Online Gambling Stocks List

Updated on September 14th, 2020 by Bob Ciura

(See Boyd stock analysis on TipRanks) Las Vegas Sands (LVS) Next on our list is Las Vegas Sands, the largest gaming company in the world, with a market cap of over $33 billion.

Sep 12, 2017 And virtual reality gives the online gaming world a new dimension. You can be sure that publicly traded casino companies will try to take advantage of upcoming technology and/or new markets. That said, let's look at 7 public casino companies that are eyeing major growth over the coming years. Ruby Achieves 5 Years on Oregon's Most Admired Companies List: 12/11 - 9:01 AM - Leading Designer Toy Stock, Pop Mart, Listed on HKEX: 12/11 - 8:06 AM - Century Casinos Partners with Rush Street Interactive for Interactive Gaming in West Virginia: 12/11 - 8:06 AM.

As the saying goes, the house always wins. Casinos operate strong business models, as casinos earn a virtually guaranteed profit from the sum of the bets they receive. The relatively attractive economics of casinos make the industry worthy of a closer look.

Investors may be particularly intrigued by the earnings growth and dividends of the major casino stocks. The 4 major publicly-traded casino stocks all pay dividends to shareholders, but they are far from the safest dividend stocks around.

If you are looking for a safer basket of dividend growth stocks, consider the Dividend Aristocrats. They are an elite group of 65 stocks in the S&P 500 Index with 25+ years of rising dividends.

Gambling Stocks

You can download an Excel spreadsheet of all 65 Dividend Aristocrats (with important financial metrics such as dividend yields, P/E ratios, and dividend payout ratios) by clicking the link below:

Click here to download your Dividend Aristocrats Excel Spreadsheet List now.

Casinos are not without a fair amount of risk. Casinos are highly vulnerable to recessions, as consumers typically cut back heavily on gaming when the economy enters a downturn. The four major casino stocks saw their earnings collapse during the Great Recession. A similar impact has taken place to start 2020 due to the coronavirus crisis, which has battered the casino industry.

We have analyzed the major casino stocks in the Sure Analysis Research Database, which ranks stocks based upon the combination of their dividend yield, earnings-per-share growth potential and valuation to compute expected total returns. In this article, we will compare the expected 5-year total annual returns of the four major casino stocks.

Table Of Contents

For this article, stocks are ranked in order of least attractive to most attractive. While 5-year expected returns are incorporated in the rankings, we have also utilized a qualitative screen based on balance sheet strength and overall business quality.

You can instantly jump to a particular section of the article using the links below:

Casino Industry Overview

The casino industry is in severe distress right now. The spreading coronavirus and resulting global recession have taken their toll on the casino stocks. The large U.S. casinos are heavily reliant on Macau, the largest gaming market in the world and the only market in China where casinos are legal. As a result, these stocks are very sensitive to any developments that affect the gaming activity in Macau.

This was a significant concern several years ago. In 2014, China initiated an anti-corruption regulatory crackdown, which greatly reduced the gaming activity in the area. Fortunately for the casinos, the downturn lasted for approximately two years and gaming activity in Macau recovered thereafter. Then the gaming activity in Macau faced another headwind, namely the trade war between the U.S. and China.

This headwind lasted for only about a year but now Macau is facing its strongest challenge ever, the outbreak of coronavirus, which has caused a huge hit in the gaming business. Casinos were shut down for an extended period due to the coronavirus. Visa restrictions have also added to the decline in gaming activity in Macau.

As a result, gross gaming revenue in Macau plunged 94.5% in August, compared with the same month last year. Gross gaming revenue in Macau declined 81.6% through the first eight months of 2020. The high sensitivity of casino stocks to all the developments related to China and their pronounced cyclicality means that investors should pick casino stocks carefully.

Top Casino Stock #4: Wynn Resorts (WYNN)

Slot machines in pensacola florida condo rentals. Wynn Resorts owns and operates Wynn Macau and the Wynn Palace in Macau, as well as Wynn Las Vegas and Encore in Las Vegas. Since Wynn Resorts is highly leveraged to the gaming activity in Macau, it saw its earnings collapse and it cut its dividend by 62% in 2015-2016 due to the Macau downturn that was caused by the anti-corruption regulatory crackdown in the area. But as Macau strongly recovered in the last three years, Wynn Resorts returned to growth.

