Key Takeaways
- Wall Street is closely monitoring five gaming companies — DraftKings, MGM Resorts, PENN Entertainment, Caesars Entertainment, and Las Vegas Sands — as 2026 begins
- Financial analysts project approximately 30% growth opportunity for DraftKings shares after the company entered the prediction markets space
- MGM Resorts achieved its highest-ever annual revenue of $17.2 billion during 2024, representing a 7% increase compared to the previous year
- PENN Entertainment terminated its ESPN Bet collaboration in November 2025 due to underwhelming performance and plans to rebrand under theScore Bet banner
- Las Vegas Sands discontinued its online gaming division in October 2025, choosing to concentrate resources on Asian casino operations
As 2026 gets underway, five major casino operators are commanding heightened investor interest, according to market trading volume metrics and Wall Street analyst reports.
DraftKings completed its public listing via SPAC merger in 2020. The company stands as the sole pure-digital gambling operator among prominent casino equities, commanding approximately 34% of America’s online sports wagering market. Market leader FanDuel maintains a 44% share.
The company’s revenue surged 30% during 2024, reaching $4.77 billion, though profitability remains elusive. DraftKings reduced its operating deficit to $609 million. Monthly unique paying customers reached 3.6 million by Q3 2025.
Wall Street analysts are eyeing potential gains near 30% following the company’s entry into prediction markets. However, customer acquisition has plateaued in recent quarters.
MGM operates several iconic Las Vegas Strip properties, including Bellagio and MGM Grand. The company also maintains 56% ownership in a pair of Macau gaming facilities.
MGM Resorts International, MGM
The resort operator delivered unprecedented annual revenue of $17.2 billion in 2024, marking a 7% year-over-year gain. Macau operations contributed $4 billion, surging 28% as pandemic-era restrictions were lifted.
BetMGM Achieves Profitability Milestone
The company’s 50-50 online venture with Entain, BetMGM, has crossed into EBITDA profitability. Projections indicate BetMGM will generate $2.75 billion in revenue alongside $200 million in EBITDA throughout 2025.
PENN Entertainment manages a portfolio of 44 gaming facilities spanning 20 U.S. states. The operator previously purchased Barstool Sports before pivoting to rebrand its sportsbook platform as ESPN Bet through a $2 billion arrangement.
PENN terminated the ESPN Bet agreement ahead of schedule in November 2025. Management cited disappointing results. The company is transitioning its online sports betting operations to the theScore Bet brand.
Revenue experienced modest growth in recent reporting periods, though PENN continues reporting GAAP losses as it funds digital expansion initiatives.
Caesars emerged as America’s largest casino operator following Eldorado Resorts’ 2020 acquisition. The merged entity oversees 54 properties nationwide, including eight Las Vegas Strip locations.
Total revenue contracted modestly in 2024, declining from $11.4 billion to $11.2 billion as both Las Vegas and regional markets experienced slight softness.
Las Vegas Sands Exits Digital Gaming
Caesars invested $4 billion to purchase U.K.-based online gaming operator William Hill in April 2021. The digital segment has since achieved growth targets while generating healthy profits in the latest reporting period.
Las Vegas Sands maintains exclusive focus on Asia-Pacific markets. The company operates five Macau properties plus Marina Bay Sands in Singapore. All Las Vegas assets were divested in March 2021 for $6.25 billion.
During 2024, Las Vegas Sands generated $11.3 billion in revenue, representing 9% growth versus 2023, with operating income totaling $2.4 billion.
Las Vegas Sands shuttered its digital gaming initiative in October 2025, reallocating capital toward core Macau and Singapore casino operations.
