Owner Scorecard


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An industry chapter · Casinos & Gaming

Casinos & Gaming

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

Gross profitability
median 35% — gross profit as a share of total assets, each member's median across its readable years; read on 10 of 24 members
Capital intensity
median 1.0% — capital expenditure as a share of revenue, each member's median across its readable years; read on 22 of 24 members
Net cash
8 of the 24 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.

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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 $9M$21M$25M($29M)$81M$79M$95M$77M$98M

Retained capital Retained $33M of earnings over 2017–2025; annual owner earnings grew $72M, $2.17 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, $3.7B · buybacks at an average near $18.93 · dividend paid 2 of 8 yrs, cut at least once

BRAG Bragg Gaming Group Inc.

A software business, earning high margins on code once it is written.

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.

Revenue is Online casino wagering (58%) and Online sports betting (42%).

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

Retained capital not read

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

CHDN Churchill Downs

Revenue is Live and Historical (48%), Gaming (36%) and Wagering Services and Solutions (17%).

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

FLUT Flutter Entertainment plc

Flutter is the world's leading online sports betting and iGaming operator based on revenue.

Owner earnings 2022–2025 $1.0B$778M$1.5B$1.1B

Retained capital Paid out $3.5B more than it earned over 2022–2025; annual owner earnings grew $13M.

Balance sheet Heavy net debt, $10.5B · buybacks at an average near $278

GAMB Gambling.com Group Limited

Revenue is Casino (58%), Sports (39%) and Other (2%).

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.

Revenue is Ticketing and venue license fee revenues (53%), Sponsorship and Signage, Suite and Advertising Commission Revenues (29%) and Food, Beverage and Merchandise Revenues (17%).

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, $277M

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 2017–2026 $179M$95M$42M($90M)($36M)$177M$151M$91M$88M$61M

Retained capital Paid out $306M more than it earned over 2017–2026; annual owner earnings fell $26M.

Balance sheet Meaningful net debt, $84M · buybacks at an average near $179 · dividend paid 4 of 10 yrs, cut at least once

MTN Vail Resorts Inc.

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 $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.

We are a leading theme park and entertainment company providing experiences that matter and inspiring guests to protect animals and the wild wonders of our world.

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.

Revenue is Services (75%) and Products (25%).

Owner earnings 2016–2025 $51M$56M$34M$49M($134M)($96M)$37M$67M$14M$40M

Retained capital Retained $65M of earnings over 2016–2025; annual owner earnings fell $6M, $-0.10 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.

Revenue is led by Entertainment (45%) and Hospitality (40%), with 2 more lines behind.

Owner earnings not read

Retained capital not read

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

SGHC Super Group (SGHC) Limited

We are a global online sports betting and gaming operator with a mission to responsibly provide first-class entertainment to the worldwide online betting and gaming community.

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

SRAD Sportradar Group AG

Sportradar is a leading technology platform enabling next generation engagement in sports and the number one provider of B2B solutions to the global sports betting industry based on revenue.

Owner earnings 2019–2025 €139M€149M€126M€160M€244M€348M€398M

Retained capital Retained €73M of earnings over 2019–2025; annual owner earnings grew €192M, €2.63 per €1 retained.

Balance sheet Net cash, +€353M

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.

Revenue is led by Franchise (61%) and Franchise marketing fund revenue (12%), with 3 more lines behind.

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 shelf as one comparative table, every member a row and every column sortable: the Casinos & Gaming table →

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.