Dj Monarch Casino & Resort Inc, Inst Holders, 3Q 2025 (Mcri)

As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the casino operator industry, including Golden Entertainment and its peers.

Casino operators enjoy limited competition because gambling is a highly regulated industry. These companies can also enjoy healthy margins and profits. Have you ever heard the phrase ‘the house always wins’? Regulation cuts both ways, however, and casinos may face stroke-of-the-pen risk that suddenly limits what they can or can't do and where they can do it. Furthermore, digitization is changing the game, pun intended. Whether it’s online poker or sports betting on your smartphone, innovation is forcing these players to adapt to changing consumer preferences, such as being able to wager anywhere on demand.

The 9 casino operator stocks we track reported a slower Q3. As a group, revenues beat analysts’ consensus estimates by 1.5%.

While some casino operator stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.6% since the latest earnings results.

Golden Entertainment

Founded in 2001, Golden Entertainment is a gaming company operating casinos, taverns, and distributed gaming platforms.

Golden Entertainment reported revenues of $154.8 million, down 4% year on year. This print fell short of analysts’ expectations by 1.3%. Overall, it was a softer quarter for the company with a miss of analysts’ Hotel revenue estimates and a significant miss of analysts’ adjusted operating income estimates.

Golden Entertainment delivered the slowest revenue growth of the whole group. Interestingly, the stock is up 35.5% since reporting and currently trades at $28.77.

Read our full report on Golden Entertainment here, it’s free for active Edge members.

Best Q3: Boyd Gaming

Run by the Boyd family, Boyd Gaming is a diversified operator of gaming entertainment properties across the United States, offering casino games, hotel accommodations, and dining.

Boyd Gaming reported revenues of $1.00 billion, up 4.5% year on year, outperforming analysts’ expectations by 15.7%. The business performed better than its peers, but it was unfortunately a mixed quarter with an impressive beat of analysts’ revenue estimates but a significant miss of analysts’ adjusted operating income estimates.

Boyd Gaming achieved the biggest analyst estimates beat among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 8.2% since reporting. It currently trades at $78.02.

Is now the time to buy Boyd Gaming? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: MGM Resorts

Operating several properties on the Las Vegas Strip, MGM Resorts is a global hospitality and entertainment company known for its resorts and casinos.

MGM Resorts reported revenues of $4.25 billion, up 1.6% year on year, in line with analysts’ expectations. It was a disappointing quarter as it posted a miss of analysts’ Hotel revenue estimates and a significant miss of analysts’ adjusted operating income estimates.

As expected, the stock is down 1.5% since the results and currently trades at $30.52.

Read our full analysis of MGM Resorts’s results here.

Monarch

Established in 1993, Monarch operates luxury casinos and resorts, offering high-end gaming, dining, and hospitality experiences.

Monarch reported revenues of $142.8 million, up 3.6% year on year. This print lagged analysts' expectations by 1.7%. Aside from that, it was a mixed quarter as it also produced a beat of analysts’ EPS estimates but a miss of analysts’ Dining revenue estimates.

Monarch had the weakest performance against analyst estimates among its peers. The stock is down 2.2% since reporting and currently trades at $95.12.

Read our full, actionable report on Monarch here, it’s free for active Edge members.

Red Rock Resorts

Founded in 1976, Red Rock Resorts operates a range of casino resorts and entertainment properties, primarily in the Las Vegas metropolitan area.

Red Rock Resorts reported revenues of $475.6 million, up 1.6% year on year. This number missed analysts’ expectations by 0.8%. Zooming out, it was a mixed quarter as it also logged a beat of analysts’ EPS estimates but a miss of analysts’ Hotel revenue estimates.

The stock is down 8% since reporting and currently trades at $54.53.

Read our full, actionable report on Red Rock Resorts here, it’s free for active Edge members.

The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how MGM Resorts and the rest of the casino operator stocks fared in Q3.

Casino operators enjoy limited competition because gambling is a highly regulated industry. These companies can also enjoy healthy margins and profits. Have you ever heard the phrase ‘the house always wins’? Regulation cuts both ways, however, and casinos may face stroke-of-the-pen risk that suddenly limits what they can or can't do and where they can do it. Furthermore, digitization is changing the game, pun intended. Whether it’s online poker or sports betting on your smartphone, innovation is forcing these players to adapt to changing consumer preferences, such as being able to wager anywhere on demand.

The 9 casino operator stocks we track reported a slower Q3. As a group, revenues beat analysts’ consensus estimates by 1.5%.

While some casino operator stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.6% since the latest earnings results.

Weakest Q3: MGM Resorts

Operating several properties on the Las Vegas Strip, MGM Resorts is a global hospitality and entertainment company known for its resorts and casinos.

MGM Resorts reported revenues of $4.25 billion, up 1.6% year on year. This print was in line with analysts’ expectations, but overall, it was a disappointing quarter for the company with a miss of analysts’ Hotel revenue estimates and a significant miss of analysts’ adjusted operating income estimates.

