An industry chapter · Casinos & Gaming

Casinos & Gaming

22 members, ACEL to XPOF, A to Z by ticker.

Gross profitability: median 43% — gross profit as a share of total assets, each member's median across its readable years; read on 8 of 22 members
Capital intensity: median 0.8% — capital expenditure as a share of revenue, each member's median across its readable years; read on 20 of 22 members
Net cash: 7 of the 22 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

Open anywhere in this chapter

ACEL Accel Entertainment Inc.

We are a leading distributed gaming operator in the United States, as well as a developer of brick-and-mortar casinos that serve local gaming markets and horse racing venues.

Owner earnings 2017–2025 $16M$21M$25M($29M)$81M$79M$95M$77M$98M

Retained capital Retained $33M of earnings over 2017–2025; annual owner earnings grew $69M, $2.10 per $1 retained.

Balance sheet Meaningful net debt, $311M · buybacks at an average near $10.54

BALY Bally's Corporation

We are a global gaming, hospitality, entertainment and technology company with an expanding international footprint across casino, interactive and lottery markets.

Owner earnings 2017–2024 $86M$87M$66M$4M($15M)$59M($123M)($86M)

Retained capital Paid out $1.7B more than it earned over 2017–2024; annual owner earnings fell $129M.

Balance sheet Net debt against an operating loss, $4.3B · buybacks at an average near $18.93 · dividend paid 2 of 8 yrs, cut at least once

BRAG Bragg Gaming Group Inc.

Bragg also provides iGaming content for BetMGM players in Michigan and Pennsylvania. 2024 Personnel Changes On April 5, 2024, the Company announced that then Chief Financial Officer, Ronen Kannor, would resign effective June 3, 2024.

Owner earnings 2020–2025 €7M(€8K)€5M€11M€10M€18M

Retained capital Paid out €43M more than it earned over 2020–2025; annual owner earnings grew €9M.

Balance sheet Net cash, debt-free, +€7M

BRSL BRIGHTSTAR LOTTERY PLC

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 ($204M)($35M)($443M)$716M$611M$740M$737M$865M$901M($415M)

Retained capital Paid out $1.5B more than it earned over 2016–2025; annual owner earnings grew $677M.

Balance sheet Meaningful net debt, $2.7B · dividend paid 10 of 10 yrs, cut at least once

BYD Boyd Gaming

Boyd Gaming Corporation is a multi-jurisdictional gaming company that has been in operation since 1975.

Owner earnings 2016–2025 $140M$232M$273M$341M$114M$811M$707M$658M$680M$674M

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $456M, $0.23 per $1 retained.

Balance sheet Meaningful net debt, $1.7B · buybacks at an average near $60.74 · dividend paid 8 of 10 yrs, cut at least once

CDRO Codere Online Luxembourg S.A.

Codere Online is an international online casino gaming and online sports betting group focused on providing its customers with a safe and enjoyable online gaming experience.

Owner earnings 2019–2024 (€1M)€3M(€6M)(€43M)(€12M)€4M

Retained capital not read

Balance sheet Net cash, debt-free, +€40M

CHDN Churchill Downs

Churchill Downs Racetrack is located on 175 acres and has a one-mile dirt track, a 7/8-mile turf track, a stabling area, and a variety of areas, structures, and buildings that provide reserved seating for our patrons.

Owner earnings 2016–2025 $201M$182M$168M$207M$49M$420M$461M$528M$688M$700M

Retained capital Retained $308M of earnings over 2016–2025; annual owner earnings grew $455M, $1.48 per $1 retained.

Balance sheet Heavy net debt, $5.0B · buybacks at an average near $115 · dividend paid 10 of 10 yrs, never cut

DKNG DraftKings Inc.

We provide users with online and retail sports betting, online casino, daily fantasy sports, digital lottery courier, prediction markets and other product offerings.

Owner earnings 2020–2025 ($206M)($435M)($658M)($23M)$408M$648M

Retained capital not read

Balance sheet Net debt against an operating loss, $132M

GAMB Gambling.com Group Limited

Mark has led the Company through multiple debt and equity raises including the Company's IPO, has helped develop and implement the Company's organic and acquired growth strategies and has scaled key functions and policies to support the Company's growth.

Owner earnings 2019–2025 $4M$11M$14M$18M$17M$36M$18M

Retained capital Retained $9M of earnings over 2019–2025; annual owner earnings grew $15M, $1.71 per $1 retained.

Balance sheet Net debt against an operating loss, $93M

GDHG Golden Heaven Group Holdings Ltd.

