Why U.S. Casinos Are Beating Macao Casinos Right Now
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The casino industry has had a rough go of it over the past two years. U.S. casinos are doing better than Macao casinos. MGM Resorts and Penn National Gaming are becoming growth stocks. Las Vegas Sands, Wynn Resort, and Melco Resorting have lagged the market by a wide margin.
Macao's gaming stocks have had a tough time because of COVID-19. U.S. casinos are recovering and are almost back to pre-COVID.19 revenue levels. Las Vegas Strip gambling revenue for April 2021 through June 2021 was $1.75 billion.
DraftKings expects $1.21 billion to $ 1.29 billion in revenue in 2021 alone. Penn National is launching betting across the country with Barstool Sports. MGM Resorts is another big player and is battling with DraftKings for the top spot in most markets. BetMGM is owned 50-50 with Entain and expects to generate over $1000 million in revenues in the next five years. Wynn Resort has a smaller online gambling operation. Las Vegas Sands missed online betting altogether because the late Sheldon Adelson was opposed to the practice.
U.S. and online gambling are the two biggest winners in the market. Macao was the world's No. 1 gambling market, but it may be years before it recovers. Travis Hoium is bullish on MGM's position in U.s. gambling and is interested in Macau-focused stocks like Wynn Resorts and Las Vegas Sands.
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