Casino stocks hit the jackpot.
- MGM Resorts (MGM) ran from a recent low of $40 to a high of $51
- Wynn (WYNN) ran from a recent low of $80 to $97
- Caesars Entertainment (CZR) ran from $82.50 to $103
- Boyd Gaming (BYD) ran from about $58 to $64
All thanks to the industry’s best quarter ever.
For Q3 2021 U.S. casinos raked in $14 billion. Even better, U.S. casinos could break an annual record of $43.75 billion set in 2019.
“Two straight quarters of record gaming revenue is an incredible accomplishment in any context, let alone after the most challenging year in industry history,” said Bill Miller, president and CEO of the American Gaming Association. “Our recovery is not a flash in the pan, but rather a sustained result of our leadership in responsible reopening, world-class entertainment offerings and widespread favorability.”
Visitors to Las Vegas jumped about 10% to 9.2 million in the third quarter. Slots and table games accounted for $12 billion. Internet gambling revenue soared to $983.6 million. Sports betting revenue came in at $886.5 million.