Jefferies Equity Research reportedly found US casino visitation rose 2.3% in May but remained 9.2% below pre-pandemic levels. Analyst David Katz said spending per patron was higher than six years earlier and noted that May 2025 had one more weekend day than May 2024.
The visitation and spending trends offer casino operators and investors a view of demand across US markets.
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Gaming & Leisure Properties chief executive Peter Carlino said on the company’s 31 July second-quarter earnings call that regional gaming demand remained strong. GLPI executives said they had made no commitments to invest in infrastructure for Bally’s Las Vegas and were noncommittal about potential deals linked to other casino assets.
Jefferies Equity Research analyst David Katz assessed Virginia’s casino market in an investor note dated 22 May, reportedly, after analysts toured casinos in the state. He cited competition facing Churchill Downs and Rush Street Gaming, while saying igaming remained several years away. Katz lowered his Churchill Downs price target from $139 to $138 per share.
J.P. Morgan analyst Daniel Politzer rated seven gaming stocks Overweight and four Neutral in an investor note published on 23 June, according to a report. He favoured regional casinos over digital gambling, Macau and the Las Vegas Strip, while citing economic uncertainty, regulatory and tax risks, and competition from alternative gambling products.
Truist Securities analyst Barry Jonas lowered his price targets for gambling stocks in an investor note dated 23 April 2025. He favoured companies with stable cash flow, including Vici Properties and Gaming & Leisure Properties, and retained Buy ratings on Caesars Entertainment and MGM Resorts International. Jonas also cited risks for online betting, including weaker handle, possible state tax increases and prediction markets.
Jefferies analyst David Katz lowered forecasts for several gaming companies in an investor note dated 17 April, citing trade uncertainty, uneven economic conditions and market performance. He reduced price targets for six stocks, including Caesars Entertainment from $50 to $36 and Las Vegas Sands from $67 to $53.