Investors are betting big on casino stocks again.
Just months after the pandemic drained the industry, millions of gamblers are coming back. It’s why, according to the American Gaming Association (AGA), that gross gaming revenue for the first quarter toped $11 billion. In fact, as reported by Casino.org, “Despite the virus certainly not behind the US, gaming industry revenue in 2021 is off to a blistering start. The $11.13 billion total GGR number matches the previous all-time record quarter set in the first three months of 2019.” That’s great news for companies such as Jackpot Digital Inc. (TSXV:JJ)(OTCQB:JPOTF), Penn National Gaming (NASDAQ:PENN), MGM Resorts International (NYSE:MGM), Draftkings (NASDAQ:DKNG), and FansUnited Entertainment Inc. (CSE:FANS)(OTC:FUNFF).
“Nevada casinos collected a single-month record of $1.23 billion in gaming revenues during May, a stunning figure given that most casinos statewide were still operating under capacity restrictions that weren’t fully lifted until June 1,” as reported by The Nevada Independent. “The record figure easily eclipsed the state’s previous single-month high of $1.165 billion recorded in October 2007.”