The other big casino stocks have been big winners too, with MGM and Wynn both more than doubling in the past 12 months. Shares of Penn National, which in addition to its 36% stake in Bartsool owns nearly four dozen casinos and racetracks in Louisiana, Mississippi, Missouri, Nevada and several other states, have skyrocketed more than 1,300% in just the past year.Ĭaesars stock has soared nearly 1,000% since mid-March 2020 as well. MGM scraps UK gambling takeover after $11 billion bid rejected (Photo by Ethan Miller/Getty Images) Ethan Miller/Getty Images

In addition to Mandalay Bay and the attached Delano Las Vegas at Mandalay Bay Resort and Casino, MGM Resorts International also reopened its Aria Resort & Casino today. Hotel-casinos throughout the state were allowed to open on June 4 as part of a phased reopening of the economy with social distancing guidelines and other restrictions in place. Patricia Sanchez (L) of California and Armando Alvarado of Illinois wear masks as they play slot at socially-distanced slot machines at Mandalay Bay Resort and Casino after the Las Vegas Strip property opened for the first time since being closed in mid-March because of the coronavirus (COVID-19) pandemic on Jin Las Vegas, Nevada. Traders are betting on a major travel rebound as more states and cities start to reopen - and on continued strong demand from sports fans placing bets on their phones through apps like ‎Barstool Sportsbook & Casino. That is one reason why the casino stocks have hit the jackpot during the past year, despite the fact that the roulette, blackjack and craps tables have been relatively empty. More than two dozen states (plus Washington, DC) have legalized betting on sports. But many casino companies have opened up online sportsbooks following a Supreme Court ruling in 2018 that let states legalize sports gambling. Las Vegas - like the rest of the United States - has been hit by a travel slowdown during the past year as a result of Covid-19. In a sign of how the US economy is changing, one of the firms getting booted from the S&P 500 to make room for the casino companies is the once-mighty Xerox They join rival S&P 500 members MGM Resorts (CZR), which is in the process of buying UK-based sports betting giant William Hill, entered the S&P 500 Monday. (PENN), which has a big stake in Dave Portnoy’s Bartsool Sports, and Caesars Entertainment But it’s March Madness on Wall Street too, as the blue-chip S&P 500 index is wagering that legal gambling is a growing trend that’s here to stay. The NCAA basketball tournament, aka March Madness, is nirvana for sports bettors.

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