# Resorts & Casinos — company-by-company sector analysis

> Resorts & Casinos: MGM Resorts International owns the largest revenue base; Bally's Corporation has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Resorts & Casinos has underperformed S&P 500 by 9.9% over 52 weeks and 7.7% over 13 weeks. 9 of 15 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 15 beat the sector itself. MGM Resorts International leads with revenue of $17,715 million, based on 11 of 15 comparable companies through Mar 2026.

### Is the Resorts & Casinos sector outperforming S&P 500?

Resorts & Casinos has underperformed S&P 500 by 9.9% over 52 weeks and 7.7% over 13 weeks. 9 of 15 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 15 beat the sector itself.

### Which Resorts & Casinos company is largest by revenue?

MGM Resorts International leads with revenue of $17,715 million, based on 11 of 15 comparable companies through Mar 2026.

### Which Resorts & Casinos company is growing fastest?

Bally's Corporation has the fastest current revenue growth at 16.6%, across 11 of 15 comparable companies.

### Which Resorts & Casinos company has the strongest 4-Factor Sector Score?

Monarch Casino & Resort, Inc. ranks first at 60.5/100 with 58.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Resorts & Casinos company reports the most CAPEX?

Caesars Entertainment, Inc. reports the largest latest CAPEX at $210 million, with 14 of 15 companies comparable.

### Which Resorts & Casinos company has the least gross debt?

Monarch Casino & Resort, Inc. has the lowest comparable gross debt at $13 million. MGM Resorts International has the highest at $31,336 million.

### Which Resorts & Casinos company has the lowest comparable PEG?

MGM Resorts International has the lowest comparable Guarded PEG at 0.18, among 4 of 15 companies that pass the metric’s comparability rules.

### How much history does this Resorts & Casinos comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Resorts & Casinos has underperformed S&P 500 by 9.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 7.7%. 9 of 15 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Marriott Vacations Worldwide Corporation is the strongest against the sector itself at +32.6%.

13-week sector return versus NIFTY 500: 7.7%
52-week sector return versus NIFTY 500: -9.9%
Stocks leading NIFTY: 9/15
Stocks leading sector: 8/15

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 15
Combined market value: ₹94.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Monarch Casino & Resort, Inc. (MCRI): 61/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 20.6/35 | Capital efficiency 17.6/25 | Valuation 9.5/20 | Relative strength 12.8/20
   - Exact sum: 20.6 + 17.6 + 9.5 + 12.8 = 60.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Hilton Grand Vacations Inc. (HGV): 59/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 21.3/35 | Capital efficiency 8.9/25 | Valuation 14.7/20 | Relative strength 14.3/20
   - Exact sum: 21.3 + 8.9 + 14.7 + 14.3 = 59.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Marriott Vacations Worldwide Corporation (VAC): 55/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 10.4/35 | Capital efficiency 14.4/25 | Valuation 10.5/20 | Relative strength 20.0/20
   - Exact sum: 10.4 + 14.4 + 10.5 + 20 = 55.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 34.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Red Rock Resorts, Inc. (RRR): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 15.6/35 | Capital efficiency 11.5/25 | Valuation 14.8/20 | Relative strength 13.3/20
   - Exact sum: 15.6 + 11.5 + 14.8 + 13.3 = 55.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 3.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. Boyd Gaming Corporation (BYD): 55/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.9/35 | Capital efficiency 16.4/25 | Valuation 11.5/20 | Relative strength 8.2/20
   - Exact sum: 18.9 + 16.4 + 11.5 + 8.2 = 55
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. PENN Entertainment, Inc. (PENN): 53/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 19.1/35 | Capital efficiency 4.7/25 | Valuation 11.3/20 | Relative strength 18.3/20
   - Exact sum: 19.1 + 4.7 + 11.3 + 18.3 = 53.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Bally's Corporation (BALY): 47/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 23.9/35 | Capital efficiency 7.4/25 | Valuation 8.5/20 | Relative strength 7.6/20
   - Exact sum: 23.9 + 7.4 + 8.5 + 7.6 = 47.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. MGM Resorts International (MGM): 46/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.8/35 | Capital efficiency 5.8/25 | Valuation 13.7/20 | Relative strength 17.1/20
   - Exact sum: 9.8 + 5.8 + 13.7 + 17.1 = 46.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 14%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Las Vegas Sands Corp. (LVS): 45/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 22.1/35 | Capital efficiency 11.6/25 | Valuation 10.0/20 | Relative strength 1.3/20
   - Exact sum: 22.1 + 11.6 + 10 + 1.3 = 45
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. Caesars Entertainment, Inc. (CZR): 44/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 12.6/35 | Capital efficiency 8.2/25 | Valuation 10.8/20 | Relative strength 12.8/20
   - Exact sum: 12.6 + 8.2 + 10.8 + 12.8 = 44.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Vail Resorts, Inc. (MTN): 42/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 5.3/35 | Capital efficiency 14.7/25 | Valuation 7.8/20 | Relative strength 14.4/20
   - Exact sum: 5.3 + 14.7 + 7.8 + 14.4 = 42.2
   - Decision use: Price leads the evidence: RS versus the benchmark is 3.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12. Studio City International Holdings Limited (MSC): 41/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 20.9/35 | Capital efficiency 7.3/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 20.9 + 7.3 + 10 + 3 = 41.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13. Melco Resorts & Entertainment Limited (MLCO): 40/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 18.7/35 | Capital efficiency 7.0/25 | Valuation 11.0/20 | Relative strength 3.7/20
   - Exact sum: 18.7 + 7 + 11 + 3.7 = 40.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Wynn Resorts, Limited (WYNN): 37/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 15.0/35 | Capital efficiency 10.3/25 | Valuation 9.0/20 | Relative strength 2.3/20
   - Exact sum: 15 + 10.3 + 9 + 2.3 = 36.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Full House Resorts, Inc. (FLL): 46/100 — Thin evidence · provisional; evidence 14%
   - Growth & earnings 17.5/35 | Capital efficiency 12.5/25 | Valuation 10.0/20 | Relative strength 5.6/20
   - Exact sum: 17.5 + 12.5 + 10 + 5.6 = 45.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: MGM Resorts International is the scale leader at $17,715 million, 53.2% ahead of Caesars Entertainment, Inc.. Bally's Corporation's growth is 16.6% from a $2,824 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: MGM Resorts International is the scale benchmark; Bally's Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: MGM Resorts International's growth falls below Bally's Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: MGM Resorts International · $17,715 million | 53.2% versus #2 · Caesars Entertainment, Inc. | 6/8 recent comparable periods | 11/15 companies · 267 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. MGM Resorts International (MGM): ₹17.7K Cr
2. Caesars Entertainment, Inc. (CZR): ₹11.6K Cr
3. Wynn Resorts, Limited (WYNN): ₹7.3K Cr
4. PENN Entertainment, Inc. (PENN): ₹7.1K Cr
5. Melco Resorts & Entertainment Limited (MLCO): ₹5.3K Cr

### Revenue growth — fastest growers
1. Bally's Corporation (BALY): 17%
2. Melco Resorts & Entertainment Limited (MLCO): 11%
3. Studio City International Holdings Limited (MSC): 9.1%
4. PENN Entertainment, Inc. (PENN): 6.4%
5. Wynn Resorts, Limited (WYNN): 4.7%

### 20-quarter Revenue history
- LVS: Sep 2021 ₹857 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹943 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- MGM: Sep 2021 ₹2.7K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.4K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹4.5K Cr | Jun 2026 —
- WYNN: Sep 2021 ₹995 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹953 Cr | Jun 2022 ₹909 Cr | Sep 2022 ₹890 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- BYD: Sep 2021 ₹843 Cr | Dec 2021 ₹880 Cr | Mar 2022 ₹861 Cr | Jun 2022 ₹894 Cr | Sep 2022 ₹877 Cr | Dec 2022 ₹923 Cr | Mar 2023 ₹964 Cr | Jun 2023 ₹917 Cr | Sep 2023 ₹903 Cr | Dec 2023 ₹954 Cr | Mar 2024 ₹961 Cr | Jun 2024 ₹968 Cr | Sep 2024 ₹961 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹992 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹997 Cr | Jun 2026 —
- RRR: Sep 2021 ₹415 Cr | Dec 2021 ₹422 Cr | Mar 2022 ₹402 Cr | Jun 2022 ₹422 Cr | Sep 2022 ₹414 Cr | Dec 2022 ₹425 Cr | Mar 2023 ₹434 Cr | Jun 2023 ₹416 Cr | Sep 2023 ₹412 Cr | Dec 2023 ₹463 Cr | Mar 2024 ₹489 Cr | Jun 2024 ₹486 Cr | Sep 2024 ₹468 Cr | Dec 2024 ₹496 Cr | Mar 2025 ₹498 Cr | Jun 2025 ₹526 Cr | Sep 2025 ₹476 Cr | Dec 2025 ₹512 Cr | Mar 2026 ₹507 Cr | Jun 2026 —
- CZR: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.3K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- MTN: Sep 2021 ₹204 Cr | Dec 2021 ₹176 Cr | Mar 2022 ₹907 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹267 Cr | Dec 2022 ₹279 Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹270 Cr | Dec 2023 ₹259 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹265 Cr | Dec 2024 ₹260 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹271 Cr | Dec 2025 ₹271 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr
- HGV: Sep 2021 ₹928 Cr | Dec 2021 ₹838 Cr | Mar 2022 ₹779 Cr | Jun 2022 ₹948 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹992 Cr | Mar 2023 ₹934 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- VAC: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- PENN: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- MCRI: Sep 2021 ₹112 Cr | Dec 2021 ₹111 Cr | Mar 2022 ₹108 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹134 Cr | Dec 2022 ₹121 Cr | Mar 2023 ₹117 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹137 Cr | Jun 2026 —
- MLCO: Sep 2021 ₹446 Cr | Dec 2021 ₹481 Cr | Mar 2022 ₹475 Cr | Jun 2022 ₹296 Cr | Sep 2022 ₹242 Cr | Dec 2022 ₹337 Cr | Mar 2023 ₹716 Cr | Jun 2023 ₹948 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- BALY: Sep 2021 ₹315 Cr | Dec 2021 ₹548 Cr | Mar 2022 ₹548 Cr | Jun 2022 ₹552 Cr | Sep 2022 ₹578 Cr | Dec 2022 ₹577 Cr | Mar 2023 ₹599 Cr | Jun 2023 ₹606 Cr | Sep 2023 ₹632 Cr | Dec 2023 ₹612 Cr | Mar 2024 ₹618 Cr | Jun 2024 ₹622 Cr | Sep 2024 ₹630 Cr | Dec 2024 ₹580 Cr | Mar 2025 ₹589 Cr | Jun 2025 ₹658 Cr | Sep 2025 ₹664 Cr | Dec 2025 ₹746 Cr | Mar 2026 ₹756 Cr | Jun 2026 —
- MSC: Sep 2021 ₹19 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹138 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹150 Cr | Jun 2024 ₹161 Cr | Sep 2024 ₹175 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹160 Cr | Mar 2026 ₹177 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- LVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 17% | Dec 2022 11% | Mar 2023 125% | Jun 2023 143% | Sep 2023 178% | Dec 2023 161% | Mar 2024 40% | Jun 2024 8.6% | Sep 2024 -4.0% | Dec 2024 -0.7% | Mar 2025 -3.3% | Jun 2025 15% | Sep 2025 24% | Dec 2025 26% | Mar 2026 25% | Jun 2026 —
- MGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 26% | Dec 2022 18% | Mar 2023 36% | Jun 2023 21% | Sep 2023 16% | Dec 2023 22% | Mar 2024 13% | Jun 2024 9.8% | Sep 2024 5.3% | Dec 2024 -0.7% | Mar 2025 -2.4% | Jun 2025 1.8% | Sep 2025 1.6% | Dec 2025 5.9% | Mar 2026 4.2% | Jun 2026 —
- WYNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.2% | Sep 2022 -11% | Dec 2022 -3.6% | Mar 2023 49% | Jun 2023 76% | Sep 2023 88% | Dec 2023 83% | Mar 2024 31% | Jun 2024 8.6% | Sep 2024 1.3% | Dec 2024 -0.1% | Mar 2025 -8.8% | Jun 2025 0.3% | Sep 2025 8.3% | Dec 2025 1.5% | Mar 2026 9.2% | Jun 2026 —
- BYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 4.0% | Dec 2022 4.9% | Mar 2023 12% | Jun 2023 2.6% | Sep 2023 3.0% | Dec 2023 3.4% | Mar 2024 -0.3% | Jun 2024 5.6% | Sep 2024 6.4% | Dec 2024 9.1% | Mar 2025 3.2% | Jun 2025 6.8% | Sep 2025 4.5% | Dec 2025 2.0% | Mar 2026 0.5% | Jun 2026 —
- RRR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.4% | Sep 2022 -0.2% | Dec 2022 0.7% | Mar 2023 8.0% | Jun 2023 -1.4% | Sep 2023 -0.5% | Dec 2023 8.9% | Mar 2024 13% | Jun 2024 17% | Sep 2024 14% | Dec 2024 7.1% | Mar 2025 1.8% | Jun 2025 8.2% | Sep 2025 1.7% | Dec 2025 3.2% | Mar 2026 1.8% | Jun 2026 —
- CZR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 7.5% | Dec 2022 8.9% | Mar 2023 23% | Jun 2023 2.1% | Sep 2023 3.7% | Dec 2023 0.1% | Mar 2024 -3.1% | Jun 2024 -1.7% | Sep 2024 -4.0% | Dec 2024 -0.9% | Mar 2025 1.9% | Jun 2025 2.7% | Sep 2025 -0.2% | Dec 2025 4.2% | Mar 2026 2.7% | Jun 2026 —
- MTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 31% | Dec 2022 59% | Mar 2023 22% | Jun 2023 5.2% | Sep 2023 1.1% | Dec 2023 -7.2% | Mar 2024 -2.2% | Jun 2024 3.6% | Sep 2024 -1.9% | Dec 2024 0.4% | Mar 2025 5.5% | Jun 2025 1.0% | Sep 2025 2.3% | Dec 2025 4.2% | Mar 2026 -4.7% | Jun 2026 -7.0%
- HGV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 184% | Sep 2022 20% | Dec 2022 18% | Mar 2023 20% | Jun 2023 6.2% | Sep 2023 -8.8% | Dec 2023 2.7% | Mar 2024 24% | Jun 2024 23% | Sep 2024 28% | Dec 2024 26% | Mar 2025 -0.7% | Jun 2025 2.5% | Sep 2025 -0.5% | Dec 2025 3.8% | Mar 2026 12% | Jun 2026 —
- VAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 19% | Dec 2022 8.0% | Mar 2023 11% | Jun 2023 1.2% | Sep 2023 -5.3% | Dec 2023 0.5% | Mar 2024 2.2% | Jun 2024 -3.2% | Sep 2024 10% | Dec 2024 11% | Mar 2025 0.4% | Jun 2025 9.3% | Sep 2025 -3.2% | Dec 2025 -0.3% | Mar 2026 4.8% | Jun 2026 —
- PENN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.2% | Sep 2022 7.5% | Dec 2022 0.8% | Mar 2023 7.0% | Jun 2023 3.0% | Sep 2023 -0.4% | Dec 2023 -12% | Mar 2024 -4.0% | Jun 2024 -0.7% | Sep 2024 1.2% | Dec 2024 20% | Mar 2025 4.1% | Jun 2025 6.1% | Sep 2025 4.8% | Dec 2025 8.2% | Mar 2026 6.3% | Jun 2026 —
- MCRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 20% | Dec 2022 9.0% | Mar 2023 8.3% | Jun 2023 7.8% | Sep 2023 -0.8% | Dec 2023 5.8% | Mar 2024 4.3% | Jun 2024 3.2% | Sep 2024 3.8% | Dec 2024 5.5% | Mar 2025 2.5% | Jun 2025 7.0% | Sep 2025 3.6% | Dec 2025 3.7% | Mar 2026 9.6% | Jun 2026 —
- MLCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -48% | Sep 2022 -46% | Dec 2022 -30% | Mar 2023 51% | Jun 2023 220% | Sep 2023 320% | Dec 2023 225% | Mar 2024 55% | Jun 2024 22% | Sep 2024 16% | Dec 2024 8.9% | Mar 2025 11% | Jun 2025 14% | Sep 2025 11% | Dec 2025 8.6% | Mar 2026 11% | Jun 2026 —
- BALY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 106% | Sep 2022 83% | Dec 2022 5.3% | Mar 2023 9.3% | Jun 2023 9.8% | Sep 2023 9.3% | Dec 2023 6.1% | Mar 2024 3.2% | Jun 2024 2.6% | Sep 2024 -0.3% | Dec 2024 -5.2% | Mar 2025 -4.7% | Jun 2025 5.8% | Sep 2025 5.4% | Dec 2025 29% | Mar 2026 28% | Jun 2026 —
- MSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -106% | Sep 2022 -116% | Dec 2022 -86% | Mar 2023 325% | Jun 2023 — | Sep 2023 — | Dec 2023 3,425% | Mar 2024 194% | Jun 2024 40% | Sep 2024 27% | Dec 2024 8.5% | Mar 2025 8.0% | Jun 2025 18% | Sep 2025 4.6% | Dec 2025 4.6% | Mar 2026 9.3% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Marriott Vacations Worldwide Corporation leads opm at 41.2%; Bally's Corporation leads margin change at +15.9 percentage points.

