With uncertainty in the economy in 2023, finding the best gambling stocks can be a bit of a tricky proposition. Fortunately, we have already done the legwork to help you navigate through the top gambling stock picks in 2023 and have provided you with premium options below.
Las Vegas Sands Corp. (NYSE: LVS)
One casino stock that will benefit in the short and long term is Las Vegas Sands Corporation. The owner of The Venetian Resort Las Vegas bet big on the Macau market in 2007, and it’s looking like a winning wager.
The Venetian in Macau is the biggest casino and hotel in Macau. The resort is bigger than the Las Vegas location and attracts the biggest gamblers in the world. Marina Bay Sands, in a growing Singapore market, continues to be a property that has the potential for growth, as well.
However, this is not why we are so excited about the prospects of the Las Vegas Sands Corporation, though.
A multi-billion-dollar initiative is expected to include a five-star hotel, a concert venue hosting world-class talent, celebrity chefs, and a casino in New York.
Breaking into the New York market would be a big win for LVS, and it’s one more reason why this stock has a promising future, according to NASDAQ.
Wynn Resorts Ltd. (NASDAQ: WYNN)
Wynn Resorts has moved on from Steve Wynn and positioning itself for a successful future. Despite recent legal troubles, the Wynn brand remains a big player in the gambling industry. The company caught the eye of Tilman Fertitta, as his company, Fertitta Entertainment, Inc., bought around a 6% stake in Wynn Resorts in October.
Wynn Resorts has operations in Las Vegas, Macau, and Boston. They are also in talks about developing a casino in the UAE. The luxury resort would be a groundbreaking moment in the Gulf, a region that has strict anti-gambling laws. The project is slated to open in 2026 as a major attraction in the region.
Wynn resorts Ltd. is up 80.79% over the last six months and 15.19% in 2023. As Macau continues to open up from COVID restrictions, expect Wynn Resorts to continue to gain traction in the near term.
PENN Entertainment Inc. (NASDAQ: PENN)
PENN Entertainment has taken its lumps over the last year. The stock is down to $32.52 from an all-time high of $130.47 in March of 2021. We see this as an opportunity to invest at this price.
The stock saw incredible gains following an all-time low of $7.89 in March 2020. This type of growth was unsustainable, though, and stayed away from PENN Entertainment. Despite the downturn in the stock price, their land-based casino operations remain incredibly strong.
They are well-known for their Hollywood Casino and Ameristar brands. PENN also owns the M Las Vegas, among others. The continued American expansion of online gambling is what gets our attention for the future, with PENN leading the charge.
There are huge untapped markets for online gambling around the country, including major markets like Florida, Texas, and California.
While residents of California are not able to fully experience regulated land-based and iGaming provided by these companies, they can still safely gamble at California online casinos. However, it’s just a matter of time before operators such as PENN Entertainment are functional in the Golden State.
Look for PENN’s Barstool Sportsbook and the Score Bet brands to see upward mobility over the next handful of years.
VICI Properties Inc. (NYSE: VICI)
If you want a diverse gambling stock, VICI Properties is one of the most diverse you are going to find in the industry. VICI Properties is best known for being a landlord to Caesars Entertainment (NASDAQ: CZR).
VICI Properties, which was created as a spinoff of Caesars Entertainment in 2017, recently gained attention by buying Caesars Entertainment’s competitors. Mandalay Bay and MGM Grand were acquired by VICI in a $1.27 billion deal.
VICI is a real estate investment firm that spreads its investments across multiple markets and partnerships. They lease their properties out to casino operators and continue to grow well past the original intention of just being a spinoff of Caesars Entertainment.
Other popular casino operators that VICI is affiliated with include Hard Rock International, JACK Entertainment, and The Venetian Las Vegas. VICI Properties has enjoyed steady growth over the last five years. They are up 63.59% since then and remain a strong buy.
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