TLDR
- MarketBeat flagged seven casino stocks with the highest dollar trading volume, including DraftKings, MGM, and PENN Entertainment
- DraftKings analysts see roughly 30% upside potential tied to its prediction markets launch
- MGM posted record revenue of $17.2 billion in 2024, up 7% year-over-year
- PENN Entertainment ended its ESPN Bet deal early in November 2025 after poor results
- Caesars became the largest U.S. casino operator after its 2020 merger and has 54 properties worldwide
Five casino stocks are drawing investor attention in early 2026, based on trading volume data and recent analyst coverage. Here is a breakdown of what’s happening with each company.
DraftKings (DKNG)
DraftKings went public through a SPAC in 2020 and is the only pure-play online gambling company among major casino stocks. It holds about 34% of the U.S. online sports betting market, behind FanDuel’s 44%.
Revenue jumped 30% in 2024 to $4.77 billion, but the company is still unprofitable. Its operating loss narrowed to $609 million, and it reached 3.6 million monthly unique payers as of Q3 2025.
Analysts are eyeing roughly 30% upside following DraftKings’ launch of prediction markets. User growth was flat as of the most recent quarter.
MGM Resorts International (MGM)
MGM owns some of the most well-known resorts on the Las Vegas Strip, including the Bellagio and MGM Grand. It also holds 56% stakes in two Macau casinos.
MGM Resorts International, MGM
In 2024, MGM posted record revenue of $17.2 billion, up 7% year-over-year. Adjusted EBITDA rose from $2.3 billion to $2.4 billion, and Macau revenue grew 28% to $4 billion following the removal of COVID restrictions.
Its online joint venture, BetMGM, is now EBITDA-profitable and is on track for $2.75 billion in revenue and $200 million in EBITDA in 2025.
PENN Entertainment (PENN)
PENN operates 44 properties across 20 states and has made a strong push into online gambling. The company acquired Barstool Sports and later rebranded its sportsbook as ESPN Bet in a $2 billion deal.
In November 2025, PENN terminated the ESPN Bet deal early, saying results did not meet expectations. The company is now rebranding its online sports betting to theScore Bet.
Revenue grew slightly in the most recent period, but PENN is still operating at a GAAP loss as it waits for digital investments to pay off.
Caesars Entertainment (CZR)
Caesars became the largest U.S. casino operator after Eldorado Resorts acquired it in 2020. The combined company now runs 54 properties, including eight on the Las Vegas Strip.
Revenue dipped slightly in 2024, falling from $11.4 billion to $11.2 billion due to minor declines in Las Vegas and regional operations. Its digital business posted growth and is delivering solid profits.
Caesars spent $4 billion to buy British online gaming company William Hill in April 2021 as part of its online expansion.
Las Vegas Sands (LVS)
Las Vegas Sands is focused entirely on Asian markets, operating five casinos in Macau and the Marina Bay Sands in Singapore. It sold its Las Vegas properties in March 2021 for $6.25 billion.
In 2024, revenue reached $11.3 billion, up 9% from 2023, with operating income of $2.4 billion. In October 2025, the company shut down its digital gaming arm to refocus on Macau and Singapore.