Investor read: Marriott Vacations Worldwide Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Marriott Vacations Worldwide Corporation · 41.2% | 0.5% versus #2 · Vail Resorts, Inc. | 1/8 recent comparable periods | 14/15 companies · 264 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Marriott Vacations Worldwide Corporation (VAC): 41%
2. Vail Resorts, Inc. (MTN): 41%
3. Red Rock Resorts, Inc. (RRR): 28%
4. Monarch Casino & Resort, Inc. (MCRI): 26%
5. Las Vegas Sands Corp. (LVS): 25%

### Margin change — fastest expanders
1. Bally's Corporation (BALY): +15.9 pp
2. Studio City International Holdings Limited (MSC): +6.5 pp
3. Hilton Grand Vacations Inc. (HGV): +5.9 pp
4. Monarch Casino & Resort, Inc. (MCRI): +5.4 pp
5. Las Vegas Sands Corp. (LVS): +3.9 pp

### 20-quarter OPM history
- LVS: Sep 2021 -37% | Dec 2021 -14% | Mar 2022 -32% | Jun 2022 -14% | Sep 2022 -18% | Dec 2022 -15% | Mar 2023 18% | Jun 2023 21% | Sep 2023 25% | Dec 2023 24% | Mar 2024 24% | Jun 2024 21% | Sep 2024 19% | Dec 2024 20% | Mar 2025 21% | Jun 2025 25% | Sep 2025 22% | Dec 2025 19% | Mar 2026 25% | Jun 2026 —
- MGM: Sep 2021 70% | Dec 2021 12% | Mar 2022 3.7% | Jun 2022 73% | Sep 2022 -31% | Dec 2022 -0.1% | Mar 2023 19% | Jun 2023 9.4% | Sep 2023 9.3% | Dec 2023 9.6% | Mar 2024 11% | Jun 2024 9.8% | Sep 2024 7.5% | Dec 2024 6.7% | Mar 2025 9.0% | Jun 2025 9.2% | Sep 2025 -2.7% | Dec 2025 7.1% | Mar 2026 6.8% | Jun 2026 —
- WYNN: Sep 2021 -8.4% | Dec 2021 -10% | Mar 2022 -10% | Jun 2022 -5.7% | Sep 2022 -6.0% | Dec 2022 9.9% | Mar 2023 12% | Jun 2023 16% | Sep 2023 3.7% | Dec 2023 19% | Mar 2024 20% | Jun 2024 16% | Sep 2024 7.9% | Dec 2024 20% | Mar 2025 16% | Jun 2025 15% | Sep 2025 17% | Dec 2025 15% | Mar 2026 15% | Jun 2026 —
- BYD: Sep 2021 27% | Dec 2021 25% | Mar 2022 29% | Jun 2022 27% | Sep 2022 27% | Dec 2022 27% | Mar 2023 30% | Jun 2023 27% | Sep 2023 24% | Dec 2023 16% | Mar 2024 23% | Jun 2024 24% | Sep 2024 23% | Dec 2024 25% | Mar 2025 20% | Jun 2025 23% | Sep 2025 14% | Dec 2025 16% | Mar 2026 16% | Jun 2026 —
- RRR: Sep 2021 35% | Dec 2021 38% | Mar 2022 33% | Jun 2022 16% | Sep 2022 34% | Dec 2022 52% | Mar 2023 32% | Jun 2023 31% | Sep 2023 30% | Dec 2023 37% | Mar 2024 32% | Jun 2024 29% | Sep 2024 28% | Dec 2024 29% | Mar 2025 31% | Jun 2025 32% | Sep 2025 28% | Dec 2025 28% | Mar 2026 28% | Jun 2026 —
- CZR: Sep 2021 20% | Dec 2021 4.7% | Mar 2022 -0.4% | Jun 2022 21% | Sep 2022 23% | Dec 2022 17% | Mar 2023 21% | Jun 2023 21% | Sep 2023 24% | Dec 2023 19% | Mar 2024 18% | Jun 2024 18% | Sep 2024 22% | Dec 2024 24% | Mar 2025 18% | Jun 2025 18% | Sep 2025 18% | Dec 2025 11% | Mar 2026 17% | Jun 2026 —
- MTN: Sep 2021 -84% | Dec 2021 -94% | Mar 2022 36% | Jun 2022 46% | Sep 2022 -37% | Dec 2022 -59% | Mar 2023 30% | Jun 2023 40% | Sep 2023 -60% | Dec 2023 -80% | Mar 2024 33% | Jun 2024 43% | Sep 2024 -76% | Dec 2024 -78% | Mar 2025 34% | Jun 2025 45% | Sep 2025 -73% | Dec 2025 -77% | Mar 2026 32% | Jun 2026 41%
- HGV: Sep 2021 23% | Dec 2021 18% | Mar 2022 13% | Jun 2022 16% | Sep 2022 21% | Dec 2022 13% | Mar 2023 14% | Jun 2023 15% | Sep 2023 18% | Dec 2023 74% | Mar 2024 5.7% | Jun 2024 7.6% | Sep 2024 13% | Dec 2024 10% | Mar 2025 5.2% | Jun 2025 8.8% | Sep 2025 9.3% | Dec 2025 13% | Mar 2026 11% | Jun 2026 —
- VAC: Sep 2021 43% | Dec 2021 42% | Mar 2022 43% | Jun 2022 46% | Sep 2022 49% | Dec 2022 47% | Mar 2023 44% | Jun 2023 45% | Sep 2023 46% | Dec 2023 42% | Mar 2024 44% | Jun 2024 42% | Sep 2024 48% | Dec 2024 41% | Mar 2025 42% | Jun 2025 42% | Sep 2025 38% | Dec 2025 1.2% | Mar 2026 41% | Jun 2026 —
- PENN: Sep 2021 16% | Dec 2021 14% | Mar 2022 19% | Jun 2022 19% | Sep 2022 8.4% | Dec 2022 15% | Mar 2023 12% | Jun 2023 12% | Sep 2023 -49% | Dec 2023 -22% | Mar 2024 -1.3% | Jun 2024 4.5% | Sep 2024 4.1% | Dec 2024 -2.9% | Mar 2025 2.6% | Jun 2025 4.4% | Sep 2025 -45% | Dec 2025 -1.0% | Mar 2026 5.5% | Jun 2026 —
- MCRI: Sep 2021 26% | Dec 2021 23% | Mar 2022 20% | Jun 2022 22% | Sep 2022 27% | Dec 2022 23% | Mar 2023 20% | Jun 2023 24% | Sep 2023 24% | Dec 2023 20% | Mar 2024 20% | Jun 2024 23% | Sep 2024 26% | Dec 2024 2.9% | Mar 2025 20% | Jun 2025 26% | Sep 2025 27% | Dec 2025 21% | Mar 2026 26% | Jun 2026 —
- MLCO: Sep 2021 -41% | Dec 2021 -22% | Mar 2022 -29% | Jun 2022 -71% | Sep 2022 -82% | Dec 2022 -59% | Mar 2023 0.0% | Jun 2023 6.8% | Sep 2023 9.3% | Dec 2023 -8.6% | Mar 2024 11% | Jun 2024 11% | Sep 2024 12% | Dec 2024 8.1% | Mar 2025 12% | Jun 2025 9.4% | Sep 2025 14% | Dec 2025 11% | Mar 2026 13% | Jun 2026 —
- BALY: Sep 2021 8.8% | Dec 2021 -8.1% | Mar 2022 4.1% | Jun 2022 15% | Sep 2022 9.3% | Dec 2022 -79% | Mar 2023 63% | Jun 2023 1.0% | Sep 2023 5.9% | Dec 2023 -52% | Mar 2024 -12% | Jun 2024 0.9% | Sep 2024 -25% | Dec 2024 -5.6% | Mar 2025 -3.8% | Jun 2025 -0.4% | Sep 2025 0.1% | Dec 2025 -37% | Mar 2026 12% | Jun 2026 —
- MSC: Sep 2021 -298% | Dec 2021 -159% | Mar 2022 -516% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -52% | Jun 2023 -16% | Sep 2023 2.3% | Dec 2023 9.4% | Mar 2024 11% | Jun 2024 1.8% | Sep 2024 9.1% | Dec 2024 2.0% | Mar 2025 9.4% | Jun 2025 12% | Sep 2025 13% | Dec 2025 4.8% | Mar 2026 16% | Jun 2026 —

