Casinos & Gaming


I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP grow per year to compare with Revenue Change
1. Las Vegas Sands Corp LVS6236921,1971,7412,2372,9514,3904,5636,8539,41111,13113,77014,58411,68811,41012,88213,72913,739
2. MGM Resorts International MGM3,2113,9734,0203,9094,2386,4827,1767,6927,2095,9796,0197,8499,1619,81010,0829,1909,45510,77411,76312,900
3. Caesars Entertainment, Inc CZR3,4713,7094,1364,3234,5487,1119,67410,82510,1278,9078,8198,8358,5878,5608,5164,6543,8774,8528,3918,742
4. Wynn Resorts, Limited WYNN0.091.161.161.020.27221,4322,6882,9873,0464,1855,2705,1545,6215,4344,0764,4666,3066,7186,611
5. Melco Resorts & Entertainment Limited MLCO7.9717.33363591,4161,3332,6423,8314,0785,0874,8023,9754,5195,2855,1595,737
6. Penn National Gaming, Inc PENN2925196581,1631,1411,4122,2452,4372,4232,3692,4592,7422,8992,9192,5912,8383,0343,1483,5885,301
7. International Game Technology PLC IGT3,8303,8124,6895,1544,9394,8314,786
8. Scientific Games Corporation SGMS2334404555617267838971,0471,1199288838799411,0911,7862,7592,8833,0843,3633,400
9. Boyd Gaming Corporation BYD1,0831,1021,2291,2531,7342,2232,1931,9971,7811,6412,1412,3362,4872,8942,7012,1992,1842,3842,6273,326
10. Eldorado Resorts, Inc ERI3657208931,4742,0562,528
11. Red Rock Resorts, Inc RRR1,2921,3521,4521,6161,6811,857
12. Great Canadian Gaming Corporation GCGMF354258841482393303993323633853814103833844635666141,2211,356
13. Churchill Downs Incorporated CHDN3624274394444634093774114314405857007327798131,2121,3098831,0091,330
14. Golden Entertainment, Inc GDEN59351.54.2717.5618.2230282426253610.953955177403510852973
15. Studio City International Holdings Limited MSC1.7769425540571627
16. Pollard Banknote Limited PBKOF00000164169164174167221246286332398
17. DraftKings Inc DKNG192226323
18. PlayAGS, Inc AGS72123167212285305
19. Monarch Casino & Resort, Inc MCRI97105111116129140152160141134142141170189188202217231240249
20. Century Casinos, Inc CNTY29302931363756925350617172104120143139154169218
21. Full House Resorts, Inc FLL01.741.5300009.289.6719.0133109129145121125146161164165
22. Inspired Entertainment, Inc INSE1471280120123141153
23. Gamehost Inc GHIFF21274258464664717773727767687068
24. Canterbury Park Holding Corporation CPHC3239424855555653464040414547485252575959
25. 500.com Limited WBAI3728439310010.9313112640
26. Jackpot Digital Inc JPOTF1.570.610.730.580.680.140.010.031.142.793.552.112.18
27. Contagious Gaming Inc KSMRF0.691.161.271.330.280.40
28. LiNiu Technology Group LINUF0012725123623723410532
29. Glorywin Entertainment Group, Inc GWIN0.1003.855.460
30. Rotate Black, Inc ROBK0.290.341.380.9400.60.520.1800
31. Littlefield Corporation LTFD9.8110.5911.419.979.9311.3313.413.4311.229.619.649.448.256.45.154.67
32. Kenilworth Systems Corp KENS000000000000
33. Diamondhead Casino Corporation DHCC1.63000000000000000
34. Archon Corporation ARHN13148494646444545383223
35. Thunderbird Resorts, Inc THRSF16.4318.6222647721001721221261191125351413817.9117.240
36. Southwest Casino Corp SWCC20212119.5414.6613.4
37. Concorde Gaming Corporation CGAM17.3818.662121