Unfortunately, the company is now facing the headwind of coronavirus in all the regions in which it operates. Wynn Resorts reported earnings results for the second quarter on 8/4/2020. Revenue declined 95% year-over-year to $85.7 million, which was $190 million less than expected. The company lost $6.14 per share in the quarter, missing estimates by $1.23. Adjusted property EBITDA was a loss of $322.9 million compared to estimates of a loss of $314 million. This compared unfavorably to adjusted EBITDA of $480.6 million in the second quarter of 2019.

Results for Wynn Resorts were once again severely impacted by the COVID-19 pandemic as properties in Macau were closed for 15 days. Las Vegas operations didn't open until June 4th.Wynn Palace revenues declined 98.6% as a result. Revenues for Wynn Macau decreased 97.8% while Las Vegas decreased 86% year-over-year. Wynn Resorts suspended its dividend in an effort to conserve capital. Consensus estimates call for a loss of $11.52 per share for 2020.

On the bright side, casinos are gradually reopening, and Wynn Resorts seems to have ample room to grow in the upcoming years thanks to its promising growth pipeline.

Source: Investor Presentation

The company has made progress in the design of Crystal Pavilion in Macau, which will be a major tourist attraction. In addition, Encore Boston Harbor opened in June-2019 and has exhibited strong performance so far so it has promising growth prospects ahead thanks to expected ramp-up in activity.

Moreover, the company has been caught off guard, with total current and long-term debt outstanding of $12.78 billion and cash and cash equivalents of $3.80 billion. Therefore, the stock is carrying an increased amount of risk right now due to its high level of debt.

However, we believe that the coronavirus crisis will not last beyond this year and we view the long-term growth prospects of the company as intact. We expect 4% annual EPS growth through 2025. Using the company's current assets, return on assets of 5.6% over the last decade and share count, we believe Wynn Resorts has earnings power of $1.89. We will use this figure to calculate fair value and projected return.

Based off of the earnings power estimate for 2020, the stock is currently trading at a P/E ratio of 44, which is higher than its historical average of 30.1. However, the stock traded at abnormally high P/E ratios in some years due to depressed earnings in those years.

For instance, the abnormally rich valuation of the stock during 2015-2017 resulted from the market's view that the downturn in Macau was temporary. Our target P/E ratio of 18 reflects uncertainty regarding Macau and the coronavirus. If shares reverted to our target P/E by 2025, then valuation would be a 16% headwind to annual returns over this time period.

If the stock reaches our fair valuation level over the next five years, it would reduce shareholder returns by 16%, effectively wiping out earnings growth and dividends over that time period. The stock is markedly volatile due to its high debt load, which is an added risk factor.

As a result, only those who can stomach extreme stock price volatility and have confidence in the ability of Wynn Resorts to navigate through the current crisis should consider buying the stock.

Top Casino Stock #3: MGM Resorts (MGM)

MGM Resorts owns and operates casinos, hotels and conference halls in the U.S. and China. The company has the least exposure to Macau in this group of stocks. As a result, it suffered much less than its peers from the trade war between the U.S. and China and the protests of people in Macau a few months ago.

However, the company is highly exposed to the outbreak of coronavirus, just like its peers. Due to the rapid spread of the coronavirus, MGM Resorts suspended all its casino operations in Las Vegas on March 16th and did not accept hotel reservations for the dates prior to May 1st. The company also closed its casino in Maryland.

In late July, MGM Resorts reported (7/30/20) financial results for the second quarter of fiscal 2020. The company began reopening its U.S.properties in the quarter but its revenue plunged -91% over last year's quarter due to the suspension of the operations of the company in the U.S. and a collapse in gaming revenues in Macau caused by travel restrictions and social distancing.

Source: Investor Presentation

As a result, MGM Resorts switched from a profit of $0.23 per share in last year's quarter to an adjusted loss of -$1.52 per share.

Due to the unprecedented downturn that has resulted from the pandemic, MGM Resorts cut its dividend by 98% in April. Moreover, in May, it issued $750 million of 5-year bonds at 6.750%. The high interest rate reflects the desperation of the company for funds and the high debt load of the company. Net debt is $20.0 billion, which is nearly twice the current market cap of the stock.

On the positive side, on August 20th, 2020, IAC (IAC) reported a 12% stake in MGM Resorts for approximately $1 billion. IAC has a portfolio of brands and digital expertise, which is expected to help MGM Resorts leverage its digital assets. IAC will join the Board of Directors of MGM Resorts. The stock jumped 12% on the announcement.