### 20-quarter Margin change history
- LVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.3 pp | Sep 2022 +19.3 pp | Dec 2022 −1.2 pp | Mar 2023 +49.8 pp | Jun 2023 +35.2 pp | Sep 2023 +42.2 pp | Dec 2023 +39.3 pp | Mar 2024 +6.4 pp | Jun 2024 +0.3 pp | Sep 2024 −5.8 pp | Dec 2024 −4.0 pp | Mar 2025 −2.9 pp | Jun 2025 +3.3 pp | Sep 2025 +2.8 pp | Dec 2025 −1.0 pp | Mar 2026 +3.9 pp | Jun 2026 —
- MGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +61.3 pp | Sep 2022 −100.5 pp | Dec 2022 −12.2 pp | Mar 2023 +15.2 pp | Jun 2023 −63.5 pp | Sep 2023 +39.9 pp | Dec 2023 +9.7 pp | Mar 2024 −8.4 pp | Jun 2024 +0.4 pp | Sep 2024 −1.8 pp | Dec 2024 −2.9 pp | Mar 2025 −1.5 pp | Jun 2025 −0.6 pp | Sep 2025 −10.2 pp | Dec 2025 +0.4 pp | Mar 2026 −2.2 pp | Jun 2026 —
- WYNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.7 pp | Sep 2022 +2.4 pp | Dec 2022 +20.0 pp | Mar 2023 +21.9 pp | Jun 2023 +21.4 pp | Sep 2023 +9.7 pp | Dec 2023 +9.5 pp | Mar 2024 +7.6 pp | Jun 2024 −0.1 pp | Sep 2024 +4.2 pp | Dec 2024 +0.6 pp | Mar 2025 −3.7 pp | Jun 2025 −0.4 pp | Sep 2025 +9.0 pp | Dec 2025 −5.3 pp | Mar 2026 −0.6 pp | Jun 2026 —
- BYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.4 pp | Sep 2022 +0.6 pp | Dec 2022 +2.2 pp | Mar 2023 +0.4 pp | Jun 2023 −0.8 pp | Sep 2023 −3.0 pp | Dec 2023 −10.6 pp | Mar 2024 −6.8 pp | Jun 2024 −3.1 pp | Sep 2024 −1.2 pp | Dec 2024 +8.9 pp | Mar 2025 −2.6 pp | Jun 2025 −0.1 pp | Sep 2025 −9.0 pp | Dec 2025 −9.4 pp | Mar 2026 −3.8 pp | Jun 2026 —
- RRR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −23.2 pp | Sep 2022 −0.6 pp | Dec 2022 +13.9 pp | Mar 2023 −0.9 pp | Jun 2023 +14.3 pp | Sep 2023 −4.1 pp | Dec 2023 −14.9 pp | Mar 2024 +0.1 pp | Jun 2024 −1.7 pp | Sep 2024 −1.9 pp | Dec 2024 −8.5 pp | Mar 2025 −0.8 pp | Jun 2025 +3.1 pp | Sep 2025 −0.3 pp | Dec 2025 −0.6 pp | Mar 2026 −2.7 pp | Jun 2026 —
- CZR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.3 pp | Sep 2022 +3.0 pp | Dec 2022 +12.6 pp | Mar 2023 +21.7 pp | Jun 2023 −0.1 pp | Sep 2023 +1.4 pp | Dec 2023 +1.7 pp | Mar 2024 −3.6 pp | Jun 2024 −3.3 pp | Sep 2024 −1.8 pp | Dec 2024 +4.9 pp | Mar 2025 −0.2 pp | Jun 2025 +0.2 pp | Sep 2025 −4.5 pp | Dec 2025 −12.5 pp | Mar 2026 −0.1 pp | Jun 2026 —
- MTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +46.8 pp | Dec 2022 +35.9 pp | Mar 2023 −6.1 pp | Jun 2023 −5.5 pp | Sep 2023 −22.9 pp | Dec 2023 −21.6 pp | Mar 2024 +2.7 pp | Jun 2024 +2.2 pp | Sep 2024 −16.2 pp | Dec 2024 +2.5 pp | Mar 2025 +1.2 pp | Jun 2025 +2.0 pp | Sep 2025 +2.4 pp | Dec 2025 +0.2 pp | Mar 2026 −1.9 pp | Jun 2026 −3.6 pp
- HGV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.7 pp | Sep 2022 −1.3 pp | Dec 2022 −5.6 pp | Mar 2023 +1.1 pp | Jun 2023 −0.2 pp | Sep 2023 −3.5 pp | Dec 2023 +61.6 pp | Mar 2024 −8.2 pp | Jun 2024 −7.7 pp | Sep 2024 −5.1 pp | Dec 2024 −64.1 pp | Mar 2025 −0.5 pp | Jun 2025 +1.2 pp | Sep 2025 −3.3 pp | Dec 2025 +2.2 pp | Mar 2026 +5.9 pp | Jun 2026 —
- VAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.5 pp | Sep 2022 +5.7 pp | Dec 2022 +4.1 pp | Mar 2023 +1.0 pp | Jun 2023 −0.6 pp | Sep 2023 −2.6 pp | Dec 2023 −4.6 pp | Mar 2024 −0.2 pp | Jun 2024 −2.9 pp | Sep 2024 +1.4 pp | Dec 2024 −0.8 pp | Mar 2025 −2.4 pp | Jun 2025 −0.4 pp | Sep 2025 −9.3 pp | Dec 2025 −39.9 pp | Mar 2026 −0.6 pp | Jun 2026 —
- PENN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.8 pp | Sep 2022 −7.4 pp | Dec 2022 +0.9 pp | Mar 2023 −6.8 pp | Jun 2023 −6.3 pp | Sep 2023 −57.0 pp | Dec 2023 −37.4 pp | Mar 2024 −13.2 pp | Jun 2024 −7.8 pp | Sep 2024 +52.7 pp | Dec 2024 +19.2 pp | Mar 2025 +3.9 pp | Jun 2025 −0.1 pp | Sep 2025 −49.3 pp | Dec 2025 +1.9 pp | Mar 2026 +2.9 pp | Jun 2026 —
- MCRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.0 pp | Sep 2022 +1.2 pp | Dec 2022 +0.1 pp | Mar 2023 +0.2 pp | Jun 2023 +1.7 pp | Sep 2023 −3.2 pp | Dec 2023 −3.5 pp | Mar 2024 −0.3 pp | Jun 2024 −1.0 pp | Sep 2024 +1.6 pp | Dec 2024 −16.9 pp | Mar 2025 +0.6 pp | Jun 2025 +2.5 pp | Sep 2025 +1.1 pp | Dec 2025 +17.9 pp | Mar 2026 +5.4 pp | Jun 2026 —
- MLCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −48.0 pp | Sep 2022 −41.3 pp | Dec 2022 −37.5 pp | Mar 2023 +28.6 pp | Jun 2023 +77.4 pp | Sep 2023 +91.4 pp | Dec 2023 +50.6 pp | Mar 2024 +11.3 pp | Jun 2024 +3.9 pp | Sep 2024 +2.5 pp | Dec 2024 +16.7 pp | Mar 2025 +0.5 pp | Jun 2025 −1.3 pp | Sep 2025 +2.3 pp | Dec 2025 +3.2 pp | Mar 2026 +1.3 pp | Jun 2026 —
- BALY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −14.7 pp | Sep 2022 +0.5 pp | Dec 2022 −70.7 pp | Mar 2023 +58.8 pp | Jun 2023 −14.4 pp | Sep 2023 −3.4 pp | Dec 2023 +27.1 pp | Mar 2024 −74.9 pp | Jun 2024 −0.1 pp | Sep 2024 −30.9 pp | Dec 2024 +46.1 pp | Mar 2025 +8.2 pp | Jun 2025 −1.3 pp | Sep 2025 +25.1 pp | Dec 2025 −31.2 pp | Mar 2026 +15.9 pp | Jun 2026 —
- MSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4,002.4 pp | Sep 2022 +2,894.6 pp | Dec 2022 −1,493.4 pp | Mar 2023 +463.8 pp | Jun 2023 −3,871.9 pp | Sep 2023 −2,594.7 pp | Dec 2023 +1,661.3 pp | Mar 2024 +63.0 pp | Jun 2024 +18.0 pp | Sep 2024 +6.8 pp | Dec 2024 −7.4 pp | Mar 2025 −1.3 pp | Jun 2025 +10.3 pp | Sep 2025 +4.0 pp | Dec 2025 +2.8 pp | Mar 2026 +6.5 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Wynn Resorts, Limited leads with $478 million of TTM profit, 1.9% above MGM Resorts International. Red Rock Resorts, Inc. shows 18.1% growth from a $353 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Wynn Resorts, Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Wynn Resorts, Limited · $478 million | 1.9% versus #2 · MGM Resorts International | 3/7 recent comparable periods | 11/15 companies · 267 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Wynn Resorts, Limited (WYNN): ₹478 Cr
2. MGM Resorts International (MGM): ₹469 Cr
3. Red Rock Resorts, Inc. (RRR): ₹353 Cr
4. Melco Resorts & Entertainment Limited (MLCO): ₹188 Cr
5. Vail Resorts, Inc. (MTN): ₹182 Cr

### Profit growth — fastest growers
1. Red Rock Resorts, Inc. (RRR): 18%
2. Wynn Resorts, Limited (WYNN): -12%
3. Vail Resorts, Inc. (MTN): -40%
4. MGM Resorts International (MGM): -53%
5. Marriott Vacations Worldwide Corporation (VAC): -250%

### 20-quarter Net profit history
- LVS: Sep 2021 ₹-495 Cr | Dec 2021 ₹-197 Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹-417 Cr | Sep 2022 ₹-381 Cr | Dec 2022 ₹-274 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹368 Cr | Sep 2023 ₹449 Cr | Dec 2023 ₹469 Cr | Mar 2024 ₹583 Cr | Jun 2024 ₹424 Cr | Sep 2024 ₹353 Cr | Dec 2024 ₹392 Cr | Mar 2025 ₹408 Cr | Jun 2025 ₹519 Cr | Sep 2025 ₹491 Cr | Dec 2025 ₹448 Cr | Mar 2026 ₹641 Cr | Jun 2026 —
- MGM: Sep 2021 ₹1.3K Cr | Dec 2021 ₹116 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-320 Cr | Mar 2023 ₹480 Cr | Jun 2023 ₹244 Cr | Sep 2023 ₹212 Cr | Dec 2023 ₹380 Cr | Mar 2024 ₹300 Cr | Jun 2024 ₹283 Cr | Sep 2024 ₹244 Cr | Dec 2024 ₹238 Cr | Mar 2025 ₹227 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹-207 Cr | Dec 2025 ₹383 Cr | Mar 2026 ₹175 Cr | Jun 2026 —
- WYNN: Sep 2021 ₹-246 Cr | Dec 2021 ₹-256 Cr | Mar 2022 ₹-255 Cr | Jun 2022 ₹-213 Cr | Sep 2022 ₹-208 Cr | Dec 2022 ₹-34 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹128 Cr | Sep 2023 ₹-121 Cr | Dec 2023 ₹774 Cr | Mar 2024 ₹176 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹322 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹77 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹122 Cr | Mar 2026 ₹151 Cr | Jun 2026 —
- BYD: Sep 2021 ₹138 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹163 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹157 Cr | Dec 2022 ₹173 Cr | Mar 2023 ₹200 Cr | Jun 2023 ₹192 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹93 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹111 Cr | Jun 2025 ₹150 Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹139 Cr | Mar 2026 ₹104 Cr | Jun 2026 —
- RRR: Sep 2021 ₹118 Cr | Dec 2021 ₹200 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹85 Cr | Mar 2026 ₹83 Cr | Jun 2026 —
- CZR: Sep 2021 ₹-227 Cr | Dec 2021 ₹-441 Cr | Mar 2022 ₹-451 Cr | Jun 2022 ₹36 Cr | Sep 2022 ₹53 Cr | Dec 2022 ₹-162 Cr | Mar 2023 ₹-136 Cr | Jun 2023 ₹928 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹-56 Cr | Mar 2024 ₹-142 Cr | Jun 2024 ₹-102 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹-98 Cr | Jun 2025 ₹-65 Cr | Sep 2025 ₹-39 Cr | Dec 2025 ₹-235 Cr | Mar 2026 ₹-83 Cr | Jun 2026 —
- MTN: Sep 2021 ₹-145 Cr | Dec 2021 ₹-143 Cr | Mar 2022 ₹234 Cr | Jun 2022 ₹387 Cr | Sep 2022 ₹-110 Cr | Dec 2022 ₹-144 Cr | Mar 2023 ₹220 Cr | Jun 2023 ₹343 Cr | Sep 2023 ₹-137 Cr | Dec 2023 ₹-183 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹381 Cr | Sep 2024 ₹-181 Cr | Dec 2024 ₹-182 Cr | Mar 2025 ₹257 Cr | Jun 2025 ₹411 Cr | Sep 2025 ₹-188 Cr | Dec 2025 ₹-196 Cr | Mar 2026 ₹226 Cr | Jun 2026 ₹340 Cr
- HGV: Sep 2021 ₹99 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹150 Cr | Dec 2022 ₹78 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹-2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹68 Cr | Jun 2026 —
- VAC: Sep 2021 ₹11 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹135 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-431 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- PENN: Sep 2021 ₹86 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹123 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹514 Cr | Jun 2023 ₹78 Cr | Sep 2023 ₹-725 Cr | Dec 2023 ₹-359 Cr | Mar 2024 ₹-115 Cr | Jun 2024 ₹-27 Cr | Sep 2024 ₹-38 Cr | Dec 2024 ₹-134 Cr | Mar 2025 ₹112 Cr | Jun 2025 ₹-18 Cr | Sep 2025 ₹-865 Cr | Dec 2025 ₹-73 Cr | Mar 2026 ₹-3 Cr | Jun 2026 —
- MCRI: Sep 2021 ₹22 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹28 Cr | Jun 2026 —
- MLCO: Sep 2021 ₹-268 Cr | Dec 2021 ₹-190 Cr | Mar 2022 ₹-222 Cr | Jun 2022 ₹-295 Cr | Sep 2022 ₹-287 Cr | Dec 2022 ₹-294 Cr | Mar 2023 ₹-101 Cr | Jun 2023 ₹-51 Cr | Sep 2023 ₹-37 Cr | Dec 2023 ₹-227 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹-40 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- BALY: Sep 2021 ₹-58 Cr | Dec 2021 ₹-115 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹-488 Cr | Mar 2023 ₹178 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-62 Cr | Dec 2023 ₹-278 Cr | Mar 2024 ₹-174 Cr | Jun 2024 ₹-60 Cr | Sep 2024 ₹-248 Cr | Dec 2024 ₹-86 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-228 Cr | Sep 2025 ₹-106 Cr | Dec 2025 ₹-365 Cr | Mar 2026 ₹-161 Cr | Jun 2026 —
- MSC: Sep 2021 ₹-76 Cr | Dec 2021 ₹-65 Cr | Mar 2022 ₹-81 Cr | Jun 2022 ₹-94 Cr | Sep 2022 ₹-93 Cr | Dec 2022 ₹-93 Cr | Mar 2023 ₹-42 Cr | Jun 2023 ₹-53 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹-20 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-37 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹-30 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-20 Cr | Dec 2025 ₹-22 Cr | Mar 2026 ₹3 Cr | Jun 2026 —

