TLDR
- Online gambling is expanding across the U.S. as more states legalize it, creating new growth opportunities for casino stocks.
- Macau remains the world’s largest gambling market, with MGM, Las Vegas Sands, and Wynn Resorts all holding operating licenses there.
- DraftKings leads pure-play online betting with 34% U.S. market share, posting 30% revenue growth in 2024 to $4.77 billion.
- MGM hit record full-year revenue of $17.2 billion in 2024, while Las Vegas Sands posted $11.3 billion and Wynn Resorts $7.1 billion.
- Penn Entertainment ended its ESPN Bet partnership early in November 2025 after results fell short of expectations.
The casino sector is no longer just about the Las Vegas Strip. Between the rise of online sports betting, a recovering Macau market, and new luxury developments in places like Dubai, casino stocks in 2026 offer a range of different bets for investors.
Here is a breakdown of the top names worth watching right now.
MGM Resorts International (MGM) trades at $34.31 with a market cap of $8.8 billion. The company posted record revenue of $17.2 billion in 2024, up 7% year over year. Its Macau operations saw a 28% revenue jump to $4 billion following the removal of COVID-era restrictions. Its online joint venture BetMGM is now EBITDA-profitable and targeting $2.75 billion in revenue in 2025.
MGM Resorts International, MGM
MGM secured a new 10-year Macau gaming license in late 2022, giving it runway in the world’s biggest gambling market well into the next decade.
Las Vegas Sands (LVS) is the most Macau-focused name on this list, with five casinos there and the Marina Bay Sands in Singapore. The company sold its Las Vegas assets in 2021 for $6.25 billion to go all-in on Asia. That strategy was painful during COVID but has paid off since, with 2024 revenue climbing 9% to $11.3 billion.
Online Betting: The Growth Engine
In October 2025, Las Vegas Sands shut down its digital gaming unit to focus entirely on its physical properties in Macau and Singapore. That is a notable divergence from most of its peers, who are doubling down on the online channel.
DraftKings (DKNG) is the clearest pure-play on U.S. online gambling. The stock trades at $22.59, well off its 52-week high of $51.16, but the business keeps growing. Revenue rose 30% in 2024 to $4.77 billion. It holds 34% of the U.S. online sports betting market, behind FanDuel’s 44%. Monthly unique payers reached 3.6 million in Q3 2025, though user growth was essentially flat. DraftKings is still unprofitable, with an operating loss of $609 million in 2024, but it has been narrowing that gap.
Penn Entertainment (PENN) has had a rougher run. The stock sits at $12.05, near its 52-week low of $11.65. Penn announced in November 2025 that it was terminating its ESPN Bet partnership with ESPN early after the results did not meet expectations. The company is now rebranding its online sports betting product as theScore Bet. It still operates 44 properties across 20 states.
PENN Entertainment, Inc., PENN
Caesars Entertainment (CZR) remains the largest U.S. casino operator by property count, with 54 locations including eight on the Las Vegas Strip. Revenue slipped slightly in 2024 from $11.4 billion to $11.2 billion. Its digital business, however, is profitable and growing.
Caesars Entertainment, Inc., CZR
Luxury and International Expansion
Wynn Resorts (WYNN) posted 2024 revenue of $7.1 billion, up 9%, with $1.1 billion in operating income. The company is building Wynn Al Marjan Island near Dubai, set to open in early 2027. Wynn trades at $114.39, near the middle of its 52-week range of $65.25 to $134.72.
Among the stocks to watch flagged by MarketBeat’s screener, Rush Street Interactive (RSI), Red Rock Resorts (RRR), Super Group (SGHC), and Melco Resorts & Entertainment (MLCO) are also seeing elevated trading volume.
Caesars stock rose 4.41% on February 18, while DraftKings gained 3.79% and Penn added 2.47% on the same day.
