The gambling industry is gaining traction with the easing of travel restrictions and social distancing mandates. Many gambling companies have lately been reporting a significant growth in revenues, to levels higher than their pre-pandemic revenues. Given this backdrop, we think casino stocks Monarch (MCRI), Century Casinos (NASDAQ:), and Full House Resorts (NASDAQ:) should be solid bets now. Read on.The gambling industry is making a comeback with the gradual easing of social distancing mandates. U.S. gambling revenue hit a record $13.6 billion in the second quarter. In-person gambling was the primary driver of the record-breaking second-quarter revenue results. Mobile sports betting and iGaming kept the industry afloat during the initial months of the COVID-19 pandemic as interest in online casinos increased considerably.
According to the American Gaming Association, casinos in nearly every state saw their gambling revenue outdo their pre-pandemic levels in the last quarter. Brick-and-mortar casinos’ revenues were up nearly 10% from their previous high in the third quarter of 2019. In addition, revenue from slot machines was 16% better than in the second quarter of 2019.
The industry has been witnessing remarkable growth, and this momentum is expected to continue. Given this backdrop, we think casino stocks, Monarch Casino & Resort, Inc. (MCRI), Century Casinos, Inc. (CNTY), and Full House Resorts, Inc. (FLL), should be valuable additions to one’s portfolio.
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