### 20-quarter Profit growth history
- LVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -94% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 302% | Jun 2024 15% | Sep 2024 -21% | Dec 2024 -16% | Mar 2025 -30% | Jun 2025 22% | Sep 2025 39% | Dec 2025 14% | Mar 2026 57% | Jun 2026 —
- MGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,703% | Sep 2022 -179% | Dec 2022 -376% | Mar 2023 — | Jun 2023 -85% | Sep 2023 — | Dec 2023 — | Mar 2024 -38% | Jun 2024 16% | Sep 2024 15% | Dec 2024 -37% | Mar 2025 -24% | Jun 2025 -58% | Sep 2025 -185% | Dec 2025 61% | Mar 2026 -23% | Jun 2026 —
- WYNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17,500% | Jun 2024 14% | Sep 2024 — | Dec 2024 -58% | Mar 2025 -54% | Jun 2025 -47% | Sep 2025 — | Dec 2025 -62% | Mar 2026 86% | Jun 2026 —
- BYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 14% | Dec 2022 57% | Mar 2023 23% | Jun 2023 31% | Sep 2023 -14% | Dec 2023 -46% | Mar 2024 -32% | Jun 2024 -27% | Sep 2024 -3.0% | Dec 2024 84% | Mar 2025 -18% | Jun 2025 7.1% | Sep 2025 998% | Dec 2025 -19% | Mar 2026 -6.3% | Jun 2026 —
- RRR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -78% | Sep 2022 -19% | Dec 2022 -15% | Mar 2023 -6.5% | Jun 2023 134% | Sep 2023 -28% | Dec 2023 -36% | Mar 2024 -9.3% | Jun 2024 -6.7% | Sep 2024 -19% | Dec 2024 -19% | Mar 2025 10% | Jun 2025 54% | Sep 2025 40% | Dec 2025 -3.4% | Mar 2026 -3.5% | Jun 2026 —
- CZR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -65% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 2,478% | Sep 2023 74% | Dec 2023 — | Mar 2024 — | Jun 2024 -111% | Sep 2024 -90% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -533% | Dec 2025 -1,079% | Mar 2026 — | Jun 2026 —
- MTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -6.0% | Jun 2023 -11% | Sep 2023 — | Dec 2023 — | Mar 2024 4.6% | Jun 2024 11% | Sep 2024 — | Dec 2024 — | Mar 2025 12% | Jun 2025 7.9% | Sep 2025 — | Dec 2025 — | Mar 2026 -12% | Jun 2026 -17%
- HGV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 711% | Sep 2022 52% | Dec 2022 4.0% | Mar 2023 43% | Jun 2023 9.6% | Sep 2023 -39% | Dec 2023 -13% | Mar 2024 -103% | Jun 2024 -95% | Sep 2024 -65% | Dec 2024 -62% | Mar 2025 — | Jun 2025 600% | Sep 2025 -6.3% | Dec 2025 104% | Mar 2026 — | Jun 2026 —
- VAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,588% | Sep 2022 900% | Dec 2022 49% | Mar 2023 50% | Jun 2023 -33% | Sep 2023 -62% | Dec 2023 -63% | Mar 2024 -47% | Jun 2024 -58% | Sep 2024 100% | Dec 2024 48% | Mar 2025 24% | Jun 2025 82% | Sep 2025 -102% | Dec 2025 -980% | Mar 2026 -61% | Jun 2026 —
- PENN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -87% | Sep 2022 43% | Dec 2022 -53% | Mar 2023 888% | Jun 2023 200% | Sep 2023 -689% | Dec 2023 -1,810% | Mar 2024 -122% | Jun 2024 -135% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -103% | Jun 2026 —
- MCRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.6% | Sep 2022 23% | Dec 2022 10% | Mar 2023 0.0% | Jun 2023 16% | Sep 2023 -11% | Dec 2023 -18% | Mar 2024 0.0% | Jun 2024 4.6% | Sep 2024 17% | Dec 2024 -78% | Mar 2025 11% | Jun 2025 17% | Sep 2025 14% | Dec 2025 475% | Mar 2026 40% | Jun 2026 —
- MLCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2,700% | Jun 2025 — | Sep 2025 377% | Dec 2025 — | Mar 2026 154% | Jun 2026 —
- BALY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 — | Dec 2022 — | Mar 2023 8,800% | Jun 2023 -143% | Sep 2023 -6,300% | Dec 2023 — | Mar 2024 -198% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Caesars Entertainment, Inc. reports $210 million of CAPEX; Red Rock Resorts, Inc. has the highest covered intensity at 23.1%. Coverage is only 14 of 15 companies and 250 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Caesars Entertainment, Inc. · $210 million | 8.2% versus #2 · Las Vegas Sands Corp. | 8/8 recent comparable periods | 14/15 companies · 250 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Caesars Entertainment, Inc. (CZR): ₹210 Cr
2. Las Vegas Sands Corp. (LVS): ₹194 Cr
3. Melco Resorts & Entertainment Limited (MLCO): ₹182 Cr
4. Wynn Resorts, Limited (WYNN): ₹179 Cr
5. Boyd Gaming Corporation (BYD): ₹155 Cr

### CAPEX intensity — highest reinvestment intensity
1. Red Rock Resorts, Inc. (RRR): 23%
2. Studio City International Holdings Limited (MSC): 21%
3. Boyd Gaming Corporation (BYD): 16%
4. Melco Resorts & Entertainment Limited (MLCO): 14%
5. Wynn Resorts, Limited (WYNN): 9.6%

### 20-quarter CAPEX history
- LVS: Sep 2021 ₹192 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹198 Cr | Sep 2022 ₹169 Cr | Dec 2022 ₹147 Cr | Mar 2023 ₹166 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹330 Cr | Dec 2023 ₹325 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹241 Cr | Sep 2024 ₹539 Cr | Dec 2024 ₹547 Cr | Mar 2025 ₹379 Cr | Jun 2025 ₹286 Cr | Sep 2025 ₹229 Cr | Dec 2025 ₹274 Cr | Mar 2026 ₹194 Cr | Jun 2026 —
- MGM: Sep 2021 ₹139 Cr | Dec 2021 ₹169 Cr | Mar 2022 ₹102 Cr | Jun 2022 ₹135 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹308 Cr | Mar 2023 ₹140 Cr | Jun 2023 ₹253 Cr | Sep 2023 ₹210 Cr | Dec 2023 ₹329 Cr | Mar 2024 ₹172 Cr | Jun 2024 ₹238 Cr | Sep 2024 ₹336 Cr | Dec 2024 ₹404 Cr | Mar 2025 ₹228 Cr | Jun 2025 ₹268 Cr | Sep 2025 ₹276 Cr | Dec 2025 ₹296 Cr | Mar 2026 ₹155 Cr | Jun 2026 —
- WYNN: Sep 2021 ₹103 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹87 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹124 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹114 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹127 Cr | Mar 2025 ₹160 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹171 Cr | Mar 2026 ₹179 Cr | Jun 2026 —
- BYD: Sep 2021 ₹43 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹96 Cr | Mar 2023 ₹96 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹108 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹90 Cr | Jun 2024 ₹114 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹111 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹146 Cr | Dec 2025 ₹148 Cr | Mar 2026 ₹155 Cr | Jun 2026 —
- RRR: Sep 2021 ₹15 Cr | Dec 2021 ₹26 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹97 Cr | Dec 2022 ₹130 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹202 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹187 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹79 Cr | Sep 2024 ₹80 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹117 Cr | Jun 2026 —
- CZR: Sep 2021 ₹136 Cr | Dec 2021 ₹207 Cr | Mar 2022 ₹210 Cr | Jun 2022 ₹261 Cr | Sep 2022 ₹246 Cr | Dec 2022 ₹235 Cr | Mar 2023 ₹272 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹322 Cr | Dec 2023 ₹369 Cr | Mar 2024 ₹264 Cr | Jun 2024 ₹329 Cr | Sep 2024 ₹424 Cr | Dec 2024 ₹279 Cr | Mar 2025 ₹223 Cr | Jun 2025 ₹230 Cr | Sep 2025 ₹195 Cr | Dec 2025 ₹157 Cr | Mar 2026 ₹210 Cr | Jun 2026 —
- MTN: Sep 2021 ₹30 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹75 Cr | Jun 2026 ₹35 Cr
- HGV: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- VAC: Sep 2021 ₹8 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- PENN: Sep 2021 ₹73 Cr | Dec 2021 ₹106 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹152 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹88 Cr | Sep 2024 ₹132 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹125 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹173 Cr | Dec 2025 ₹190 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- MCRI: Sep 2021 ₹15 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- MLCO: Sep 2021 ₹20 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹101 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹107 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹182 Cr | Mar 2026 — | Jun 2026 —
- BALY: Sep 2021 ₹31 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹47 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹39 Cr | Jun 2026 —
- MSC: Sep 2021 — | Dec 2021 ₹134 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹93 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹29 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- LVS: Sep 2021 22% | Dec 2021 19% | Mar 2022 15% | Jun 2022 19% | Sep 2022 17% | Dec 2022 13% | Mar 2023 7.8% | Jun 2023 7.7% | Sep 2023 12% | Dec 2023 11% | Mar 2024 8.1% | Jun 2024 8.7% | Sep 2024 20% | Dec 2024 19% | Mar 2025 13% | Jun 2025 9.0% | Sep 2025 6.9% | Dec 2025 7.5% | Mar 2026 5.4% | Jun 2026 —
- MGM: Sep 2021 5.1% | Dec 2021 5.5% | Mar 2022 3.6% | Jun 2022 4.1% | Sep 2022 6.4% | Dec 2022 8.6% | Mar 2023 3.6% | Jun 2023 6.4% | Sep 2023 5.3% | Dec 2023 7.5% | Mar 2024 3.9% | Jun 2024 5.5% | Sep 2024 8.0% | Dec 2024 9.3% | Mar 2025 5.3% | Jun 2025 6.1% | Sep 2025 6.5% | Dec 2025 6.4% | Mar 2026 3.5% | Jun 2026 —
- WYNN: Sep 2021 10% | Dec 2021 7.5% | Mar 2022 10% | Jun 2022 9.9% | Sep 2022 9.8% | Dec 2022 2.7% | Mar 2023 8.7% | Jun 2023 5.7% | Sep 2023 6.8% | Dec 2023 6.1% | Mar 2024 5.3% | Jun 2024 5.4% | Sep 2024 6.0% | Dec 2024 6.9% | Mar 2025 9.4% | Jun 2025 9.5% | Sep 2025 8.9% | Dec 2025 9.2% | Mar 2026 9.6% | Jun 2026 —
- BYD: Sep 2021 5.1% | Dec 2021 6.8% | Mar 2022 5.5% | Jun 2022 5.8% | Sep 2022 8.4% | Dec 2022 10% | Mar 2023 10% | Jun 2023 8.2% | Sep 2023 12% | Dec 2023 10% | Mar 2024 9.4% | Jun 2024 12% | Sep 2024 8.8% | Dec 2024 11% | Mar 2025 17% | Jun 2025 12% | Sep 2025 15% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- RRR: Sep 2021 3.6% | Dec 2021 6.2% | Mar 2022 9.7% | Jun 2022 15% | Sep 2022 23% | Dec 2022 31% | Mar 2023 40% | Jun 2023 49% | Sep 2023 33% | Dec 2023 40% | Mar 2024 20% | Jun 2024 16% | Sep 2024 17% | Dec 2024 5.4% | Mar 2025 14% | Jun 2025 15% | Sep 2025 20% | Dec 2025 15% | Mar 2026 23% | Jun 2026 —
- CZR: Sep 2021 5.1% | Dec 2021 8.0% | Mar 2022 9.2% | Jun 2022 9.3% | Sep 2022 8.5% | Dec 2022 8.3% | Mar 2023 9.6% | Jun 2023 11% | Sep 2023 11% | Dec 2023 13% | Mar 2024 9.6% | Jun 2024 12% | Sep 2024 15% | Dec 2024 10% | Mar 2025 8.0% | Jun 2025 7.9% | Sep 2025 6.8% | Dec 2025 5.4% | Mar 2026 7.3% | Jun 2026 —
- MTN: Sep 2021 15% | Dec 2021 28% | Mar 2022 8.7% | Jun 2022 2.8% | Sep 2022 12% | Dec 2022 44% | Mar 2023 7.4% | Jun 2023 4.4% | Sep 2023 20% | Dec 2023 21% | Mar 2024 7.1% | Jun 2024 1.9% | Sep 2024 21% | Dec 2024 27% | Mar 2025 6.6% | Jun 2025 2.5% | Sep 2025 21% | Dec 2025 27% | Mar 2026 6.9% | Jun 2026 2.9%
- HGV: Sep 2021 0.8% | Dec 2021 0.8% | Mar 2022 1.0% | Jun 2022 1.2% | Sep 2022 0.5% | Dec 2022 3.3% | Mar 2023 0.5% | Jun 2023 0.4% | Sep 2023 0.9% | Dec 2023 1.3% | Mar 2024 0.9% | Jun 2024 0.6% | Sep 2024 0.8% | Dec 2024 1.2% | Mar 2025 1.2% | Jun 2025 1.2% | Sep 2025 1.6% | Dec 2025 1.5% | Mar 2026 0.5% | Jun 2026 —
- VAC: Sep 2021 0.8% | Dec 2021 2.5% | Mar 2022 0.9% | Jun 2022 1.2% | Sep 2022 1.0% | Dec 2022 2.4% | Mar 2023 3.2% | Jun 2023 2.2% | Sep 2023 2.4% | Dec 2023 2.2% | Mar 2024 1.3% | Jun 2024 1.1% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.2% | Jun 2025 1.6% | Sep 2025 0.9% | Dec 2025 0.9% | Mar 2026 0.6% | Jun 2026 —
- PENN: Sep 2021 4.8% | Dec 2021 6.7% | Mar 2022 4.2% | Jun 2022 3.7% | Sep 2022 3.9% | Dec 2022 4.7% | Mar 2023 3.8% | Jun 2023 4.2% | Sep 2023 4.6% | Dec 2023 11% | Mar 2024 2.6% | Jun 2024 5.3% | Sep 2024 8.1% | Dec 2024 13% | Mar 2025 7.5% | Jun 2025 9.0% | Sep 2025 10% | Dec 2025 11% | Mar 2026 5.3% | Jun 2026 —
- MCRI: Sep 2021 13% | Dec 2021 18% | Mar 2022 14% | Jun 2022 10% | Sep 2022 3.7% | Dec 2022 6.6% | Mar 2023 13% | Jun 2023 6.5% | Sep 2023 6.8% | Dec 2023 13% | Mar 2024 15% | Jun 2024 10% | Sep 2024 3.6% | Dec 2024 8.9% | Mar 2025 16% | Jun 2025 5.8% | Sep 2025 1.4% | Dec 2025 4.3% | Mar 2026 4.4% | Jun 2026 —
- MLCO: Sep 2021 4.5% | Dec 2021 14% | Mar 2022 2.3% | Jun 2022 2.4% | Sep 2022 4.5% | Dec 2022 30% | Mar 2023 0.6% | Jun 2023 1.2% | Sep 2023 0.3% | Dec 2023 9.8% | Mar 2024 2.3% | Jun 2024 2.9% | Sep 2024 2.5% | Dec 2024 12% | Mar 2025 3.0% | Jun 2025 3.5% | Sep 2025 3.1% | Dec 2025 14% | Mar 2026 — | Jun 2026 —
- BALY: Sep 2021 9.8% | Dec 2021 5.5% | Mar 2022 10% | Jun 2022 4.2% | Sep 2022 8.8% | Dec 2022 7.8% | Mar 2023 7.3% | Jun 2023 13% | Sep 2023 23% | Dec 2023 7.4% | Mar 2024 4.5% | Jun 2024 5.8% | Sep 2024 15% | Dec 2024 7.6% | Mar 2025 8.0% | Jun 2025 7.4% | Sep 2025 7.7% | Dec 2025 5.1% | Mar 2026 5.2% | Jun 2026 —
- MSC: Sep 2021 — | Dec 2021 479% | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2,325% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Monarch Casino & Resort, Inc. has the clearest covered balance-sheet capacity with $125 million net cash and gross debt of $13 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Monarch Casino & Resort, Inc. · $13 million | 99.4% versus #2 · Studio City International Holdings Limited | 8/8 recent comparable periods | 14/15 companies · 268 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Monarch Casino & Resort, Inc. (MCRI): ₹13 Cr
2. Studio City International Holdings Limited (MSC): ₹2.0K Cr
3. Boyd Gaming Corporation (BYD): ₹2.8K Cr
4. Vail Resorts, Inc. (MTN): ₹3.2K Cr
5. Red Rock Resorts, Inc. (RRR): ₹3.6K Cr