Nevertheless, due to the headwind of coronavirus, along with a huge debt load, shareholders should not expect a material boost in dividends and share repurchases for the foreseeable future. That said, the company has a positive long-term outlook for conventions and sports betting in the domestic market, as well as the ramp-up of the recently-built MGM Cotai resort, MGM Springfield, and Park MGM.

As soon as the coronavirus crisis comes to an end, MGM Resorts will benefit from these growth drivers. The company will also enhance its earnings growth via its initiative 'MGM 2020', which aims to expand margins by reducing operating costs and enhancing the efficiency of the company.

Due to the headwind from coronavirus, we expect MGM Resorts to report a net loss in 2020. Earnings-per-share are expected to gradually turn positive, with expected annual growth of 5% through 2025. After the massive dividend reduction, returns from dividends will be negligible until the full dividend is restored. Finally, a contracting valuation multiple could be an additional headwind for shareholders. Overall, we expect negative total returns in the mid-single-digits over the next five years.

Top Casino Stock #2: Melco Resorts (MLCO)

Melco Resorts owns and operates casino gaming and entertainment casino resort facilities in Asia. As Melco Resorts is the most leveraged to the gaming activity in Macau in this group of stocks, it is the most vulnerable company to the downturn in the area due to the outbreak of coronavirus.

Melco Resorts will greatly benefit as the US slowly returns to a more ‘normal' level of activity as COVID-19 fears and cases hopefully decline. A COVID-19 vaccine would likely be a major boost for the company.

In 2019, Melco Resorts grew its revenue 11% and its earnings per share 15%, primarily thanks to its strong performance in the mass market table gaming activity. But conditions have predictably reversed, with second-quarter revenue declining 88% and adjusted property EBITDA declining to a loss of $156.3 million.

Source: Investor Presentation

As soon as the effect of coronavirus begins to fade, the company has promising growth prospects ahead. It will benefit from the ramp-up of activity in its Morpheus Resort, which opened in mid-2018, and attract an increasing number of visitors in Cotai thanks to improvements in mass transportation.

Melco Resorts is also expanding its City of Dreams in Macau and is taking steps to open an integrated resort in Yokohama, Japan. All these initiatives are likely to be significant growth drivers as soon as Macau returns to normal.

On the other hand, due to its extreme leverage to gaming activity in Macau, the stock is highly vulnerable to any negative development related to coronavirus. Therefore, despite the promising growth prospects, we hold modest expectations for Melco, due to its extreme leverage to the activity in Macau.

It is worth noting that the gaming activity in the area was facing another headwind, protests from civilians, before the outbreak of coronavirus. Overall, we expect 2% average annual growth in earnings per share over the next five years.

The company is expected to post a significant loss for 2020. Earnings-per-share are expected to recover to $0.11 in 2021 and $1.08 in 2022. In a normalized economic backdrop, this would mean the stock trades for a P/E ratio of approximately 18, based on 2022 earnings. We view the stock as fairly valued.

Therefore, shareholder returns will be fueled by earnings-per-share growth. The stock had a 4%+ yield recently, but the company has suspended its dividend for the foreseeable future in an effort to preserve cash. Therefore, total returns are expected at just ~2% per year until the dividend is restored.

Given its healthy balance sheet, the company is likely to resume paying dividends once the coronavirus crisis ends. On the other hand, income-oriented investors should remain cautious, as the company is highly vulnerable to economic downturns and is very sensitive to any casino-related policy change in China and the ongoing coronavirus crisis.

Top Casino Stock #1: Las Vegas Sands (LVS)

Las Vegas Sands is a leading developer and operator of integrated resorts in the U.S. and Asia. Due to the outbreak of coronavirus, Las Vegas Sands is facing strong headwinds in Macau and in the U.S. As mentioned above, gaming activity has collapsed in Macau. In addition, due to the propagation of the virus in the U.S., all the casinos in Las Vegas were closed for a considerable period. As a result, Las Vegas Sands will incur a significant hit to its earnings this year.

On the other hand, beyond this year, Las Vegas Sands has promising growth prospects ahead. As Japan legalized casino gambling three years ago, Las Vegas Sands has announced that it intends to open integrated resorts in Tokyo and Yokohama. The company is the favorite bidder in this contest, which is expected to be a significant growth driver, though it will take a few years until the company earns a license and builds its new properties in Japan.