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2021–2024 ($6M)$19M($27M)($3M)

Retained capital not read

Balance sheet Net cash, debt-free, +$86M

GENI Genius Sports Limited

Genius is a B2B provider of scalable, technology-led products and services to the sports, sports betting and sports media industries.

Owner earnings 2019–2025 ($725K)$16M($70M)($9M)$11M$70M$65M

Retained capital Paid out $1.1B more than it earned over 2019–2025; annual owner earnings grew $67M.

Balance sheet Net cash, +$281M

MSGE Madison Square Garden Entertainment Corp.

Entertainment is a leader in live entertainment experiences, comprised of iconic venues and marquee entertainment content.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $556M

MSGS Madison Square Garden Sports Corp.

Madison Square Garden Sports Corp. owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the New York Knickerbockers of the National Basketball Association and the New York Rangers of the National Hockey League.

Owner earnings 2016–2025 $54M$179M$26M($28M)($359M)($36M)$177M$151M$91M$88M

Retained capital Paid out $496M more than it earned over 2016–2025; annual owner earnings grew $24M.

Balance sheet Modest net debt, $20M · buybacks at an average near $168 · dividend paid 3 of 10 yrs, cut at least once

MTN Vail Resorts Inc.

Resorts operate year-round and provide a comprehensive resort experience to a diverse clientele with an attractive demographic profile.

Owner earnings 2016–2025 $328M$327M$408M$442M$223M$410M$518M$323M$378M$320M

Retained capital Paid out $933M more than it earned over 2016–2025; annual owner earnings fell $14M.

Balance sheet Heavy net debt, $2.8B · buybacks at an average near $197 · dividend paid 9 of 10 yrs, cut at least once

NIPG NIP Group Inc.

Revenue is PRC and Other Subsidiaries (96%) and Ninjas in Pyjamas (4%).

Owner earnings 2022–2024 ($10M)($5M)($17M)

Retained capital not read

Balance sheet Net cash, +$9M

PRKS United Parks & Resorts Inc.

Parks that are grouped in key markets across the United States and in the United Arab Emirates.

Owner earnings 2016–2025 $120M$20M$114M$153M($230M)$374M$412M$351M$317M$163M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings grew $192M.

Balance sheet Heavy net debt, $2.1B · buybacks at an average near $46.10 · dividend paid 3 of 10 yrs, cut at least once

PRSU Pursuit Attractions and Hospitality Inc.

We draw our guests from major markets, including the U.S., Canada, Asia Pacific, Western Europe, and Central America.

Owner earnings 2016–2025 $51M$56M$7M$32M($134M)($96M)$17M$42M$718K$11M

Retained capital Retained $65M of earnings over 2016–2025; annual owner earnings fell $20M, $-0.30 per $1 retained.

Balance sheet Modest net debt, $128M · buybacks at an average near $50.62 · dividend paid 5 of 10 yrs, cut at least once

RSI Rush Street Interactive Inc.

We are a leading online gaming and entertainment company that focuses primarily on online casino and online sports betting in the U.S., Canadian and Latin American markets.

Owner earnings 2019–2025 ($3M)$14M($52M)($64M)($7M)$106M$164M

Retained capital Paid out $73M more than it earned over 2019–2025; annual owner earnings grew $101M.

Balance sheet Net cash, debt-free, +$342M

SEG Seaport Entertainment Group Inc.

Seaport is a historic neighborhood in Lower Manhattan on the banks of the East River and within walking distance of the Brooklyn Bridge.

Owner earnings not read

Retained capital not read

Balance sheet Net debt against an operating loss, $23M

SGHC Super Group (SGHC) Limited

Revenue is Betway (65%) and Spin (43%).

Owner earnings 2019–2024 €242K€149M€207M€161M€124M€271M

Retained capital Retained €357M of earnings over 2019–2024; annual owner earnings grew €66M, €0.19 per €1 retained.

Balance sheet Net cash, +€372M · dividend paid 2 of 6 yrs, cut at least once

STUB StubHub Holdings Inc.

We operate the largest global secondary ticketing marketplace for live events.

Owner earnings 2023–2025 $306M$260M$191M

Retained capital not read

Balance sheet Net debt against an operating loss, $265M

XPOF Xponential Fitness Inc.

Fitness LLC, and other subsidiaries, is one of the leading global franchisors of boutique health and wellness brands.

Owner earnings 2019–2025 ($6M)($3M)$11M$43M$25M$7M$25M

Retained capital Paid out $229M more than it earned over 2019–2025; annual owner earnings grew $18M.

Balance sheet Heavy net debt, $460M

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.