The global gambling industry features several prominent public gambling companies that rival private owned giants like bet365. Here’s a look at some of the top gambling stocks to consider for investment in December 2024:
DraftKings (DKNG)
Predictions for DraftKings (DKNG) stock in December 2024 show a range of potential outcomes based on various analyst forecasts and market sentiment. Currently, the stock is trading around $43.65, with analysts providing differing projections for its future performance.
- Stock Price Outlook: Analysts predict DraftKings’ stock could rise moderately, with prices estimated between $32.79 and $83.71 by the end of 2024. This range reflects both optimistic and pessimistic scenarios.
- Average Price Target: The average target from 25 analysts is $50.76, suggesting an 18.2% increase from current levels. Predictions range from a low of $28 to a high of $62, showing varied expectations.
- Revenue Projections: DraftKings’ revenue is expected to grow, with forecasts ranging from $4.8 billion to $5.5 billion in 2024, depending on market conditions.
- Technical Analysis: Technical indicators show mixed signals. Some patterns suggest potential downward pressure, while others hint at upward momentum if resistance at $40.40 is broken. Key support is near $36.71.
- Market Sentiment: The overall market sentiment is neutral, leaning slightly toward fear, as indicated by the Fear & Greed Index, which may influence short-term trading.
Caesars Entertainment (CZR)
As of late November 2024, Caesars Entertainment’s stock is trading at approximately $38.49. The company has seen fluctuations in its stock price, with a recent market cap of about $8.18 billion.
- Price Forecasts: Analysts expect Caesars Entertainment’s stock to rise to an average price of $42.19 by December 2024, with estimates ranging from $35.12 to $49.26. This suggests a potential increase of 12% to 30% from the current price.
- Market Sentiment: Sentiment around CZR stock is generally positive, with many analysts rating it a “Strong Buy.” The Fear & Greed Index indicates some fear in the market, which could create buying opportunities.
- Revenue Growth: Caesars is projected to generate $11.5 billion in revenue for 2024, showing modest growth. Analysts expect this upward trend to continue into 2025, boosting the stock’s potential.
- Technical Indicators: Technical analysis shows that breaking key resistance levels could lead to faster growth. Support is around $35, while resistance is near $42.
MGM Resorts International (MGM)
As of late November 2024, MGM’s stock is trading at approximately $38.33. The company has experienced fluctuations in its stock price, with a market cap around $11.41 billion.
- Price Forecasts: Analysts estimate MGM’s stock price could reach an average of $43.12 by December 2024, with a range from $37.99 to $48.24. This indicates a potential gain of 12% to 26% from its current price.
- Market Sentiment: Sentiment around MGM stock is cautiously optimistic, with many analysts rating it as a “Buy” or “Strong Buy.” The Fear & Greed Index shows a slight tilt towards fear, potentially offering buying opportunities.
- Revenue Growth: MGM is projected to generate around $17 billion in revenue for 2024, reflecting steady growth. Continued revenue increases into 2025 are expected to support further stock gains.
- Technical Indicators: Breaking key resistance levels could trigger faster growth for MGM. Support is identified around $35, with resistance near $42.
Wynn Resorts (WYNN)
As of late November 2024, Wynn Resorts’ stock is trading at approximately $94.35. The company has a market capitalization of around $10.36 billion.
- Price Forecasts: Analysts predict that Wynn Resorts’ stock could reach an average price of $110.79 by December 2024, representing a potential 17% increase from its current value. Estimates vary widely, ranging from $85.74 on the low end to $138 on the high end.
- Market Sentiment: Sentiment around Wynn Resorts stock is cautiously optimistic, with many analysts rating it as a “Strong Buy.” However, the Fear & Greed Index shows some market fear, which could influence short-term performance.
- Revenue Growth: Wynn is projected to generate approximately $7.24 billion in revenue for 2024, reflecting solid growth driven by rising tourism in Las Vegas and expanding operations in Macau and other international locations.
- Technical Indicators: Breaking through resistance levels could lead to notable gains for Wynn. Key support is identified at $91, with resistance around $95.
Penn Entertainment (PENN)
As of late November 2024, Penn Entertainment’s stock is trading at approximately $21.56. The company has a market capitalization of around $3.30 billion.
- Price Forecasts: Analysts expect Penn Entertainment’s stock to decline to an average target of $19.34 by December 2024, with estimates ranging from $17.90 to $19.76. This suggests a potential decrease of about 10% from its current price.
- Market Sentiment: Sentiment for PENN stock is mixed. Some analysts recommend holding the stock, while others advise caution due to market volatility and competitive challenges in the gaming industry.
- Revenue Growth: Penn Entertainment is projected to report $6.79 billion in revenue for 2024, indicating modest growth. However, profitability remains a concern, with expected earnings per share (EPS) at approximately -1.43.
- Technical Indicators: Technical analysis indicates potential struggles for PENN to surpass resistance at $22. Key support is around $19, hinting at a bearish trend if the stock fails to regain upward momentum.
Summary
Among these stocks, Caesars Entertainment (CZR) and Wynn Resorts (WYNN) stand out as the better options to consider for investment based on their potential for growth and positive market sentiment.
- Caesars Entertainment (CZR) offers a solid potential upside (12%-30%) with analysts largely optimistic, supported by revenue growth projections into 2025. Breaking resistance levels could further drive its stock upward.
- Wynn Resorts (WYNN) has a strong growth outlook, with analysts predicting a potential 17% increase and a broad range of higher-end price estimates. Its expanding international operations and rising tourism support long-term growth.
DraftKings (DKNG) could also be a good option due to its 18.2% potential increase and revenue growth forecasts but has a more mixed technical outlook. MGM (MGM) shows steady growth but offers a smaller upside compared to others. Penn Entertainment (PENN) appears to be the least attractive, with a predicted decline in price and challenges in profitability.