### Net debt — lowest net debt
1. Monarch Casino & Resort, Inc. (MCRI): ₹-125 Cr
2. Studio City International Holdings Limited (MSC): ₹1.9K Cr
3. Boyd Gaming Corporation (BYD): ₹2.4K Cr
4. Vail Resorts, Inc. (MTN): ₹2.9K Cr
5. Red Rock Resorts, Inc. (RRR): ₹3.5K Cr

### 20-quarter Gross debt history
- LVS: Sep 2021 ₹14.5K Cr | Dec 2021 ₹14.8K Cr | Mar 2022 ₹15.0K Cr | Jun 2022 ₹15.4K Cr | Sep 2022 ₹15.3K Cr | Dec 2022 ₹16.0K Cr | Mar 2023 ₹16.0K Cr | Jun 2023 ₹14.9K Cr | Sep 2023 ₹14.4K Cr | Dec 2023 ₹14.0K Cr | Mar 2024 ₹14.0K Cr | Jun 2024 ₹13.7K Cr | Sep 2024 ₹14.0K Cr | Dec 2024 ₹13.8K Cr | Mar 2025 ₹15.8K Cr | Jun 2025 ₹15.8K Cr | Sep 2025 ₹15.8K Cr | Dec 2025 ₹15.8K Cr | Mar 2026 ₹15.7K Cr | Jun 2026 —
- MGM: Sep 2021 ₹24.4K Cr | Dec 2021 ₹24.6K Cr | Mar 2022 ₹23.6K Cr | Jun 2022 ₹33.5K Cr | Sep 2022 ₹33.7K Cr | Dec 2022 ₹33.9K Cr | Mar 2023 ₹32.0K Cr | Jun 2023 ₹31.8K Cr | Sep 2023 ₹31.6K Cr | Dec 2023 ₹31.5K Cr | Mar 2024 ₹31.4K Cr | Jun 2024 ₹31.4K Cr | Sep 2024 ₹32.0K Cr | Dec 2024 ₹31.4K Cr | Mar 2025 ₹31.5K Cr | Jun 2025 ₹31.2K Cr | Sep 2025 ₹31.2K Cr | Dec 2025 ₹31.2K Cr | Mar 2026 ₹31.3K Cr | Jun 2026 —
- WYNN: Sep 2021 ₹11.9K Cr | Dec 2021 ₹12.1K Cr | Mar 2022 ₹12.0K Cr | Jun 2022 ₹12.0K Cr | Sep 2022 ₹12.2K Cr | Dec 2022 ₹13.7K Cr | Mar 2023 ₹13.9K Cr | Jun 2023 ₹13.8K Cr | Sep 2023 ₹13.4K Cr | Dec 2023 ₹13.4K Cr | Mar 2024 ₹12.8K Cr | Jun 2024 ₹12.6K Cr | Sep 2024 ₹13.4K Cr | Dec 2024 ₹12.2K Cr | Mar 2025 ₹12.2K Cr | Jun 2025 ₹12.2K Cr | Sep 2025 ₹12.2K Cr | Dec 2025 ₹12.2K Cr | Mar 2026 ₹12.2K Cr | Jun 2026 —
- BYD: Sep 2021 ₹4.2K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- RRR: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- CZR: Sep 2021 ₹26.9K Cr | Dec 2021 ₹26.2K Cr | Mar 2022 ₹26.3K Cr | Jun 2022 ₹26.3K Cr | Sep 2022 ₹25.5K Cr | Dec 2022 ₹25.4K Cr | Mar 2023 ₹25.6K Cr | Jun 2023 ₹25.2K Cr | Sep 2023 ₹25.0K Cr | Dec 2023 ₹25.0K Cr | Mar 2024 ₹25.1K Cr | Jun 2024 ₹25.1K Cr | Sep 2024 ₹25.4K Cr | Dec 2024 ₹25.0K Cr | Mar 2025 ₹25.1K Cr | Jun 2025 ₹25.2K Cr | Sep 2025 ₹24.9K Cr | Dec 2025 ₹24.9K Cr | Mar 2026 ₹24.9K Cr | Jun 2026 —
- MTN: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.0K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 ₹3.2K Cr
- HGV: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.8K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹4.6K Cr | Mar 2024 ₹6.8K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹6.7K Cr | Dec 2024 ₹7.0K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹7.3K Cr | Dec 2025 ₹7.4K Cr | Mar 2026 ₹7.4K Cr | Jun 2026 —
- VAC: Sep 2021 ₹4.4K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹5.0K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- PENN: Sep 2021 ₹11.6K Cr | Dec 2021 ₹11.6K Cr | Mar 2022 ₹13.0K Cr | Jun 2022 ₹13.0K Cr | Sep 2022 ₹12.9K Cr | Dec 2022 ₹12.9K Cr | Mar 2023 ₹11.7K Cr | Jun 2023 ₹11.6K Cr | Sep 2023 ₹11.5K Cr | Dec 2023 ₹11.5K Cr | Mar 2024 ₹11.5K Cr | Jun 2024 ₹11.4K Cr | Sep 2024 ₹11.3K Cr | Dec 2024 ₹11.2K Cr | Mar 2025 ₹11.0K Cr | Jun 2025 ₹11.1K Cr | Sep 2025 ₹11.2K Cr | Dec 2025 ₹11.3K Cr | Mar 2026 ₹11.2K Cr | Jun 2026 —
- MCRI: Sep 2021 ₹120 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹93 Cr | Jun 2022 ₹78 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹13 Cr
- MLCO: Sep 2021 ₹4.1K Cr | Dec 2021 ₹7.0K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹7.8K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹8.7K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹8.2K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹7.8K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹7.5K Cr | Mar 2025 ₹7.5K Cr | Jun 2025 ₹7.5K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹7.0K Cr | Mar 2026 ₹6.9K Cr | Jun 2026 —
- BALY: Sep 2021 ₹3.1K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹6.4K Cr | Mar 2026 ₹6.8K Cr | Jun 2026 —
- MSC: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —

### 20-quarter Net debt history
- LVS: Sep 2021 ₹12.9K Cr | Dec 2021 ₹12.9K Cr | Mar 2022 ₹8.5K Cr | Jun 2022 ₹8.9K Cr | Sep 2022 ₹9.5K Cr | Dec 2022 ₹9.7K Cr | Mar 2023 ₹9.5K Cr | Jun 2023 ₹9.2K Cr | Sep 2023 ₹8.8K Cr | Dec 2023 ₹8.9K Cr | Mar 2024 ₹9.0K Cr | Jun 2024 ₹9.0K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹10.1K Cr | Mar 2025 ₹12.4K Cr | Jun 2025 ₹12.4K Cr | Sep 2025 ₹12.4K Cr | Dec 2025 ₹11.9K Cr | Mar 2026 ₹12.4K Cr | Jun 2026 —
- MGM: Sep 2021 ₹18.8K Cr | Dec 2021 ₹19.9K Cr | Mar 2022 ₹20.8K Cr | Jun 2022 ₹27.7K Cr | Sep 2022 ₹28.4K Cr | Dec 2022 ₹28.0K Cr | Mar 2023 ₹27.5K Cr | Jun 2023 ₹28.0K Cr | Sep 2023 ₹28.3K Cr | Dec 2023 ₹28.5K Cr | Mar 2024 ₹28.7K Cr | Jun 2024 ₹29.0K Cr | Sep 2024 ₹29.1K Cr | Dec 2024 ₹29.0K Cr | Mar 2025 ₹29.2K Cr | Jun 2025 ₹29.3K Cr | Sep 2025 ₹29.0K Cr | Dec 2025 ₹29.1K Cr | Mar 2026 ₹29.0K Cr | Jun 2026 —
- WYNN: Sep 2021 ₹9.4K Cr | Dec 2021 ₹9.5K Cr | Mar 2022 ₹9.7K Cr | Jun 2022 ₹10.0K Cr | Sep 2022 ₹10.3K Cr | Dec 2022 ₹10.1K Cr | Mar 2023 ₹10.0K Cr | Jun 2023 ₹9.8K Cr | Sep 2023 ₹9.8K Cr | Dec 2023 ₹9.6K Cr | Mar 2024 ₹9.6K Cr | Jun 2024 ₹9.8K Cr | Sep 2024 ₹11.0K Cr | Dec 2024 ₹9.7K Cr | Mar 2025 ₹10.1K Cr | Jun 2025 ₹10.2K Cr | Sep 2025 ₹10.2K Cr | Dec 2025 ₹10.1K Cr | Mar 2026 ₹10.4K Cr | Jun 2026 —
- BYD: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- RRR: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- CZR: Sep 2021 ₹25.9K Cr | Dec 2021 ₹25.1K Cr | Mar 2022 ₹25.5K Cr | Jun 2022 ₹25.3K Cr | Sep 2022 ₹24.5K Cr | Dec 2022 ₹24.3K Cr | Mar 2023 ₹24.7K Cr | Jun 2023 ₹24.1K Cr | Sep 2023 ₹24.2K Cr | Dec 2023 ₹24.0K Cr | Mar 2024 ₹24.3K Cr | Jun 2024 ₹24.3K Cr | Sep 2024 ₹24.6K Cr | Dec 2024 ₹24.2K Cr | Mar 2025 ₹24.2K Cr | Jun 2025 ₹24.2K Cr | Sep 2025 ₹24.0K Cr | Dec 2025 ₹24.0K Cr | Mar 2026 ₹24.1K Cr | Jun 2026 —
- MTN: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 ₹2.9K Cr
- HGV: Sep 2021 ₹4.0K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.6K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹6.4K Cr | Jun 2024 ₹6.4K Cr | Sep 2024 ₹6.4K Cr | Dec 2024 ₹6.7K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹7.1K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹7.1K Cr | Jun 2026 —
- VAC: Sep 2021 ₹3.9K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹5.1K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.3K Cr | Mar 2026 ₹5.3K Cr | Jun 2026 —
- PENN: Sep 2021 ₹8.9K Cr | Dec 2021 ₹9.7K Cr | Mar 2022 ₹11.2K Cr | Jun 2022 ₹11.3K Cr | Sep 2022 ₹11.2K Cr | Dec 2022 ₹11.3K Cr | Mar 2023 ₹10.4K Cr | Jun 2023 ₹10.4K Cr | Sep 2023 ₹10.2K Cr | Dec 2023 ₹10.5K Cr | Mar 2024 ₹10.5K Cr | Jun 2024 ₹10.5K Cr | Sep 2024 ₹10.5K Cr | Dec 2024 ₹10.5K Cr | Mar 2025 ₹10.4K Cr | Jun 2025 ₹10.4K Cr | Sep 2025 ₹10.5K Cr | Dec 2025 ₹10.6K Cr | Mar 2026 ₹10.5K Cr | Jun 2026 —
- MCRI: Sep 2021 ₹87 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹-18 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹-23 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-45 Cr | Mar 2025 ₹-61 Cr | Jun 2025 ₹-58 Cr | Sep 2025 ₹-94 Cr | Dec 2025 ₹-83 Cr | Mar 2026 ₹-107 Cr | Jun 2026 ₹-125 Cr
- MLCO: Sep 2021 ₹3.5K Cr | Dec 2021 ₹5.4K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹4.8K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹6.5K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹6.3K Cr | Mar 2025 ₹6.4K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 —
- BALY: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹4.7K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹4.9K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹6.3K Cr | Jun 2026 —
- MSC: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Vail Resorts, Inc. leads ROCE at 11.3%, 4.5 percentage points above Boyd Gaming Corporation. Boyd Gaming Corporation has the strongest latest improvement at +2.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Vail Resorts, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Vail Resorts, Inc. · 11.3% | 66.2% versus #2 · Boyd Gaming Corporation | 2/8 recent comparable periods | 14/15 companies · 269 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Vail Resorts, Inc. (MTN): 11%
2. Boyd Gaming Corporation (BYD): 6.8%
3. Las Vegas Sands Corp. (LVS): 6.7%
4. Monarch Casino & Resort, Inc. (MCRI): 6.6%
5. Marriott Vacations Worldwide Corporation (VAC): 6.5%

