Gambling & casinos

8 companies · $78.6B combined revenue · $8.2B operating profit

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The typical US-listed gambling & casinos company grew revenue 5.6% and earnings -22.5% in its latest year, at a 15.9% operating margin, and 1 of 8 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

5.6%Median revenue growth
-22.5%Median earnings growth
18.7%Median revenue growth, 3 yrs
-4.2%Median earnings growth, 3 yrs
15.9%Median operating margin
8%Median ROCE
Fastest revenue growthDraftKings DKNG27%Fastest earnings growthBoyd Gaming BYD219%Highest ROCELas Vegas Sands LVS15.9%Biggest margin gainDraftKings DKNG+12.5 pts

Growth engines: the 4 Cylinders

All four working: 0% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more38%
  • Operating leverage · Operating income growing faster than a growing revenue14%
  • Margin expansion · Operating margin up 1 point or more13%
  • Debt reduction · Debt down 5% or more, or net cash14%

Combined revenue · 8 companies reporting in US dollars

Revenue
$0$20B$40B$60B$80BFY21FY22FY23FY24FY25

Combined operating margin

Operating margin
0%5%10%15%FY21FY22FY23FY24FY25

All 8 companies

Median–5.6%-22.5%15.9%8%2.96x
LVSLas Vegas Sands$13.0B15.2%▲12.5%▲21.6%▲15.9%▲9.22x▼
FLUTFlutter Entertainment$16.4B16.6%▲-351%▼0.2%▼0.1%▼1.36x▲
DKNGDraftKings$6.1B27%▲–-0.3%▼-0.6%▼–
WYNNWYNN Resorts$7.1B0.1%▼-34.7%▼15.7%▼9.8%▲–
MGMMGM Resorts International$17.5B1.7%▼-72.4%▼5.7%▼2.6%▼2.56x▲
CZRCaesars Entertainment$11.5B2.1%▼–16.2%▲6.3%▼3.36x▼
CHDNChurchill Downs$2.9B7%▲-10.3%▲23.4%▲10.1%▲5.08x▼
BYDBoyd Gaming$4.1B4.1%▼219%▲18.3%▲13.4%▲0.78x▲

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).