2.8.2Segment

Casinos & Gaming

Casino operators and gaming companies providing gambling and entertainment experiences in commercial and tribal venues.

5
Verticals

Overview

Casinos & Gaming covers commercial and tribal casinos, casino hotels, and other gambling operations, led by scaled operators (Caesars, MGM, Penn, Boyd) alongside a large tribal-gaming sector. The legalization and explosive growth of online sports betting and iGaming has been the defining recent trend, reshaping the industry's growth and competitive dynamics.

Land-based gaming is capital-intensive and consolidated, while digital gaming is a fast-growing, marketing-heavy arena dominated by DraftKings, FanDuel, and operator-affiliated apps. Demand is discretionary but resilient, and consolidation spans both physical and digital.

Market snapshot

Market size
~$113B
Growth
~4.3%CAGR (2017–22, nominal)
Companies
~3,900
FragmentationConsolidating

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 713210 (Casinos) + 713290 (Other Gambling) + 721120 (Casino Hotels).

Business model & economics

Revenue model
Gaming win plus hotel, F&B, and entertainment; digital wagering
Recurring revenue
Low — play-driven, but loyalty programs build frequency
EBITDA margin
Strong on gaming; digital marketing-cost heavy
Capex intensity
High
  • Online sports betting and iGaming are the defining growth trend.
  • Land-based gaming is capital-intensive and consolidated.
  • Loyalty programs and integrated resorts drive frequency.

M&A deal context

High deal activity

Who’s acquiring

Scaled casino operatorsDigital gaming & sports-betting platformsGaming REITs and asset investors

What’s driving deals

  • Online sports betting and iGaming expansion.
  • Consolidation across land-based gaming.
  • Separation of gaming operations from real estate via REITs.

Verticals in this segment

  • 2.8.2.1Casino Resort Operators

    Full-destination casino resort operators with hotels and entertainment.

  • 2.8.2.2Commercial Casinos

    Standalone commercial casino gaming operators.

  • 2.8.2.3Lottery & State Gaming Operations

    State lottery operators and lottery management companies providing instant ticket, draw game, and iLottery services to government clients.

  • 2.8.2.4Online Gaming & Sports Betting

    Digital gaming platforms offering online casino and sports wagering.

  • 2.8.2.5Tribal Gaming Operations

    Native American tribal-owned casino and gaming facility operators.

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