Casino & Gambling Stocks
8 stocks · Updated Mar 25, 2026
Casino stocks include operators of physical gaming properties in Las Vegas, Macau, and regional markets, as well as the convergence of casino companies into online gaming and sports betting. Macau represents the largest gaming market in the world by revenue and is a critical growth driver for Las Vegas Sands, Wynn, and MGM. The reopening of Macau after COVID restrictions triggered a significant recovery cycle for gaming operators with Asia-Pacific exposure.
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Frequently Asked Questions
What drives casino revenue — gaming or hospitality?
Modern integrated resorts derive revenue from gaming floors, hotel rooms, restaurants, entertainment, and conventions. Las Vegas operators have deliberately diversified away from gaming, which now represents less than half of Strip revenue.
How does Macau differ from Las Vegas as a market?
Macau is dominated by VIP and premium mass baccarat, with much higher revenue per gaming table. It is more concentrated, more regulated by the Chinese government, and more sensitive to Chinese economic conditions and visa policies.
What is EBITDA margin and why does it matter for casino stocks?
Adjusted property EBITDA margin measures casino operational efficiency. Top Las Vegas Strip properties run 35-45% EBITDA margins. Macau properties can reach 40%+ during peak periods.
How is online gaming affecting brick-and-mortar casino operators?
Many casino operators have launched online gaming platforms or acquired sports betting companies to capture digital gambling dollars. iGaming and sports betting can be cannibalistic in some states but additive overall by extending the brand reach.