Q2 2026 Gaming Stocks Earnings Preview: LVS, Boyd, Monarch

Q2 2026 earnings season for gaming stocks begins in earnest this week. Monarch Casino & Resort reports July 20, Las Vegas Sands reports July 22, and Boyd Gaming reports July 23, with Wall Street expecting Las Vegas Sands' profit to slip year over year while Boyd Gaming and Monarch post modest growth. The Roundhill Sports Betting & iGaming ETF (BETZ) fell 1.6% last week, roughly in line with the S&P 500.

Updated July 2026.

Which gaming companies report Q2 2026 earnings this week?

Three of the sector's biggest names report within a few days of each other. Monarch Casino & Resort reports after market close on July 20, Las Vegas Sands reports on July 22, and Boyd Gaming reports after market close on July 23 with a conference call the same day, according to each company's own investor relations announcements.

Key facts

• Las Vegas Sands: consensus estimate of about $0.76 EPS on $3.32 billion revenue for Q2 2026, according to AlphaStreet.
• Boyd Gaming: consensus estimate of about $1.89 EPS on $1.04 billion revenue, based on 15 analysts tracked by AlphaStreet.
• Roundhill Sports Betting & iGaming ETF (BETZ) fell 1.6% last week, in line with the S&P 500 Index, per CasinoBeats' market roundup.

What are analysts expecting from Las Vegas Sands?

Analysts expect Las Vegas Sands to post Q2 2026 revenue of roughly $3.32 billion, up about 4.4% from $3.18 billion a year earlier, but earnings per share of around $0.76, down close to 3.8% from $0.79 in Q2 2025. That combination, revenue growing while EPS shrinks, points to margin compression, and the consensus EPS figure has itself drifted lower, falling from $0.79 to $0.76 over the past 30 days as AlphaStreet's earnings preview notes. The company reports on July 22 after market close.

Why has sentiment on Las Vegas Sands turned more cautious?

Analyst sentiment has turned modestly negative in recent weeks, reflecting caution about near term performance and softer gaming demand, particularly the mix between mass market and VIP play across the company's Macau portfolio and Marina Bay Sands in Singapore. Las Vegas Sands stock was trading at $52.62 heading into the report, down roughly 30% year to date, a sharper decline than most of its casino peers.

What are analysts expecting from Boyd Gaming?

Boyd Gaming is expected to report Q2 2026 EPS of about $1.89 on revenue near $1.04 billion, both roughly flat with the $1.87 EPS and $1.03 billion in revenue the company posted in Q2 2025. Fifteen analysts contribute to that consensus, with estimates ranging from $1.73 to $2.15 per share. The 30 day estimate trend has ticked up slightly, but the 90 day trend is still down 2.6% from $1.94, which AlphaStreet's preview describes as analysts tempering their expectations over the quarter.

Why does Boyd Gaming keep coming up as a value pick ahead of earnings?

Boyd trades at a forward price to earnings ratio of around 11x despite generating roughly $317 million in quarterly adjusted EBITDAR and property margins above 39%, a valuation gap that 24/7 Wall St. flagged in a note ahead of the July 23 report, setting a fair value estimate of $102.07 against a Wall Street consensus target of $93.94. The company has also been aggressive on capital returns, repurchasing about $155 million of stock in the first quarter alone as part of a $500 million buyback authorization, and it carries leverage of about 1.8x, which it describes as the lowest in company history and below peers such as MGM Resorts and Penn Entertainment.

What is expected from Monarch Casino & Resort?

Monarch, the smallest of the three by market capitalization, reports after market close on July 20. Ahead of the print, Monarch's shares were up about 28% year to date, with consensus estimates calling for roughly 3.9% revenue growth and 13.1% EPS growth for the quarter, the strongest projected growth of the three companies in this week's earnings lineup.

What is the Roundhill Sports Betting and iGaming ETF and how did it perform?

The Roundhill Sports Betting & iGaming ETF, ticker BETZ, is an exchange traded fund that holds a basket of sports betting and igaming companies across land based casinos, online sportsbooks and gaming technology suppliers. The fund fell 1.6% last week, which was in line with the broader S&P 500 Index, suggesting the sector traded roughly with the market rather than diverging sharply ahead of this week's results.

Which gaming stocks gained the most this week?

The Star Entertainment Group (ASX: SGR) led gainers, up about 10%, followed by Bally's Corporation (NYSE: BALY), up 9.08%, and Light & Wonder (ASX: LNW), up 5.26%. Gains of that size across companies with very different business models, an Australian casino operator, a US regional operator and a land based and online gaming supplier, point to broad based buying rather than a single company specific catalyst.

Which gaming stocks fell the most this week?

Bragg Gaming Group (NYSE: BRAG) was the sector's steepest decliner, down 15.42%, followed by Betr Entertainment (ASX: BBT), down 7.89%. Robinhood Markets (NYSE: HOOD), which is included in gaming linked baskets because of its prediction market and options trading exposure, also fell sharply, down 10.73%.

How does this earnings season compare to the last one?

The pattern from Q1 2026 reporting carries into this week. European facing operators such as Evolution and Betsson both posted softer profit in their most recent quarters, while US land based names have shown a more mixed picture, with some regional operators like Boyd holding margins steady even as Macau exposed names like Las Vegas Sands face tougher comparisons. Investors are likely to parse this week's US results for whether that European softness is spreading, or whether it stays contained to operators with heavier exposure to regulated European markets.

What should investors and the industry watch for next?

Beyond the headline EPS and revenue numbers, watch for commentary on Macau mass market trends and Marina Bay Sands performance from Las Vegas Sands, updates on Boyd Gaming's online and B2B segment guidance and buyback pace, and whether Monarch's regional casino growth continues at its current rate. With earnings season only beginning, more of the sector's biggest operators are still to report over the following weeks.

Frequently asked questions

Which gaming companies report Q2 2026 earnings this week?

Monarch Casino & Resort reports July 20, Las Vegas Sands reports July 22, and Boyd Gaming reports July 23, according to each company's investor relations announcements.

What EPS does Wall Street expect from Las Vegas Sands in Q2 2026?

Analysts expect Las Vegas Sands to post EPS of about $0.76 on revenue of about $3.32 billion, according to consensus estimates tracked by AlphaStreet.

What EPS does Wall Street expect from Boyd Gaming?

Boyd Gaming is expected to report EPS of about $1.89 on revenue near $1.04 billion, roughly flat with Q2 2025, per AlphaStreet estimates compiled from 15 analysts.

What is the Roundhill Sports Betting and iGaming ETF?

The Roundhill Sports Betting & iGaming ETF, ticker BETZ, is an exchange traded fund that invests in a basket of sports betting and igaming companies worldwide.

How did the BETZ ETF perform last week?

The BETZ ETF fell 1.6% last week, in line with the S&P 500 Index, according to CasinoBeats' market roundup.

Which gaming stocks moved the most this week?

The Star Entertainment Group and Bally's Corporation were among the week's biggest gainers, while Bragg Gaming Group and Betr Entertainment were among the steepest decliners.