Not only do we see potential for strong earnings growth along with a high dividend yield for this stock, Las Vegas Sands also earns the top ranking because of its strong balance sheet and healthy liquidity.

Source: Investor Presentation

Furthermore, Las Vegan Sands continues to pursue growth by expanding and upgrading its Macau properties. The company launched Four Seasons Tower Suites Macao last year and it expects to perform its grand opening this year while it also expects to launch the Londoner Macao within 2020-2021 and expand Marina Bay Sands in Singapore.

In addition, Las Vegas Sands will benefit from the debut of the light rail system connecting Macau to the entire China rail network. This project will significantly increase the traffic to the casinos in Macau. Thanks to all these growth drivers and given the suppressed earnings expected this year, we expect the company to grow its earnings per share by about 4% per year over the next five years.

Las Vegas Sands stock previously offered a hefty dividend of $3.08 per share annualized, but the company suspended its dividend in 2020 amid the coronavirus pandemic. If the company were to reinstate its dividend at the same level, shares would yield nearly 6% at the current stock price.

The company is expected to see earnings dry up in 2020; our estimate of its full earnings power in a normal economy is annual earnings-per-share of $3.20. Based on this, the stock has a price-to-earnings ratio of 16.6, which is lower than our fair value estimate of around 17.0. Therefore, we see Las Vegas Sands stock as the only undervalued casino stock.

We also believe Las Vegas Sands has the strongest balance sheet. This means it is likely that the company will easily navigate through the ongoing coronavirus crisis and will enjoy a strong recovery whenever the headwind disappears from the horizon.

Final Thoughts

Gaming activity in Macau enjoyed a strong recovery from 2017-2019. But the coronavirus pandemic brought the recovery to a halt. Macau is now facing another severe downturn, due to the outbreak. The same is true for the U.S. as well, as the coronavirus crisis has resulted in weak demand. As a result, all the above casino stocks are going through a fierce downturn right now.

Melco Resorts seems the least attractive choice whereas Las Vegas Sands has by far the most attractive risk/reward profile. Wynn Resorts and MGM Resorts offer a lower expected return than Las Vegas Sands. Additionally, we prefer Las Vegan Sands for its stronger balance sheet, which is paramount during severe downturns.

While we expect the coronavirus crisis to end later this year, no one is absolutely sure when this crisis will end. To provide a perspective for the severity of the downturn, all the U.S. casino companies asked Congress for emergency financial help, as several industries have been impacted by coronavirus. Certain gaming regions like Las Vegas are preparing to reopen, which would be a major positive step for the casinos.

That said, casino operators will likely see profits evaporate and report significant losses, at least for one quarter but potentially for 2020. There is also the potential for further dividend cuts or suspensions across the industry, if the crisis continues for the remainder of 2020.

It is thus critical for investors to make sure that their companies can easily endure a prolonged crisis without being devastated. Therefore, the superior balance sheet of Las Vegas Sands is a crucial parameter and helps explain the fact that the market has punished Las Vegas Sands much less than its peers in the ongoing downturn.

The casino gaming industry is constantly in a state of influx because of untapped markets and rapidly changing technology.

Potential goldmines like Japan and Brazil offer opportunities for major land based casinos to continue growing. And virtual reality gives the online gaming world a new dimension.

You can be sure that publicly traded casino companies will try to take advantage of upcoming technology and/or new markets.

That said, let's look at 7 public casino companies that are eyeing major growth over the coming years.

1. Las Vegas Sands Corp.

Las Vegas Sands is the world's largest casino company with over $14 billion in annual revenue.

This makes it seem like they don't have much room for growth. And Sands has recently struggled because their Macau properties were stuck in the middle of a casino recession.

But the Sands Corp. is poised to take off in the future for two major reasons:

1. Macau's gaming market is on the rebound.

2. Sands never stops looking for new areas to expand to.

Beginning with the first factor, Macau started their downturn in 2014. This is the point when the Chinese government began cracking down on money laundering and government corruption.

Many Asian high rollers were targeted during the money laundering investigations. Eventually, Chinese high rollers stopped pouring into Macau over fears that they'd be hassled.

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The good news, though, is that the anti corruption campaign is slowing and Macau casinos are rebounding. This works for Las Vegas Sands, which owns the following casinos in the special administrative Chinese area:

• Sands Cotai Central
• Sands Macao
• The Parisian
• The Venetian Macao

The Sands Corp easily survived the Macau recession because they're so focused on diversification. They have properties in Las Vegas, Macau, Singapore, and the American East Coast.

