiate on PENN and RRR at Buy; BYD at Neutral We initiate coverage of Gaming stocks BYD, PENN and RRR We initiate coverage of Gaming stocks with Buy ratings on Penn Entertainment (PENN) and Red Rock Resorts (RRR) and a Neutral rating on Boyd Gaming Corp. (BYD). We believe the regional gaming sector is in the midst of a resurgence, with M&A activity putting a floor under valuation and earnings revisions now ...