### ROCE change — fastest improvers
1. Boyd Gaming Corporation (BYD): +2.6 pp
2. Las Vegas Sands Corp. (LVS): +2.4 pp
3. Bally's Corporation (BALY): +1.5 pp
4. Hilton Grand Vacations Inc. (HGV): +0.9 pp
5. Studio City International Holdings Limited (MSC): +0.6 pp

### 20-quarter ROCE history
- LVS: Sep 2021 -1.7% | Dec 2021 -0.8% | Mar 2022 -1.6% | Jun 2022 -0.8% | Sep 2022 -1.0% | Dec 2022 -0.9% | Mar 2023 1.9% | Jun 2023 2.7% | Sep 2023 3.8% | Dec 2023 4.0% | Mar 2024 4.0% | Jun 2024 3.1% | Sep 2024 3.0% | Dec 2024 3.7% | Mar 2025 3.4% | Jun 2025 4.3% | Sep 2025 4.4% | Dec 2025 4.3% | Mar 2026 5.2% | Jun 2026 6.7%
- MGM: Sep 2021 5.2% | Dec 2021 1.0% | Mar 2022 0.3% | Jun 2022 6.1% | Sep 2022 -2.6% | Dec 2022 0.0% | Mar 2023 1.9% | Jun 2023 0.9% | Sep 2023 0.9% | Dec 2023 1.0% | Mar 2024 1.1% | Jun 2024 1.1% | Sep 2024 0.8% | Dec 2024 0.7% | Mar 2025 1.0% | Jun 2025 1.0% | Sep 2025 -0.3% | Dec 2025 0.8% | Mar 2026 0.8% | Jun 2026 —
- WYNN: Sep 2021 -0.7% | Dec 2021 -0.9% | Mar 2022 -0.8% | Jun 2022 -0.5% | Sep 2022 -0.5% | Dec 2022 0.9% | Mar 2023 1.5% | Jun 2023 2.2% | Sep 2023 0.6% | Dec 2023 3.1% | Mar 2024 3.1% | Jun 2024 2.3% | Sep 2024 1.1% | Dec 2024 3.2% | Mar 2025 2.5% | Jun 2025 2.5% | Sep 2025 2.7% | Dec 2025 2.4% | Mar 2026 2.7% | Jun 2026 —
- BYD: Sep 2021 3.7% | Dec 2021 3.7% | Mar 2022 4.2% | Jun 2022 4.3% | Sep 2022 4.2% | Dec 2022 4.3% | Mar 2023 5.0% | Jun 2023 4.3% | Sep 2023 3.9% | Dec 2023 2.7% | Mar 2024 3.9% | Jun 2024 4.0% | Sep 2024 3.9% | Dec 2024 4.6% | Mar 2025 3.5% | Jun 2025 4.2% | Sep 2025 2.5% | Dec 2025 2.9% | Mar 2026 2.8% | Jun 2026 6.8%
- RRR: Sep 2021 4.2% | Dec 2021 5.0% | Mar 2022 4.1% | Jun 2022 2.2% | Sep 2022 4.5% | Dec 2022 7.4% | Mar 2023 4.5% | Jun 2023 4.1% | Sep 2023 3.8% | Dec 2023 5.2% | Mar 2024 4.5% | Jun 2024 4.0% | Sep 2024 3.6% | Dec 2024 3.9% | Mar 2025 4.1% | Jun 2025 4.5% | Sep 2025 3.5% | Dec 2025 3.8% | Mar 2026 3.8% | Jun 2026 —
- CZR: Sep 2021 1.6% | Dec 2021 0.4% | Mar 2022 0.0% | Jun 2022 1.8% | Sep 2022 2.0% | Dec 2022 1.5% | Mar 2023 1.9% | Jun 2023 1.9% | Sep 2023 2.3% | Dec 2023 1.7% | Mar 2024 1.6% | Jun 2024 1.7% | Sep 2024 2.1% | Dec 2024 2.2% | Mar 2025 1.6% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 1.1% | Mar 2026 1.7% | Jun 2026 —
- MTN: Sep 2021 — | Dec 2021 -3.5% | Mar 2022 6.3% | Jun 2022 9.7% | Sep 2022 -1.9% | Dec 2022 -3.3% | Mar 2023 6.3% | Jun 2023 9.3% | Sep 2023 -3.2% | Dec 2023 -4.4% | Mar 2024 7.1% | Jun 2024 11% | Sep 2024 -4.3% | Dec 2024 -4.7% | Mar 2025 9.2% | Jun 2025 13% | Sep 2025 -4.6% | Dec 2025 -5.2% | Mar 2026 8.6% | Jun 2026 11%
- HGV: Sep 2021 4.2% | Dec 2021 3.2% | Mar 2022 2.1% | Jun 2022 2.8% | Sep 2022 3.5% | Dec 2022 1.9% | Mar 2023 1.9% | Jun 2023 2.3% | Sep 2023 2.7% | Dec 2023 11% | Mar 2024 0.8% | Jun 2024 1.1% | Sep 2024 2.0% | Dec 2024 1.5% | Mar 2025 0.6% | Jun 2025 1.1% | Sep 2025 1.2% | Dec 2025 1.7% | Mar 2026 1.5% | Jun 2026 —
- VAC: Sep 2021 6.0% | Dec 2021 6.2% | Mar 2022 6.0% | Jun 2022 6.5% | Sep 2022 8.0% | Dec 2022 7.0% | Mar 2023 6.7% | Jun 2023 6.8% | Sep 2023 7.1% | Dec 2023 6.4% | Mar 2024 6.7% | Jun 2024 6.1% | Sep 2024 7.8% | Dec 2024 6.9% | Mar 2025 6.3% | Jun 2025 6.4% | Sep 2025 5.9% | Dec 2025 0.2% | Mar 2026 6.5% | Jun 2026 —
- PENN: Sep 2021 1.7% | Dec 2021 1.5% | Mar 2022 1.9% | Jun 2022 2.0% | Sep 2022 0.9% | Dec 2022 1.5% | Mar 2023 1.2% | Jun 2023 1.3% | Sep 2023 -5.0% | Dec 2023 -2.0% | Mar 2024 -0.1% | Jun 2024 0.5% | Sep 2024 0.5% | Dec 2024 -0.3% | Mar 2025 0.3% | Jun 2025 0.6% | Sep 2025 -5.7% | Dec 2025 -0.1% | Mar 2026 0.7% | Jun 2026 —
- MCRI: Sep 2021 5.4% | Dec 2021 4.6% | Mar 2022 3.9% | Jun 2022 4.6% | Sep 2022 6.7% | Dec 2022 5.0% | Mar 2023 4.2% | Jun 2023 5.3% | Sep 2023 5.8% | Dec 2023 4.5% | Mar 2024 4.3% | Jun 2024 5.4% | Sep 2024 6.4% | Dec 2024 0.7% | Mar 2025 4.6% | Jun 2025 6.3% | Sep 2025 6.7% | Dec 2025 5.3% | Mar 2026 6.1% | Jun 2026 6.6%
- MLCO: Sep 2021 -3.4% | Dec 2021 -1.3% | Mar 2022 -2.6% | Jun 2022 -3.1% | Sep 2022 -3.7% | Dec 2022 -2.5% | Mar 2023 0.0% | Jun 2023 0.8% | Sep 2023 1.7% | Dec 2023 -1.2% | Mar 2024 2.3% | Jun 2024 1.9% | Sep 2024 2.6% | Dec 2024 1.4% | Mar 2025 2.5% | Jun 2025 2.1% | Sep 2025 3.2% | Dec 2025 2.2% | Mar 2026 2.8% | Jun 2026 —
- BALY: Sep 2021 0.9% | Dec 2021 -1.1% | Mar 2022 0.6% | Jun 2022 1.8% | Sep 2022 1.0% | Dec 2022 -7.9% | Mar 2023 6.3% | Jun 2023 0.1% | Sep 2023 0.6% | Dec 2023 -5.5% | Mar 2024 -1.2% | Jun 2024 0.1% | Sep 2024 -2.7% | Dec 2024 -0.6% | Mar 2025 -0.4% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 -3.7% | Mar 2026 1.1% | Jun 2026 —
- MSC: Sep 2021 -1.8% | Dec 2021 -1.5% | Mar 2022 -1.9% | Jun 2022 -2.2% | Sep 2022 -2.2% | Dec 2022 -2.2% | Mar 2023 -0.8% | Jun 2023 -0.6% | Sep 2023 0.1% | Dec 2023 0.4% | Mar 2024 0.5% | Jun 2024 0.1% | Sep 2024 0.5% | Dec 2024 0.1% | Mar 2025 0.5% | Jun 2025 0.8% | Sep 2025 0.9% | Dec 2025 0.3% | Mar 2026 1.1% | Jun 2026 —

### 20-quarter ROCE change history
- LVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −0.1 pp | Mar 2023 +3.5 pp | Jun 2023 +3.5 pp | Sep 2023 +4.8 pp | Dec 2023 +4.9 pp | Mar 2024 +2.1 pp | Jun 2024 +0.4 pp | Sep 2024 −0.8 pp | Dec 2024 −0.3 pp | Mar 2025 −0.6 pp | Jun 2025 +1.2 pp | Sep 2025 +1.4 pp | Dec 2025 +0.6 pp | Mar 2026 +1.8 pp | Jun 2026 +2.4 pp
- MGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.8 pp | Dec 2022 −1.0 pp | Mar 2023 +1.6 pp | Jun 2023 −5.2 pp | Sep 2023 +3.5 pp | Dec 2023 +1.0 pp | Mar 2024 −0.8 pp | Jun 2024 +0.2 pp | Sep 2024 −0.1 pp | Dec 2024 −0.3 pp | Mar 2025 −0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −1.1 pp | Dec 2025 +0.1 pp | Mar 2026 −0.2 pp | Jun 2026 —
- WYNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +1.8 pp | Mar 2023 +2.3 pp | Jun 2023 +2.7 pp | Sep 2023 +1.1 pp | Dec 2023 +2.2 pp | Mar 2024 +1.6 pp | Jun 2024 +0.1 pp | Sep 2024 +0.5 pp | Dec 2024 +0.1 pp | Mar 2025 −0.6 pp | Jun 2025 +0.2 pp | Sep 2025 +1.6 pp | Dec 2025 −0.8 pp | Mar 2026 +0.2 pp | Jun 2026 —
- BYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.6 pp | Mar 2023 +0.8 pp | Jun 2023 0.0 pp | Sep 2023 −0.3 pp | Dec 2023 −1.6 pp | Mar 2024 −1.1 pp | Jun 2024 −0.3 pp | Sep 2024 0.0 pp | Dec 2024 +1.9 pp | Mar 2025 −0.4 pp | Jun 2025 +0.2 pp | Sep 2025 −1.4 pp | Dec 2025 −1.7 pp | Mar 2026 −0.7 pp | Jun 2026 +2.6 pp
- RRR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 +2.4 pp | Mar 2023 +0.4 pp | Jun 2023 +1.9 pp | Sep 2023 −0.7 pp | Dec 2023 −2.2 pp | Mar 2024 0.0 pp | Jun 2024 −0.1 pp | Sep 2024 −0.2 pp | Dec 2024 −1.3 pp | Mar 2025 −0.4 pp | Jun 2025 +0.5 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 −0.3 pp | Jun 2026 —
- CZR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +1.1 pp | Mar 2023 +1.9 pp | Jun 2023 +0.1 pp | Sep 2023 +0.3 pp | Dec 2023 +0.2 pp | Mar 2024 −0.3 pp | Jun 2024 −0.2 pp | Sep 2024 −0.2 pp | Dec 2024 +0.5 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −0.4 pp | Dec 2025 −1.1 pp | Mar 2026 +0.1 pp | Jun 2026 —
- MTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 0.0 pp | Jun 2023 −0.4 pp | Sep 2023 −1.3 pp | Dec 2023 −1.1 pp | Mar 2024 +0.8 pp | Jun 2024 +1.7 pp | Sep 2024 −1.1 pp | Dec 2024 −0.3 pp | Mar 2025 +2.1 pp | Jun 2025 +2.0 pp | Sep 2025 −0.3 pp | Dec 2025 −0.5 pp | Mar 2026 −0.6 pp | Jun 2026 −1.7 pp
- HGV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −1.3 pp | Mar 2023 −0.2 pp | Jun 2023 −0.5 pp | Sep 2023 −0.8 pp | Dec 2023 +8.9 pp | Mar 2024 −1.1 pp | Jun 2024 −1.2 pp | Sep 2024 −0.7 pp | Dec 2024 −9.3 pp | Mar 2025 −0.2 pp | Jun 2025 0.0 pp | Sep 2025 −0.8 pp | Dec 2025 +0.2 pp | Mar 2026 +0.9 pp | Jun 2026 —
- VAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +0.8 pp | Mar 2023 +0.7 pp | Jun 2023 +0.3 pp | Sep 2023 −0.9 pp | Dec 2023 −0.6 pp | Mar 2024 0.0 pp | Jun 2024 −0.7 pp | Sep 2024 +0.7 pp | Dec 2024 +0.5 pp | Mar 2025 −0.4 pp | Jun 2025 +0.3 pp | Sep 2025 −1.9 pp | Dec 2025 −6.7 pp | Mar 2026 +0.2 pp | Jun 2026 —
- PENN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 0.0 pp | Mar 2023 −0.7 pp | Jun 2023 −0.7 pp | Sep 2023 −5.9 pp | Dec 2023 −3.5 pp | Mar 2024 −1.3 pp | Jun 2024 −0.8 pp | Sep 2024 +5.5 pp | Dec 2024 +1.7 pp | Mar 2025 +0.4 pp | Jun 2025 +0.1 pp | Sep 2025 −6.2 pp | Dec 2025 +0.2 pp | Mar 2026 +0.4 pp | Jun 2026 —
- MCRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 +0.4 pp | Mar 2023 +0.3 pp | Jun 2023 +0.7 pp | Sep 2023 −0.9 pp | Dec 2023 −0.5 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.6 pp | Dec 2024 −3.8 pp | Mar 2025 +0.3 pp | Jun 2025 +0.9 pp | Sep 2025 +0.3 pp | Dec 2025 +4.6 pp | Mar 2026 +1.5 pp | Jun 2026 +0.3 pp
- MLCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −1.2 pp | Mar 2023 +2.6 pp | Jun 2023 +3.9 pp | Sep 2023 +5.4 pp | Dec 2023 +1.3 pp | Mar 2024 +2.3 pp | Jun 2024 +1.1 pp | Sep 2024 +0.9 pp | Dec 2024 +2.6 pp | Mar 2025 +0.2 pp | Jun 2025 +0.2 pp | Sep 2025 +0.6 pp | Dec 2025 +0.8 pp | Mar 2026 +0.3 pp | Jun 2026 —
- BALY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 −6.8 pp | Mar 2023 +5.7 pp | Jun 2023 −1.7 pp | Sep 2023 −0.4 pp | Dec 2023 +2.4 pp | Mar 2024 −7.5 pp | Jun 2024 0.0 pp | Sep 2024 −3.3 pp | Dec 2024 +4.9 pp | Mar 2025 +0.8 pp | Jun 2025 −0.1 pp | Sep 2025 +2.7 pp | Dec 2025 −3.1 pp | Mar 2026 +1.5 pp | Jun 2026 —
- MSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.7 pp | Mar 2023 +1.1 pp | Jun 2023 +1.6 pp | Sep 2023 +2.3 pp | Dec 2023 +2.6 pp | Mar 2024 +1.3 pp | Jun 2024 +0.7 pp | Sep 2024 +0.4 pp | Dec 2024 −0.3 pp | Mar 2025 0.0 pp | Jun 2025 +0.7 pp | Sep 2025 +0.4 pp | Dec 2025 +0.2 pp | Mar 2026 +0.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: MGM Resorts International has the lowest comparable Guarded PEG at 0.18×, 63.3% below Hilton Grand Vacations Inc.. Only 4 of 15 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: MGM Resorts International · 0.18× | 63.3% versus #2 · Hilton Grand Vacations Inc. | 0/8 recent comparable periods | 4/15 companies · 23 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. MGM Resorts International (MGM): 0.2
2. Hilton Grand Vacations Inc. (HGV): 0.5
3. Red Rock Resorts, Inc. (RRR): 0.8
4. Vail Resorts, Inc. (MTN): 2.0