And they're looking to expand their reach to both Japan and Brazil in the future.

Japan is the most realistic venture because the country legalized casino gambling at the end of last year. Las Vegas Sands has pledged to build a resort worth up to $10 billion.

Japan has 127 million residents and the world's third largest economy. This is why many see the Land of the Rising Sun as the world's next big casino market.

Sands is also looking into Brazil as a potential casino destination.

The only problem is that Brazil is years away from legalizing casinos. But this is still a country worth lobbying in because they have 207.7 million people.

2. MGM Resorts International

MGM is the biggest rival to Las Vegas Sands because they earn $9.5 billion per year and have properties in both America and Asia.

MGM is especially dominant on the Las Vegas Strip, where they own everything from casinos to arenas. Here's a look at their Vegas Strip properties:

• Adventuredome
• Aria Resort & Casino
• Bellagio
• Circus Circus Las Vegas
• CityCenter (jointly owned with Dubai World)
• Delano Las Vegas
• Excalibur
• Luxor
• Mandarin Oriental
• Mandalay Bay
• Mandalay Bay Convention Center
• Mandalay Bay Events Center
• MGM Grand Las Vegas
• MGM Grand Garden Arena
• Monte Carlo
• New York New York
• Skylofts at MGM Grand
• Slots A Fun Casino
• The Mansion at MGM Grand
• The Signature at MGM Grand (jointly owned with Turnberry Associates)
• The Mirage
• T Mobile Arena (jointly owned with AEG)
• Vdara
• Veer Towers

Casino gaming isn't booming on the Vegas Strip, but entertainment and other ventures are. This is why MGM is poised for success with venues like their new T Mobile Arena, which hosts concerts and conventions.

The company has done well at expanding across the US. They own casinos in Atlantic City (Borgata), Biloxi (Beau Rivage), Detroit (MGM Grand), Maryland (MGM National Harbor), and Massachusetts (MGM Springfield).

Where MGM looks to really gain the most growth is their Macau properties. They own Grand Macau and will soon open Casino Cotai.

As covered before, the Macau casino market is on the upswing. And this means that MGM could earn some major profits in the coming years.

MGM is also under consideration for a Japanese casino license, which would be very lucrative.

3. Amaya Inc.

The online gaming company Amaya made waves in 2014 when they purchased PokerStars for $4.9 billion.

The Canadian business didn't immediately capitalize on their investment because online poker's popularity has been steadily decreasing over the years.

It also didn't help that former CEO David Baazov stepped down after he was indicted on insider trading allegations.

Amaya weathered the storm, though, and have been diversifying their assets over the past few years.

The company is focused on building their casino and sportsbook products while keeping internet poker steady. The plan is working too because their casino and sportsbook now account for over 25% of their revenue.

The entire reason why Amaya purchased PokerStars for such an outrageous price is that they saw value in the customer base. The company's number of registered users has grown to over 108 million.

It appears that Amaya's strategy of offering more than just poker is paying off. And they're also in the midst of changing their image too.

The company will soon change its name to the Stars Group and move their headquarters from Montreal to Toronto. This should help in distancing them from Baazov's insider trading scandal.

4. Wynn Resorts

Wynn Resorts has done a fine job of creating a luxury casino resort brand that spans from Las Vegas to Macau.

But Wynn has also struggled too because of their Macau properties. They own the Wynn Macau Resort, Wynn Palace, and Encore at Wynn Palace – none of which were immune to the Macau recession.

But like the Sands Corp. and MGM, Wynn should rebound nicely along with the Asian gaming destination's economy.

Another move that will help the company experience more growth is their upcoming property in Massachusetts. Wynn is currently building Wynn Boston Harbor just outside downtown Boston.

The $2.4 billion venue will feature 629 hotel rooms, restaurants, retail outlets, convention space, and a spa.

Wynn hasn't forgotten about their Las Vegas roots either.

CEO Steve Wynn announced that he's overhauling the Wynn Las Vegas by 2020. The renovations will include more nongambling activities along with a clear water lagoon.

5. Net Entertainment (a.k.a. NetEnt)

Net Entertainment has been running internet casinos and supplying online software since the mid-1990s.

This makes them one of the oldest companies in online gaming. And they don't show any signs of slowing down in the near future either.

