TOP-10 largest casino operators by revenue

Below is a list of the largest publicly traded casino and integrated resort operators by revenue for fiscal year 2024 (or comparable period). For Asian groups, values in local currency and an estimate in USD are indicated (approximately, at the average annual rate); "net gaming revenue" metrics are also available for some Macao companies. Sources - official releases/reports and consensus aggregators.

💡 Methodology: ranking by consolidated revenue (GAAP/IFRS "net revenues"). The rating does not include private groups (Seminole/Hard Rock, Mohegan, Crown, etc.), as well as purely online players without significant offline exposure.

Rating 2024

1. MGM Resorts International — $17. 2 billion

Record consolidated net revenues thanks to MGM China's powerful recovery and the resilience of Las Vegas.

2. Las Vegas Sands (LVS) — $11. 3 billion

Singapore (Marina Bay Sands) and Macau drive double-digit gains vs 2023.

3. Caesars Entertainment — $11. 25 billion

Broad regional network in the US + digital segment (iGaming/sports).

4. Wynn Resorts — $7. 13 billion

Las Vegas is stable; Macau is recovering, but volatility persists.

5. PENN Entertainment — $6. 58 billion

Large portfolio of regional casinos in the United States; interactive in restart.

6. Galaxy Entertainment Group (Macau) - HK $43. 4 billion (~ $5. 6 billion)

Strong contributions from Galaxy Macau; EBITDA on double-digit growth.

7. Melco Resorts & Entertainment — $4. 64 billion

Growth due to Macau and improved operational metrics.

8. Boyd Gaming — $3. 93 billion

Sustained regional network results, margin focus.

9. SJM Holdings (Macau) - HK $26. 85 billion net gaming revenue (~ $3. 45 billion)

Grand Lisboa Palace accelerated; consolidated revenue is close to the level of gaming income, taking into account the share of non-gaming.

10. Genting Malaysia — RM10. 91 billion (~ $2. 3 billion)

Resorts World Genting + US/UK assets; stable year-on-year growth.

💡 Note: Genting Singapore showed S $2. 53 billion (~ $1. 9 billion) revenue in 2024 and is located near the TOP-10 border.

What was behind the growth in 2024

Macau recovery: Galaxy, Wynn, Melco and SJM benefit from mass segment growth and tourist traffic; VIP volatility remains a factor.

Strong Las Vegas: The convention calendar and mega-events supported MGM and Caesars; the hotels' price power persisted.

Regional U.S.: Boyd and PENN hold margins but face weather and competitive volatility.

2025: what to expect on the horizon

Capital-intensive IR updates (Singapore, Macau, Vegas) + strict licences. modes - support demand, but raise CAPEX/OPEX.

Synergy with online: iGaming/sportsbook growth in diversified conglomerates (MGM, Caesars, PENN) improves omnichannel monetization.

Risks: taxes/regulations (by market), FX for Asian groups, dependence on MICE/tourist flow in premium locations.

How to read these numbers (about the method)

Comparability: American "net revenues" groups include gaming and non-gaming (hotels/restaurants/events). For a number of Macao companies, the emphasis in disclosure is on gaming metrics; we additionally provide local currency and approximate USD equivalent.

Subsidiaries: for example, Sands China is consolidated in Las Vegas Sands - it was not included separately in the rating in order to avoid double counting.

Private companies: for a number of large private operators (Seminole/Hard Rock, Mohegan) there is no comparable public reporting - they were not ranked.

Industry leaders confirm the trend for dual-core growth: premium destinations (LV/Singapore/Macau) + a wide regional base in the United States. In 2025, the picture for TOP-10 is likely to continue: MGM, LVS and Caesars are at the top; Wynn/PENN/Galaxy - in a strong pursuit group; Melco/Boyd/SJM/Genting Malaysia is a stable "middle peasant" with an upside in Macau and Southeast Asia.

MGM RESORTS INTERNATIONAL REPORTS FOURTH QUARTER AND RECORD FULL YEAR 2024 RESULTS