After Caesars Goes Private, These 3 Casino Stocks Are Next on the Buyout List, Ranked

The casino industry is undergoing a significant shift. Caesars Entertainment, one of the largest names in Las Vegas and regional gaming, is going private in a $17.6 billion deal with Fertitta Entertainment. Shareholders will receive $31 per share in cash, and the transaction is expected to close in the second half of 2025. Now that Caesars is off the public market, investors are asking a natural question: which casino stocks could be next? Analysts have begun ranking the most likely buyout candidates. These three names are at the top of the list. --- ## Why This Matters for Casino Investors The Caesars deal signals that private equity and strategic buyers see value in casino assets. With interest rates potentially stabilizing and tourism recovering, the sector is attracting attention. For investors, identifying the next target early can mean significant returns. Acquisition premiums typically range from 20% to 40% above market price. The three stocks below are ranked based on their likelihood of being acquired, considering factors like market capitalization, real estate holdings, brand strength, and strategic fit. --- ## 3. Bally's Corporation Bally's is a smaller operator with a growing national footprint. The company owns and manages casinos in 15 states, along with a digital sports betting platform. **Why it's a target:** - Relatively low market cap makes it accessible for buyers. - Valuable real estate assets in regional markets. - Digital gaming operations add a growth angle. **Why it's ranked third:** - The company has already been through multiple restructuring phases. - Some assets are leased rather than owned, which complicates valuations. Bally's could appeal to a private equity firm looking to consolidate regional gaming or to a larger operator seeking digital capabilities. --- ## 2. Penn Entertainment Penn Entertainment operates 43 properties across 20 states, including the Hollywood Casino brand. The company also owns ESPN BET, a major sports betting platform. **Why it's a target:** - Extensive real estate portfolio with owned and leased properties. - Strong brand recognition in regional markets. - ESPN BET partnership provides digital upside. **Why it's ranked second:** - Larger market cap means a higher acquisition price. - The company has already explored strategic alternatives in the past. Penn's mix of physical and digital assets makes it attractive to both casino operators and media companies looking to expand into gaming. --- ## 1. MGM Resorts International MGM Resorts is the largest casino operator on this list, with iconic properties on the Las Vegas Strip and in Macau, as well as regional casinos across the U.S. **Why it's the top target:** - Premier real estate on the Las Vegas Strip. - Strong international presence in Macau and Japan. - BetMGM digital platform is a major player in sports betting. - The company has already spun off real estate into MGM Growth Properties, creating a cleaner operating structure. **Why it's ranked first:** - Strategic buyers would gain immediate scale and market leadership. - The company's size means only the largest private equity firms or strategic partners could pursue it. - Any deal would likely be the largest in gaming history. MGM is the crown jewel of the casino industry. If Caesars going private sparks a wave of consolidation, MGM is the most logical next target. --- ## What Remains Unclear While these three stocks are the most discussed candidates, several factors remain uncertain: - **Financing conditions:** High interest rates could make large deals more expensive. - **Regulatory approval:** Casino acquisitions require state and federal approvals. - **Seller willingness:** Not all companies want to sell, even at a premium. Analysts caution that the Caesars deal does not guarantee a wave of acquisitions. It does, however, create a precedent. --- ## What Happens Next The Caesars-Fertitta deal is expected to close in late 2025. In the meantime, investors will watch for: - Any public statements from casino operators about strategic reviews. - Changes in interest rates that affect deal financing. - Regulatory signals from state gaming commissions. For now, Bally's, Penn Entertainment, and MGM Resorts are the names to watch.