NetEnt has produced a number of top online slots hits over the years. Here are some of their most popular games:

• Aliens
• Arabian Nights
• Blood Suckers
• Blood Suckers II
• Dead or Alive
• Drive: Multiplier Mayhem
• Gonzo's Quest
• Guns N' Roses
• Hall of Gods
• Jack Hammer
• Jack Hammer 2
• Mega Fortune
• Mega Joker
• Starburst
• Wild Wild West: The Great Train Heist

Net Entertainment has also done a great job of entering the live dealer gaming space. They now feature different variations of live blackjack and roulette games.

They're also quite good at adapting to industry trends.

This is why we see Net Entertainment continuing to lead the internet gaming world for years to come.

6. Genting Group

No casino company is more international than the Genting Group.

The Malaysian business has properties in China, Hong Kong, Singapore, the Caribbean, the UK, and the US. Here are some of their notable establishments:

• Resorts World Manilla
• Resorts World New York
• Resorts World Sentosa (Singapore)
• Crockford's Club (London)
• The Colony Club (London)
• Genting Chinatown Casino (London)

This company has also planned projects in South Korea, Las Vegas, and Miami, Florida.

Based on their experience in navigating international casino waters and continued growth, we expect the Genting Group to continue spreading their brand.

7. Boyd Gaming

Boyd Gaming is different from the other companies on this list because they have a narrower focus. Specifically, Boyd Gaming builds regional casinos in the United States.

They currently feature 22 casinos throughout eight states, including Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Nevada, and New Jersey.

The company did have one major hiccup in 2006 when they were building a Las Vegas Strip casino. But they were forced to abandon the project and sell the property for $350 million.

In hindsight, this was a good turn of events because Boyd avoided opening a Vegas casino during the American recession (2008 10). Since then, they've continued to thrive by serving different regions in the US.

Boyd Gaming also has an internet gaming partnership with California's Pala Interactive and GVC Holdings (under former bwin.party brand). This puts the business in a good position to take advantage of the US online gaming market when it finally expands.

Conclusion

The casino gaming world is far from reaching its peak. This is why publicly traded companies continue to invest in new properties and lobby governments to legalize gambling.

In addition, Las Vegas Sands will benefit from the debut of the light rail system connecting Macau to the entire China rail network. This project will significantly increase the traffic to the casinos in Macau. Thanks to all these growth drivers and given the suppressed earnings expected this year, we expect the company to grow its earnings per share by about 4% per year over the next five years.

Las Vegas Sands stock previously offered a hefty dividend of $3.08 per share annualized, but the company suspended its dividend in 2020 amid the coronavirus pandemic. If the company were to reinstate its dividend at the same level, shares would yield nearly 6% at the current stock price.

The company is expected to see earnings dry up in 2020; our estimate of its full earnings power in a normal economy is annual earnings-per-share of $3.20. Based on this, the stock has a price-to-earnings ratio of 16.6, which is lower than our fair value estimate of around 17.0. Therefore, we see Las Vegas Sands stock as the only undervalued casino stock.

We also believe Las Vegas Sands has the strongest balance sheet. This means it is likely that the company will easily navigate through the ongoing coronavirus crisis and will enjoy a strong recovery whenever the headwind disappears from the horizon.

Final Thoughts

Gaming activity in Macau enjoyed a strong recovery from 2017-2019. But the coronavirus pandemic brought the recovery to a halt. Macau is now facing another severe downturn, due to the outbreak. The same is true for the U.S. as well, as the coronavirus crisis has resulted in weak demand. As a result, all the above casino stocks are going through a fierce downturn right now.

Melco Resorts seems the least attractive choice whereas Las Vegas Sands has by far the most attractive risk/reward profile. Wynn Resorts and MGM Resorts offer a lower expected return than Las Vegas Sands. Additionally, we prefer Las Vegan Sands for its stronger balance sheet, which is paramount during severe downturns.

While we expect the coronavirus crisis to end later this year, no one is absolutely sure when this crisis will end. To provide a perspective for the severity of the downturn, all the U.S. casino companies asked Congress for emergency financial help, as several industries have been impacted by coronavirus. Certain gaming regions like Las Vegas are preparing to reopen, which would be a major positive step for the casinos.

That said, casino operators will likely see profits evaporate and report significant losses, at least for one quarter but potentially for 2020. There is also the potential for further dividend cuts or suspensions across the industry, if the crisis continues for the remainder of 2020.