Revenue Growth

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP growth per year to compare with Revenue Change
1. Las Vegas Sands Corp LVS1.111.111.731.451.281.321.491.041.51.371.181.241.060.80.981.131.071
2. MGM Resorts International MGM1.241.241.010.971.081.531.111.070.940.831.011.31.171.071.030.911.031.141.091.1
3. Caesars Entertainment, Inc CZR1.071.071.121.051.051.561.361.120.940.880.9910.9710.990.550.831.251.731.04
4. Wynn Resorts, Limited WYNN13.313.310.880.193702.471.981.881.111.021.371.260.981.090.970.751.11.411.070.98
5. Melco Resorts & Entertainment Limited MLCO2.172.172.089.933.950.941.981.451.061.250.940.831.141.170.981.11
6. Penn National Gaming, Inc PENN1.781.781.271.770.981.241.591.090.990.981.041.121.061.010.891.11.071.041.141.48
7. International Game Technology PLC IGT111.231.10.960.980.99
8. Scientific Games Corporation SGMS1.891.891.031.231.291.081.151.171.070.830.9511.071.161.641.541.051.071.091.01
9. Boyd Gaming Corporation BYD1.021.021.111.021.381.280.990.910.890.921.31.091.061.160.930.810.991.091.11.27
10. Eldorado Resorts, Inc ERI1.971.971.241.651.41.23
11. Red Rock Resorts, Inc RRR1.051.051.071.111.041.1
12. Great Canadian Gaming Corporation GCGMF1.21.21.371.451.761.611.391.210.831.11.060.991.080.9311.21.221.081.991.11
13. Churchill Downs Incorporated CHDN1.181.181.031.011.040.880.921.091.051.021.331.21.051.061.041.491.080.671.141.32
14. Golden Entertainment, Inc GDEN0.590.590.042.844.111.041.640.950.861.080.941.450.313.541.423.212.281.261.671.14
15. Studio City International Holdings Limited MSC39.2439.246.121.271.061.1
16. Pollard Banknote Limited PBKOFNANNANNANNANNANINF1.030.971.060.961.321.111.161.161.2
17. DraftKings Inc DKNG1.181.181.43
18. PlayAGS, Inc AGS1.711.711.351.271.351.07
19. Monarch Casino & Resort, Inc MCRI1.081.081.061.041.121.081.091.050.880.951.060.991.211.110.991.081.071.061.041.04
20. Century Casinos, Inc CNTY1.021.020.991.071.141.051.51.630.580.941.221.181.011.451.151.190.971.111.11.29
21. Full House Resorts, Inc FLLINFINF0.880NANNANNANINF1.041.971.733.311.181.120.841.031.171.11.021.01
22. Inspired Entertainment, Inc INSE0.870.870INF1.021.151.09
23. Gamehost Inc GHIFF1.271.271.591.370.7911.41.111.090.950.991.070.871.011.030.97
24. Canterbury Park Holding Corporation CPHC1.221.221.061.151.151.011.010.950.870.861.011.021.121.031.041.0811.091.041
25. 500.com Limited WBAI0.750.751.562.181.070.1112.020.960.31
26. Jackpot Digital Inc JPOTF0.380.381.20.81.170.210.092.2239.042.451.270.61.03
27. Contagious Gaming Inc KSMRF1.681.681.091.050.211.410
28. LiNiu Technology Group LINUFNANNANINF1.970.9410.990.450.31
29. Glorywin Entertainment Group, Inc GWIN00NANINF1.420
30. Rotate Black, Inc ROBK1.161.164.060.680INF0.860.350NAN
31. Littlefield Corporation LTFD1.081.081.080.8711.141.1810.840.8610.980.870.780.80.91
32. Kenilworth Systems Corp KENSNANNANNANNANNANNANNANNANNANNANNANNAN
33. Diamondhead Casino Corporation DHCC00NANNANNANNANNANNANNANNANNANNANNANNANNANNAN
34. Archon Corporation ARHN0.370.371.020.950.990.961.0310.840.850.73
35. Thunderbird Resorts, Inc THRSF1.131.131.171.181.851.521.381.720.711.040.940.940.470.960.820.930.470.960
36. Southwest Casino Corp SWCC1.021.021.040.910.750.91
37. Concorde Gaming Corporation CGAM0.630.634.50.911.071.121.01