10 Best Casino Stocks to Buy According to Billionaires

8. PENN Entertainment, Inc. (NASDAQ:PENN)

Number of Billionaires: 10

Billionaire Holdings: 238,479,703

PENN Entertainment, Inc. (NASDAQ:PENN) is among the Best Casino Stocks. The firm is the owner of racetracks, online casinos, and regional casinos. It has a strong omnichannel presence, with 43 physical casino and racing properties, a digital portfolio that includes media, iGaming, a loyalty membership base of over 30 million, and a fresh sports betting deal with ESPN that began in November 2023. Analysts estimate the firm held around a high-single-digit percentage revenue share of the $72 billion domestic commercial casino gaming market in 2024. Early in the pandemic, its stock soared as investors were captivated by its moves into online gambling.

PENN Entertainment, Inc. (NASDAQ:PENN)’s revenue growth in 2024 was led by strong property-level performance, with locations that were untouched by new competition growing by roughly 3% YoY. Significant improvements were also made by the company in its Interactive area, where strict advertising tactics and strong online casino operations resulted in higher revenue and Adjusted EBITDA.

Digital market share was boosted by the Hollywood iCasino app’s successful launch in Pennsylvania and Michigan, and engagement continued to rise with the growth of the digital membership base to over four million individuals. The Score and Score BET also kept up their strong performance in Canada, especially in Ontario, and they have ambitions to enter Alberta, which will support their growth. Despite difficulties in the sports betting market, these factors, along with smart operational efficiencies, let PENN Entertainment, Inc. (NASDAQ:PENN) maintain a high performance.

Four retail expansion projects are being built with the goal of producing high returns, and they are anticipated to open between late 2024 and mid-2026.