It is thus critical for investors to make sure that their companies can easily endure a prolonged crisis without being devastated. Therefore, the superior balance sheet of Las Vegas Sands is a crucial parameter and helps explain the fact that the market has punished Las Vegas Sands much less than its peers in the ongoing downturn.

The casino gaming industry is constantly in a state of influx because of untapped markets and rapidly changing technology.

Potential goldmines like Japan and Brazil offer opportunities for major land based casinos to continue growing. And virtual reality gives the online gaming world a new dimension.

You can be sure that publicly traded casino companies will try to take advantage of upcoming technology and/or new markets.

That said, let's look at 7 public casino companies that are eyeing major growth over the coming years.

1. Las Vegas Sands Corp.

Las Vegas Sands is the world's largest casino company with over $14 billion in annual revenue.

This makes it seem like they don't have much room for growth. And Sands has recently struggled because their Macau properties were stuck in the middle of a casino recession.

But the Sands Corp. is poised to take off in the future for two major reasons:

1. Macau's gaming market is on the rebound.

2. Sands never stops looking for new areas to expand to.

Beginning with the first factor, Macau started their downturn in 2014. This is the point when the Chinese government began cracking down on money laundering and government corruption.

Many Asian high rollers were targeted during the money laundering investigations. Eventually, Chinese high rollers stopped pouring into Macau over fears that they'd be hassled.

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The good news, though, is that the anti corruption campaign is slowing and Macau casinos are rebounding. This works for Las Vegas Sands, which owns the following casinos in the special administrative Chinese area:

• Sands Cotai Central
• Sands Macao
• The Parisian
• The Venetian Macao

The Sands Corp easily survived the Macau recession because they're so focused on diversification. They have properties in Las Vegas, Macau, Singapore, and the American East Coast.

And they're looking to expand their reach to both Japan and Brazil in the future.

Japan is the most realistic venture because the country legalized casino gambling at the end of last year. Las Vegas Sands has pledged to build a resort worth up to $10 billion.

Japan has 127 million residents and the world's third largest economy. This is why many see the Land of the Rising Sun as the world's next big casino market.

Sands is also looking into Brazil as a potential casino destination.

The only problem is that Brazil is years away from legalizing casinos. But this is still a country worth lobbying in because they have 207.7 million people.

2. MGM Resorts International

MGM is the biggest rival to Las Vegas Sands because they earn $9.5 billion per year and have properties in both America and Asia.

MGM is especially dominant on the Las Vegas Strip, where they own everything from casinos to arenas. Here's a look at their Vegas Strip properties:

• Adventuredome
• Aria Resort & Casino
• Bellagio
• Circus Circus Las Vegas
• CityCenter (jointly owned with Dubai World)
• Delano Las Vegas
• Excalibur
• Luxor
• Mandarin Oriental
• Mandalay Bay
• Mandalay Bay Convention Center
• Mandalay Bay Events Center
• MGM Grand Las Vegas
• MGM Grand Garden Arena
• Monte Carlo
• New York New York
• Skylofts at MGM Grand
• Slots A Fun Casino
• The Mansion at MGM Grand
• The Signature at MGM Grand (jointly owned with Turnberry Associates)
• The Mirage
• T Mobile Arena (jointly owned with AEG)
• Vdara
• Veer Towers

Casino gaming isn't booming on the Vegas Strip, but entertainment and other ventures are. This is why MGM is poised for success with venues like their new T Mobile Arena, which hosts concerts and conventions.

The company has done well at expanding across the US. They own casinos in Atlantic City (Borgata), Biloxi (Beau Rivage), Detroit (MGM Grand), Maryland (MGM National Harbor), and Massachusetts (MGM Springfield).

Where MGM looks to really gain the most growth is their Macau properties. They own Grand Macau and will soon open Casino Cotai.

As covered before, the Macau casino market is on the upswing. And this means that MGM could earn some major profits in the coming years.

MGM is also under consideration for a Japanese casino license, which would be very lucrative.

3. Amaya Inc.

The online gaming company Amaya made waves in 2014 when they purchased PokerStars for $4.9 billion.

The Canadian business didn't immediately capitalize on their investment because online poker's popularity has been steadily decreasing over the years.

It also didn't help that former CEO David Baazov stepped down after he was indicted on insider trading allegations.

Amaya weathered the storm, though, and have been diversifying their assets over the past few years.

The company is focused on building their casino and sportsbook products while keeping internet poker steady. The plan is working too because their casino and sportsbook now account for over 25% of their revenue.