### P/E — lowest P/E
1. Boyd Gaming Corporation (BYD): 3.9
2. PENN Entertainment, Inc. (PENN): 5.5
3. Melco Resorts & Entertainment Limited (MLCO): 9.8
4. Caesars Entertainment, Inc. (CZR): 12.4
5. Marriott Vacations Worldwide Corporation (VAC): 14.9

### 20-quarter Guarded PEG history
- LVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.1 | Mar 2025 — | Jun 2025 — | Sep 2025 2.6 | Dec 2025 1.5 | Mar 2026 0.4 | Jun 2026 —
- MGM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BYD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RRR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.2 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 —
- MTN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HGV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VAC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.3 | Jun 2025 0.2 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MCRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.6 | Jun 2023 1.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 0.3 | Jun 2026 —

### 20-quarter P/E history
- LVS: Sep 2021 — | Dec 2021 — | Mar 2022 17.2 | Jun 2022 15.8 | Sep 2022 16.3 | Dec 2022 20.0 | Mar 2023 — | Jun 2023 828.6 | Sep 2023 52.1 | Dec 2023 30.8 | Mar 2024 25.0 | Jun 2024 20.7 | Sep 2024 24.9 | Dec 2024 26.2 | Mar 2025 21.5 | Jun 2025 22.0 | Sep 2025 24.3 | Dec 2025 27.7 | Mar 2026 20.0 | Jun 2026 18.0
- MGM: Sep 2021 33.2 | Dec 2021 18.6 | Mar 2022 13.6 | Jun 2022 4.1 | Sep 2022 10.2 | Dec 2022 9.6 | Mar 2023 9.5 | Jun 2023 42.6 | Sep 2023 12.5 | Dec 2023 14.0 | Mar 2024 18.2 | Jun 2024 16.8 | Sep 2024 14.0 | Dec 2024 14.4 | Mar 2025 13.2 | Jun 2025 18.9 | Sep 2025 216.6 | Dec 2025 48.0 | Mar 2026 51.4 | Jun 2026 —
- WYNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1,155.1 | Dec 2023 14.4 | Mar 2024 14.0 | Jun 2024 12.1 | Sep 2024 11.8 | Dec 2024 19.8 | Mar 2025 23.2 | Jun 2025 28.1 | Sep 2025 28.7 | Dec 2025 38.3 | Mar 2026 30.3 | Jun 2026 —
- BYD: Sep 2021 16.5 | Dec 2021 16.1 | Mar 2022 14.2 | Jun 2022 10.1 | Sep 2022 9.2 | Dec 2022 9.3 | Mar 2023 10.1 | Jun 2023 10.0 | Sep 2023 9.0 | Dec 2023 10.2 | Mar 2024 12.1 | Jun 2024 10.7 | Sep 2024 12.3 | Dec 2024 11.7 | Mar 2025 10.7 | Jun 2025 12.0 | Sep 2025 3.8 | Dec 2025 3.8 | Mar 2026 3.6 | Jun 2026 3.9
- RRR: Sep 2021 33.7 | Dec 2021 19.4 | Mar 2022 10.8 | Jun 2022 9.2 | Sep 2022 9.7 | Dec 2022 11.9 | Mar 2023 13.4 | Jun 2023 12.6 | Sep 2023 11.8 | Dec 2023 18.1 | Mar 2024 20.8 | Jun 2024 19.5 | Sep 2024 20.2 | Dec 2024 18.3 | Mar 2025 16.8 | Jun 2025 17.7 | Sep 2025 19.5 | Dec 2025 19.9 | Mar 2026 17.2 | Jun 2026 —
- CZR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 16.1 | Sep 2023 14.2 | Dec 2023 12.9 | Mar 2024 12.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MTN: Sep 2021 — | Dec 2021 101.1 | Mar 2022 52.7 | Jun 2022 33.0 | Sep 2022 27.7 | Dec 2022 25.7 | Mar 2023 31.9 | Jun 2023 33.2 | Sep 2023 35.2 | Dec 2023 39.4 | Mar 2024 37.1 | Jun 2024 25.8 | Sep 2024 29.9 | Dec 2024 27.7 | Mar 2025 25.2 | Jun 2025 18.2 | Sep 2025 20.0 | Dec 2025 22.1 | Mar 2026 22.0 | Jun 2026 28.9
- HGV: Sep 2021 — | Dec 2021 29.8 | Mar 2022 25.5 | Jun 2022 14.1 | Sep 2022 11.4 | Dec 2022 13.2 | Mar 2023 14.1 | Jun 2023 13.9 | Sep 2023 14.3 | Dec 2023 14.4 | Mar 2024 22.3 | Jun 2024 28.3 | Sep 2024 41.3 | Dec 2024 86.6 | Mar 2025 116.9 | Jun 2025 75.5 | Sep 2025 76.0 | Dec 2025 50.3 | Mar 2026 20.9 | Jun 2026 —
- VAC: Sep 2021 — | Dec 2021 149.5 | Mar 2022 52.6 | Jun 2022 20.0 | Sep 2022 15.0 | Dec 2022 15.4 | Mar 2023 14.0 | Jun 2023 13.9 | Sep 2023 13.6 | Dec 2023 13.5 | Mar 2024 19.9 | Jun 2024 20.7 | Sep 2024 14.0 | Dec 2024 16.0 | Mar 2025 11.0 | Jun 2025 10.9 | Sep 2025 14.9 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PENN: Sep 2021 31.4 | Dec 2021 20.9 | Mar 2022 18.9 | Jun 2022 24.9 | Sep 2022 19.4 | Dec 2022 23.0 | Mar 2023 7.3 | Jun 2023 5.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MCRI: Sep 2021 20.3 | Dec 2021 21.0 | Mar 2022 21.7 | Jun 2022 14.4 | Sep 2022 12.9 | Dec 2022 17.2 | Mar 2023 16.7 | Jun 2023 15.4 | Sep 2023 14.1 | Dec 2023 16.5 | Mar 2024 17.7 | Jun 2024 15.9 | Sep 2024 17.5 | Dec 2024 20.6 | Mar 2025 19.8 | Jun 2025 20.7 | Sep 2025 24.1 | Dec 2025 17.6 | Mar 2026 16.2 | Jun 2026 21.1
- MLCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 56.8 | Mar 2025 37.4 | Jun 2025 53.6 | Sep 2025 35.1 | Dec 2025 16.4 | Mar 2026 9.8 | Jun 2026 —
- BALY: Sep 2021 91.2 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Marriott Vacations Worldwide Corporation leads ev/ebitda at 4.24×; Bally's Corporation leads p/bv at 0.6×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Marriott Vacations Worldwide Corporation · 4.24× | 49.8% versus #2 · Red Rock Resorts, Inc. | 0/8 recent comparable periods | 14/15 companies · 245 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Marriott Vacations Worldwide Corporation (VAC): 4.2
2. Red Rock Resorts, Inc. (RRR): 8.5
3. Caesars Entertainment, Inc. (CZR): 9.0
4. Boyd Gaming Corporation (BYD): 9.8
5. Las Vegas Sands Corp. (LVS): 10.4

### P/BV — lowest P/BV
1. Bally's Corporation (BALY): 0.6
2. Studio City International Holdings Limited (MSC): 0.9
3. PENN Entertainment, Inc. (PENN): 1.1
4. Marriott Vacations Worldwide Corporation (VAC): 1.1
5. Caesars Entertainment, Inc. (CZR): 1.6

### 20-quarter EV/EBITDA history
- LVS: Sep 2021 89.1 | Dec 2021 91.2 | Mar 2022 144.9 | Jun 2022 135.2 | Sep 2022 96.2 | Dec 2022 129.7 | Mar 2023 50.7 | Jun 2023 30.2 | Sep 2023 16.3 | Dec 2023 12.6 | Mar 2024 11.8 | Jun 2024 10.2 | Sep 2024 11.8 | Dec 2024 12.3 | Mar 2025 10.6 | Jun 2025 10.8 | Sep 2025 11.5 | Dec 2025 12.7 | Mar 2026 10.3 | Jun 2026 10.4
- MGM: Sep 2021 15.1 | Dec 2021 12.4 | Mar 2022 10.9 | Jun 2022 6.5 | Sep 2022 9.0 | Dec 2022 7.6 | Mar 2023 7.4 | Jun 2023 11.4 | Sep 2023 10.2 | Dec 2023 13.4 | Mar 2024 14.9 | Jun 2024 14.4 | Sep 2024 13.8 | Dec 2024 13.9 | Mar 2025 13.5 | Jun 2025 13.8 | Sep 2025 16.0 | Dec 2025 15.4 | Mar 2026 15.8 | Jun 2026 —
- WYNN: Sep 2021 71.2 | Dec 2021 58.3 | Mar 2022 45.5 | Jun 2022 43.8 | Sep 2022 43.1 | Dec 2022 31.3 | Mar 2023 26.0 | Jun 2023 18.2 | Sep 2023 15.4 | Dec 2023 12.4 | Mar 2024 11.7 | Jun 2024 10.8 | Sep 2024 11.5 | Dec 2024 10.2 | Mar 2025 10.9 | Jun 2025 11.6 | Sep 2025 12.5 | Dec 2025 12.6 | Mar 2026 11.5 | Jun 2026 —
- BYD: Sep 2021 10.0 | Dec 2021 9.2 | Mar 2022 8.7 | Jun 2022 7.3 | Sep 2022 6.9 | Dec 2022 7.4 | Mar 2023 7.8 | Jun 2023 8.2 | Sep 2023 7.5 | Dec 2023 8.1 | Mar 2024 8.9 | Jun 2024 7.8 | Sep 2024 8.4 | Dec 2024 8.1 | Mar 2025 7.7 | Jun 2025 8.4 | Sep 2025 7.9 | Dec 2025 8.3 | Mar 2026 8.2 | Jun 2026 9.8
- RRR: Sep 2021 14.7 | Dec 2021 9.7 | Mar 2022 9.1 | Jun 2022 7.1 | Sep 2022 7.5 | Dec 2022 7.5 | Mar 2023 8.0 | Jun 2023 7.8 | Sep 2023 7.6 | Dec 2023 9.3 | Mar 2024 9.6 | Jun 2024 8.9 | Sep 2024 8.6 | Dec 2024 8.1 | Mar 2025 7.9 | Jun 2025 8.2 | Sep 2025 8.9 | Dec 2025 8.9 | Mar 2026 8.5 | Jun 2026 —
- CZR: Sep 2021 38.7 | Dec 2021 17.5 | Mar 2022 34.1 | Jun 2022 26.9 | Sep 2022 23.0 | Dec 2022 11.3 | Mar 2023 15.0 | Jun 2023 9.8 | Sep 2023 9.4 | Dec 2023 9.2 | Mar 2024 9.3 | Jun 2024 9.3 | Sep 2024 9.7 | Dec 2024 8.7 | Mar 2025 8.1 | Jun 2025 8.2 | Sep 2025 8.2 | Dec 2025 8.8 | Mar 2026 9.0 | Jun 2026 —
- MTN: Sep 2021 — | Dec 2021 30.8 | Mar 2022 20.7 | Jun 2022 15.4 | Sep 2022 13.6 | Dec 2022 12.8 | Mar 2023 14.6 | Jun 2023 14.1 | Sep 2023 15.2 | Dec 2023 14.5 | Mar 2024 14.4 | Jun 2024 12.0 | Sep 2024 12.8 | Dec 2024 11.7 | Mar 2025 11.2 | Jun 2025 9.3 | Sep 2025 10.2 | Dec 2025 9.9 | Mar 2026 9.7 | Jun 2026 10.6
- HGV: Sep 2021 52.0 | Dec 2021 19.7 | Mar 2022 15.0 | Jun 2022 9.3 | Sep 2022 8.3 | Dec 2022 9.4 | Mar 2023 10.0 | Jun 2023 9.9 | Sep 2023 6.3 | Dec 2023 10.0 | Mar 2024 6.8 | Jun 2024 6.3 | Sep 2024 5.4 | Dec 2024 14.6 | Mar 2025 14.4 | Jun 2025 14.7 | Sep 2025 15.8 | Dec 2025 15.0 | Mar 2026 12.7 | Jun 2026 —
- VAC: Sep 2021 6.9 | Dec 2021 6.6 | Mar 2022 5.7 | Jun 2022 4.4 | Sep 2022 4.1 | Dec 2022 4.2 | Mar 2023 4.2 | Jun 2023 4.0 | Sep 2023 3.7 | Dec 2023 3.5 | Mar 2024 3.9 | Jun 2024 3.6 | Sep 2024 3.4 | Dec 2024 3.5 | Mar 2025 3.2 | Jun 2025 3.3 | Sep 2025 3.5 | Dec 2025 4.3 | Mar 2026 4.2 | Jun 2026 —
- PENN: Sep 2021 15.7 | Dec 2021 13.2 | Mar 2022 12.0 | Jun 2022 10.7 | Sep 2022 10.5 | Dec 2022 10.3 | Mar 2023 10.4 | Jun 2023 10.8 | Sep 2023 40.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 53.5 | Dec 2024 26.8 | Mar 2025 22.6 | Jun 2025 22.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MCRI: Sep 2021 12.9 | Dec 2021 11.4 | Mar 2022 12.2 | Jun 2022 8.1 | Sep 2022 7.0 | Dec 2022 9.4 | Mar 2023 9.2 | Jun 2023 8.4 | Sep 2023 7.4 | Dec 2023 8.2 | Mar 2024 8.8 | Jun 2024 7.9 | Sep 2024 8.8 | Dec 2024 9.8 | Mar 2025 9.4 | Jun 2025 10.0 | Sep 2025 11.7 | Dec 2025 8.9 | Mar 2026 8.4 | Jun 2026 15.7
- MLCO: Sep 2021 — | Dec 2021 4,502.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 17.7 | Mar 2024 40.4 | Jun 2024 31.3 | Sep 2024 26.3 | Dec 2024 8.9 | Mar 2025 17.7 | Jun 2025 18.8 | Sep 2025 18.3 | Dec 2025 8.1 | Mar 2026 13.4 | Jun 2026 —
- BALY: Sep 2021 26.2 | Dec 2021 24.2 | Mar 2022 18.3 | Jun 2022 13.9 | Sep 2022 11.9 | Dec 2022 690.9 | Mar 2023 14.9 | Jun 2023 22.4 | Sep 2023 19.6 | Dec 2023 12.0 | Mar 2024 61.5 | Jun 2024 61.2 | Sep 2024 — | Dec 2024 45.4 | Mar 2025 72.0 | Jun 2025 88.9 | Sep 2025 26.5 | Dec 2025 470.1 | Mar 2026 52.2 | Jun 2026 —
- MSC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 51.1 | Mar 2024 538.9 | Jun 2024 186.1 | Sep 2024 163.5 | Dec 2024 13.1 | Mar 2025 131.8 | Jun 2025 78.4 | Sep 2025 76.8 | Dec 2025 9.4 | Mar 2026 29.7 | Jun 2026 —

