10 Best Casino Stocks to Buy According to Billionaires

Published on March 21, 2025 at 5:31 pm by Fatima Gulzar in Hedge Funds, News

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In this article, we will discuss: 10 Best Casino Stocks to Buy According to Billionaires.

The casino industry has rebounded strongly from the COVID-19 pandemic, due to pent-up demand from gamblers and visitors returning to popular places such as Las Vegas. Brick-and-mortar casinos make a substantial profit from hotel operations, conventions, and other events in addition to the revenues that they make from slot machines and table games. Casino stocks are categorized as consumer discretionary since tourism and gambling spending are strongly correlated with the overall economic condition. According to Market Research Future, the global casino market is projected to grow from $309.54 billion in 2024 to $511.6 billion by 2032, with a compound annual growth rate (CAGR) of 6.48% over the forecast period (2024-2032). Furthermore, in 2023, the casino market was estimated to be worth $290.7 billion.

Regionally, the Asia Pacific Casino market dominates the industry due to the growing availability of online casinos and the average individual’s income. The North American casino market has the second-largest market share due to the legalization of sports betting and the approval of online gambling in the region. Furthermore, the UK casino market grew at the quickest rate in the European region, while the German casino industry held the largest market share.

Macquarie analyst Chad Beynon recently highlighted the significant market reaction to casino industry earnings even though the results were essentially in line with forecasts. After five years of underperformance, the industry saw double-digit stock increases due to improving sentiment, potential interest rate drops, and solid early-year trends. Although Macau’s recovery is still below pre-pandemic levels, gaming revenue is projected to rise by 8% in 2025, outperforming the U.S. market’s flat-to-2% growth. Chinese New Year activity was consistent rather than volatile, showing a healthy demand trend. By bypassing the costs of licensing and regulations, new event-based contracts may pose a threat to established operators. However, Beynon believes that licensed operators will fight back, as they did against sweepstakes and illegal betting. Investor confidence was strengthened by generally favorable remarks regarding recent trends, even if some companies decided not to provide updates during the quarter. The industry is now seen more favorably by analysts after years of weak performance.

Apart from analysts, there are also billionaire investors who remain bullish on the casino stocks. Ken Fisher’s Fisher Asset Management, with a portfolio worth more than $252 billion, has invested in two renowned casino stocks. In Q4 of 2024, Fisher invested more than $201 million and owned more than 2.3 million shares in a high-end casino and hotel operator in the United States. Fisher’s confidence in the market’s long-term potential is proven by the fact that the stock makes up 0.07% of his portfolio. In the same quarter, Fisher also made an investment of more than $153 million in an American multinational hospitality, sports, and entertainment company.

Meanwhile, in Q4 of 2024, Billionaire Carl Icahn’s Icahn Capital LP, which has a $7.4 billion portfolio, showed its trust in the industry by investing over $82 million in the largest casino-entertainment firm in the United States.

With that said, here are the 10 Best Casino Stocks to Buy According to Billionaires.

Aerial shot of an entertainment resort, its buildings and gaming amenities sprawling along the seafront.

Our Methodology

For this article, we scanned Insider Monkey’s Q4 2024 proprietary database of billionaires’ stock holdings and identified casino stocks from the list. These companies are involved in operating casinos, online gaming platforms, sports betting, and resort entertainment. From there, we picked the top 10 stocks with the highest number of billionaires having a stake in them. Where two or more stocks were tied on billionaire sentiment, we used the dollar value of billionaire holdings as a tiebreaker between them.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

10. Boyd Gaming Corporation (NYSE:BYD)

Number of Billionaires: 9

Billionaire Holdings: 121,003,171

One of the Best Casino Stocks, Boyd Gaming Corporation (NYSE:BYD) is a gaming company that operates across multiple jurisdictions. The business runs fully-owned gambling entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania, including casinos, slot machines, table games, and hotel rooms. Its business categories are divided geographically into four areas: online, Midwest and South, Downtown Las Vegas, and Las Vegas Locals. The majority of the company’s sales are generated by entertainment properties located in the Midwest and South.

The firm’s successful year performance was driven by its diverse business model, ongoing operational efficiencies, and recent property investments. It set a full-year record in 2024 with reported revenues of $3.9 billion. While sustaining operating margins of more than 40% at the property level, its company-wide EBITDA came to around $1.4 billion. These outcomes show Boyd Gaming Corporation (NYSE:BYD)’s ongoing potential for outstanding financial results. Additionally, its fiscal Q4 2024 revenue crossed the $1 billion threshold for the first time, and its EBITDAR rose to around $380 million.

Treasure Chest Casino’s new facility has continuously exceeded expectations, with revenues substantially rising over pre-expansion levels. Boyd Gaming Corporation (NYSE:BYD) is still working on significant expansion initiatives, such as the Cadence Crossing Casino and the construction of a resort in Norfolk, Virginia. The objectives of these projects are to increase the company’s market presence and take advantage of opportunities in communities that are expanding quickly.

9. DraftKings Inc. (NASDAQ:DKNG)

Number of Billionaires: 9

Billionaire Holdings: 692,610,874

DraftKings Inc. (NASDAQ:DKNG) is a pure-play online gambling startup and one of the Best Casino Stocks that went public through a SPAC in 2020. It claims 34% of the market, behind FanDuel’s 37%, giving it a form of duopoly in online sports betting.

Like many of its competitors, the company has expanded through acquisitions. It strengthened its position in online casino games by spending $1.5 billion to acquire Golden Nugget Online Gaming in August 2021, extending its reach beyond daily fantasy sports and sports betting. The company has remained founder-led, with CEO Jason Robins leading its evolution since 2012. DraftKings Inc. (NASDAQ:DKNG) growth has been fueled by his leadership, especially in the online casino category, which improves revenue diversification.

During the COVID-19 pandemic, social distancing and orders to stay at home caused a surge in online sports betting and gambling. Its revenue continues to grow even after the COVID-19 pandemic ended. The company’s business is displaying significant operating leverage. Its fiscal Q4 2024 earnings showed a 30% growth in revenue to $4.8 billion over the previous year. For the first time ever, free cash flow was positive and adjusted EBITDA increased $332 million year over year to $181 million. DraftKings Inc. (NASDAQ:DKNG) also added 3.5 million new consumers at record low acquisition costs, boosting its overall client base to $10.1 million, or a 42% year-over-year surge.

The DraftKings Sportsbook app peaked at number one in the sports category and third overall in the App Store on Super Bowl Sunday. The firm achieved the largest gross gaming revenue day in its history, setting a record for sportsbook handle at $436 million.

The online gambling firm raised its fiscal year 2025 revenue projection to $6.3 billion to $6.6 billion, reflecting a 32% to 38% jump over the previous year, because of anticipated investments in live betting.

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