The entire reason why Amaya purchased PokerStars for such an outrageous price is that they saw value in the customer base. The company's number of registered users has grown to over 108 million.

It appears that Amaya's strategy of offering more than just poker is paying off. And they're also in the midst of changing their image too.

The company will soon change its name to the Stars Group and move their headquarters from Montreal to Toronto. This should help in distancing them from Baazov's insider trading scandal.

4. Wynn Resorts

Wynn Resorts has done a fine job of creating a luxury casino resort brand that spans from Las Vegas to Macau.

But Wynn has also struggled too because of their Macau properties. They own the Wynn Macau Resort, Wynn Palace, and Encore at Wynn Palace – none of which were immune to the Macau recession.

But like the Sands Corp. and MGM, Wynn should rebound nicely along with the Asian gaming destination's economy.

Another move that will help the company experience more growth is their upcoming property in Massachusetts. Wynn is currently building Wynn Boston Harbor just outside downtown Boston.

The $2.4 billion venue will feature 629 hotel rooms, restaurants, retail outlets, convention space, and a spa.

Wynn hasn't forgotten about their Las Vegas roots either.

CEO Steve Wynn announced that he's overhauling the Wynn Las Vegas by 2020. The renovations will include more nongambling activities along with a clear water lagoon.

5. Net Entertainment (a.k.a. NetEnt)

Net Entertainment has been running internet casinos and supplying online software since the mid-1990s.

This makes them one of the oldest companies in online gaming. And they don't show any signs of slowing down in the near future either.

NetEnt has produced a number of top online slots hits over the years. Here are some of their most popular games:

• Aliens
• Arabian Nights
• Blood Suckers
• Blood Suckers II
• Dead or Alive
• Drive: Multiplier Mayhem
• Gonzo's Quest
• Guns N' Roses
• Hall of Gods
• Jack Hammer
• Jack Hammer 2
• Mega Fortune
• Mega Joker
• Starburst
• Wild Wild West: The Great Train Heist

Net Entertainment has also done a great job of entering the live dealer gaming space. They now feature different variations of live blackjack and roulette games.

They're also quite good at adapting to industry trends.

This is why we see Net Entertainment continuing to lead the internet gaming world for years to come.

6. Genting Group

No casino company is more international than the Genting Group.

The Malaysian business has properties in China, Hong Kong, Singapore, the Caribbean, the UK, and the US. Here are some of their notable establishments:

• Resorts World Manilla
• Resorts World New York
• Resorts World Sentosa (Singapore)
• Crockford's Club (London)
• The Colony Club (London)
• Genting Chinatown Casino (London)

This company has also planned projects in South Korea, Las Vegas, and Miami, Florida.

Based on their experience in navigating international casino waters and continued growth, we expect the Genting Group to continue spreading their brand.

7. Boyd Gaming

Boyd Gaming is different from the other companies on this list because they have a narrower focus. Specifically, Boyd Gaming builds regional casinos in the United States.

They currently feature 22 casinos throughout eight states, including Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Nevada, and New Jersey.

The company did have one major hiccup in 2006 when they were building a Las Vegas Strip casino. But they were forced to abandon the project and sell the property for $350 million.

In hindsight, this was a good turn of events because Boyd avoided opening a Vegas casino during the American recession (2008 10). Since then, they've continued to thrive by serving different regions in the US.

Boyd Gaming also has an internet gaming partnership with California's Pala Interactive and GVC Holdings (under former bwin.party brand). This puts the business in a good position to take advantage of the US online gaming market when it finally expands.

Conclusion

The casino gaming world is far from reaching its peak. This is why publicly traded companies continue to invest in new properties and lobby governments to legalize gambling.

The question remains which of these companies gain the most from budding casino markets and new technology.

Las Vegas Sands has proven successful at winning over government officials and earning casino licenses. This includes when they won the right to build the Marina Bay Sands in Singapore over MGM.

Both companies will square off in Japan again with another casino license on the line.

Another thing to watch in the publicly traded gaming world is the development of Amaya.

I covered how the internet gaming giant has been diversifying to casino gaming and sports betting. Will they eventually become a giant in the online casino world?

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It'll also be interesting to see how Genting World's new projects come along because they're set for expansion in Miami, Vegas, and South Korea. Perhaps they can grow to the level of MGM and Sands Corp if these projects go well.

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I'm also interested in any up and coming businesses that could break into the upper echelon. That being said, it'll be fun to watch these developments in the coming years.