"MGM Resorts delivered another quarter of consolidated net revenue growth as we benefit from our operational scale and diversity, highlighted by record third quarter results from MGM China," said Bill Hornbuckle, Chief Executive Officer & President of MGM Resorts International.

Unsurprisingly, the stock is down 1.5% since reporting and currently trades at $30.52.

Read our full report on MGM Resorts here, it’s free for active Edge members.

Best Q3: Boyd Gaming

Run by the Boyd family, Boyd Gaming is a diversified operator of gaming entertainment properties across the United States, offering casino games, hotel accommodations, and dining.

Boyd Gaming reported revenues of $1.00 billion, up 4.5% year on year, outperforming analysts’ expectations by 15.7%. The business performed better than its peers, but it was unfortunately a mixed quarter with an impressive beat of analysts’ revenue estimates but a significant miss of analysts’ adjusted operating income estimates.

Boyd Gaming scored the biggest analyst estimates beat among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 8.2% since reporting. It currently trades at $78.02.

Is now the time to buy Boyd Gaming? Access our full analysis of the earnings results here, it’s free for active Edge members.

PENN Entertainment

Established in 1982, PENN Entertainment is a diversified American operator of casinos, sports betting, and entertainment venues.

PENN Entertainment reported revenues of $1.72 billion, up 4.8% year on year, falling short of analysts’ expectations by 0.5%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ EPS estimates.

As expected, the stock is down 15.8% since the results and currently trades at $13.77.

Read our full analysis of PENN Entertainment’s results here.

Monarch

Established in 1993, Monarch operates luxury casinos and resorts, offering high-end gaming, dining, and hospitality experiences.

Monarch reported revenues of $142.8 million, up 3.6% year on year. This result came in 1.7% below analysts' expectations. Zooming out, it was a mixed quarter as it also produced a beat of analysts’ EPS estimates but a miss of analysts’ Dining revenue estimates.

Monarch had the weakest performance against analyst estimates among its peers. The stock is down 2.2% since reporting and currently trades at $95.12.

Read our full, actionable report on Monarch here, it’s free for active Edge members.

Golden Entertainment

Founded in 2001, Golden Entertainment is a gaming company operating casinos, taverns, and distributed gaming platforms.

Golden Entertainment reported revenues of $154.8 million, down 4% year on year. This number lagged analysts' expectations by 1.3%. Overall, it was a softer quarter as it also logged a miss of analysts’ Hotel revenue estimates and a significant miss of analysts’ adjusted operating income estimates.

Golden Entertainment had the slowest revenue growth among its peers. The stock is up 35.5% since reporting and currently trades at $28.77.

Read our full, actionable report on Golden Entertainment here, it’s free for active Edge members.

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Netflix : Streaming video giant Netflix fell by 9.7% on Wednesday after the company reported third-quarter results overshadowed by a large, unexpected tax expense in Brazil, leading to an earnings miss. See our full article here.

Is now the time to buy Netflix? Access our full analysis report here.

Monarch : Luxury casino and resort operator Monarch fell by 4.3% on Wednesday after the company reported mixed third-quarter financial results, with an earnings beat overshadowed by a revenue miss. See our full article here.

Is now the time to buy Monarch? Access our full analysis report here.

What Happened?

Shares of luxury casino and resort operator Monarch fell 4.3% in the morning session after the company reported mixed third-quarter financial results, with an earnings beat overshadowed by a revenue miss. 

For the quarter, Monarch's net revenue was $142.8 million. While this marked a 3.6% increase from the same period last year, it fell short of analyst expectations of $145.5 million. In contrast, the company's profitability was a bright spot, with diluted earnings per share of $1.69 comfortably surpassing the consensus estimate of $1.57. The stock's negative reaction suggested that investors were more concerned with the top-line shortfall than the otherwise strong profit growth.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Monarch? Access our full analysis report here.

What Is The Market Telling Us

Monarch’s shares are not very volatile and have only had 5 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

The biggest move we wrote about over the last year was 3 months ago when the stock gained 22% on the news that the company reported record financial results for the second quarter of 2025, significantly beating analyst expectations. 

The casino operator announced record net revenue of $136.9 million, a 6.8% increase year-over-year, and a 19.1% jump in net income to $27 million. Diluted earnings per share (EPS) came in at $1.44, handily beating the consensus estimate of $1.22. The strong performance was driven by a 12.1% surge in casino revenue. The company's Adjusted EBITDA, a key measure of profitability that excludes interest, taxes, depreciation, and amortization, rose 16.8% to a record $51.3 million. CEO John Farahi credited the results to operational efficiencies and market share gains at its properties in Reno, Nevada, and Black Hawk, Colorado. 

Following the strong report, Wall Street analysts reacted positively. Wells Fargo upgraded the stock from "Underweight" to "Equal Weight" and raised its price target to $89, citing consistent performance and a strong free cash flow profile. Stifel also increased its price target from $81 to $92.

Monarch is up 18.5% since the beginning of the year, but at $92.16 per share, it is still trading 14.8% below its 52-week high of $108.21 from July 2025. Investors who bought $1,000 worth of Monarch’s shares 5 years ago would now be looking at an investment worth $2,081.

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