### 20-quarter P/BV history
- LVS: Sep 2021 13.3 | Dec 2021 14.4 | Mar 2022 6.6 | Jun 2022 6.1 | Sep 2022 7.4 | Dec 2022 9.5 | Mar 2023 10.8 | Jun 2023 10.2 | Sep 2023 7.7 | Dec 2023 9.0 | Mar 2024 9.7 | Jun 2024 8.7 | Sep 2024 10.7 | Dec 2024 12.8 | Mar 2025 13.7 | Jun 2025 15.4 | Sep 2025 23.2 | Dec 2025 27.6 | Mar 2026 29.8 | Jun 2026 —
- MGM: Sep 2021 3.0 | Dec 2021 3.4 | Mar 2022 3.6 | Jun 2022 2.0 | Sep 2022 2.4 | Dec 2022 2.6 | Mar 2023 3.4 | Jun 2023 3.5 | Sep 2023 3.2 | Dec 2023 3.8 | Mar 2024 4.3 | Jun 2024 4.2 | Sep 2024 3.6 | Dec 2024 3.4 | Mar 2025 2.9 | Jun 2025 3.2 | Sep 2025 3.5 | Dec 2025 3.9 | Mar 2026 3.9 | Jun 2026 —
- WYNN: Sep 2021 -184.1 | Dec 2021 -45.9 | Mar 2022 -27.4 | Jun 2022 -10.6 | Sep 2022 -9.4 | Dec 2022 -12.5 | Mar 2023 -17.8 | Jun 2023 -19.1 | Sep 2023 -12.8 | Dec 2023 -40.5 | Mar 2024 -83.7 | Jun 2024 -90.8 | Sep 2024 -37.5 | Dec 2024 -41.4 | Mar 2025 -24.5 | Jun 2025 -22.1 | Sep 2025 -36.0 | Dec 2025 -45.4 | Mar 2026 -49.7 | Jun 2026 —
- BYD: Sep 2021 4.7 | Dec 2021 4.7 | Mar 2022 4.7 | Jun 2022 3.5 | Sep 2022 3.2 | Dec 2022 3.5 | Mar 2023 3.9 | Jun 2023 4.0 | Sep 2023 3.4 | Dec 2023 3.5 | Mar 2024 3.7 | Jun 2024 3.0 | Sep 2024 3.5 | Dec 2024 4.0 | Mar 2025 4.0 | Jun 2025 4.5 | Sep 2025 2.6 | Dec 2025 2.5 | Mar 2026 2.4 | Jun 2026 —
- RRR: Sep 2021 10.2 | Dec 2021 56.8 | Mar 2022 34.0 | Jun 2022 142.0 | Sep 2022 61.3 | Dec 2022 53.0 | Mar 2023 34.6 | Jun 2023 27.3 | Sep 2023 19.4 | Dec 2023 18.6 | Mar 2024 26.4 | Jun 2024 20.6 | Sep 2024 18.5 | Dec 2024 12.8 | Mar 2025 10.6 | Jun 2025 15.2 | Sep 2025 16.7 | Dec 2025 17.6 | Mar 2026 21.9 | Jun 2026 —
- CZR: Sep 2021 4.9 | Dec 2021 4.5 | Mar 2022 4.4 | Jun 2022 2.3 | Sep 2022 1.8 | Dec 2022 2.4 | Mar 2023 2.9 | Jun 2023 2.4 | Sep 2023 2.2 | Dec 2023 2.2 | Mar 2024 2.2 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 1.7 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.6 | Jun 2026 —
- MTN: Sep 2021 — | Dec 2021 9.7 | Mar 2022 7.2 | Jun 2022 5.6 | Sep 2022 5.9 | Dec 2022 7.0 | Mar 2023 7.2 | Jun 2023 7.3 | Sep 2023 9.0 | Dec 2023 12.7 | Mar 2024 10.2 | Jun 2024 7.1 | Sep 2024 9.6 | Dec 2024 14.4 | Mar 2025 12.3 | Jun 2025 5.9 | Sep 2025 12.7 | Dec 2025 34.1 | Mar 2026 15.7 | Jun 2026 8.2
- HGV: Sep 2021 3.0 | Dec 2021 3.1 | Mar 2022 3.0 | Jun 2022 2.0 | Sep 2022 1.8 | Dec 2022 2.0 | Mar 2023 2.3 | Jun 2023 2.4 | Sep 2023 2.1 | Dec 2023 2.0 | Mar 2024 2.5 | Jun 2024 2.2 | Sep 2024 2.0 | Dec 2024 2.2 | Mar 2025 2.2 | Jun 2025 2.5 | Sep 2025 2.6 | Dec 2025 2.9 | Mar 2026 2.6 | Jun 2026 —
- VAC: Sep 2021 2.3 | Dec 2021 2.4 | Mar 2022 2.3 | Jun 2022 1.7 | Sep 2022 1.8 | Dec 2022 2.0 | Mar 2023 2.0 | Jun 2023 1.8 | Sep 2023 1.5 | Dec 2023 1.3 | Mar 2024 1.6 | Jun 2024 1.3 | Sep 2024 1.1 | Dec 2024 1.3 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 1.1 | Jun 2026 —
- PENN: Sep 2021 3.7 | Dec 2021 2.2 | Mar 2022 1.8 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.3 | Mar 2023 1.1 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.2 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 1.4 | Dec 2025 1.1 | Mar 2026 1.1 | Jun 2026 —
- MCRI: Sep 2021 2.9 | Dec 2021 3.1 | Mar 2022 3.5 | Jun 2022 2.3 | Sep 2022 2.1 | Dec 2022 2.7 | Mar 2023 3.1 | Jun 2023 2.8 | Sep 2023 2.4 | Dec 2023 2.6 | Mar 2024 2.8 | Jun 2024 2.5 | Sep 2024 2.8 | Dec 2024 2.8 | Mar 2025 2.7 | Jun 2025 2.9 | Sep 2025 3.5 | Dec 2025 3.2 | Mar 2026 3.1 | Jun 2026 4.1
- MLCO: Sep 2021 5.3 | Dec 2021 19.7 | Mar 2022 5.2 | Jun 2022 -10.9 | Sep 2022 10.7 | Dec 2022 -5.4 | Mar 2023 8,765.2 | Jun 2023 -4.8 | Sep 2023 -122.6 | Dec 2023 -3.0 | Mar 2024 -13.5 | Jun 2024 -15.4 | Sep 2024 -14.8 | Dec 2024 -1.8 | Mar 2025 -1.6 | Jun 2025 -2.0 | Sep 2025 -2.7 | Dec 2025 -2.4 | Mar 2026 -1.8 | Jun 2026 —
- BALY: Sep 2021 1.7 | Dec 2021 1.2 | Mar 2022 1.0 | Jun 2022 0.7 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 0.3 | Sep 2023 0.7 | Dec 2023 0.9 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 3.0 | Dec 2024 23.6 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 1.1 | Dec 2025 0.8 | Mar 2026 0.6 | Jun 2026 —
- MSC: Sep 2021 3.6 | Dec 2021 2.5 | Mar 2022 1.1 | Jun 2022 1.7 | Sep 2022 1.9 | Dec 2022 5.7 | Mar 2023 6.9 | Jun 2023 1.9 | Sep 2023 5.7 | Dec 2023 7.5 | Mar 2024 8.3 | Jun 2024 7.3 | Sep 2024 9.4 | Dec 2024 1.8 | Mar 2025 4.9 | Jun 2025 4.6 | Sep 2025 5.5 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 —

## Market action

Bally's Corporation has the strongest one-year price move in Resorts & Casinos at +59.3%. Marriott Vacations Worldwide Corporation leads on Mansfield relative strength against the S&P 500 at +34.6%. 9 of 15 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Bally's Corporation (BALY): 59%
2. Marriott Vacations Worldwide Corporation (VAC): 40%
3. MGM Resorts International (MGM): 29%
4. Monarch Casino & Resort, Inc. (MCRI): 21%
5. Hilton Grand Vacations Inc. (HGV): 19%

### Strongest relative strength versus NIFTY 500
1. Marriott Vacations Worldwide Corporation (VAC): 35%
2. PENN Entertainment, Inc. (PENN): 17%
3. MGM Resorts International (MGM): 14%
4. Monarch Casino & Resort, Inc. (MCRI): 9.6%
5. Caesars Entertainment, Inc. (CZR): 9.4%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Las Vegas Sands Corp. (LVS) — market value ₹31.3K Cr; latest fundamentals Jun 2026
- MGM Resorts International (MGM) — market value ₹11.8K Cr; latest fundamentals Mar 2026
- Wynn Resorts, Limited (WYNN) — market value ₹10.1K Cr; latest fundamentals Mar 2026
- Boyd Gaming Corporation (BYD) — market value ₹6.8K Cr; latest fundamentals Jun 2026
- Red Rock Resorts, Inc. (RRR) — market value ₹6.6K Cr; latest fundamentals Mar 2026
- Caesars Entertainment, Inc. (CZR) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Vail Resorts, Inc. (MTN) — market value ₹5.6K Cr; latest fundamentals Jun 2026
- Hilton Grand Vacations Inc. (HGV) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- Marriott Vacations Worldwide Corporation (VAC) — market value ₹3.5K Cr; latest fundamentals Mar 2026
- PENN Entertainment, Inc. (PENN) — market value ₹2.7K Cr; latest fundamentals Mar 2026
- Monarch Casino & Resort, Inc. (MCRI) — market value ₹2.2K Cr; latest fundamentals Jun 2026
- Melco Resorts & Entertainment Limited (MLCO) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Bally's Corporation (BALY) — market value ₹720 Cr; latest fundamentals Mar 2026
- Studio City International Holdings Limited (MSC) — market value ₹341 Cr; latest fundamentals Mar 2026
- Full House Resorts, Inc. (FLL) — market value ₹96 Cr; latest fundamentals unavailable

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Resorts & Casinos company is the biggest?

MGM Resorts International is the largest, with trailing-twelve-month revenue of $17,715 million, ahead of Caesars Entertainment, Inc. at $11,562 million. That covers 11 of 15 companies with comparable reporting through Mar 2026.

### Which Resorts & Casinos company is growing fastest?

Bally's Corporation has the fastest revenue growth at 16.6% year on year, across 11 of 15 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Resorts & Casinos company has the best profit margins?

Marriott Vacations Worldwide Corporation has the highest operating margin at 41.2%, from 14 of 15 comparable companies. Bally's Corporation shows the biggest recent improvement, at +15.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Resorts & Casinos company makes the most profit?

Wynn Resorts, Limited earns the most, at $478 million of trailing-twelve-month net profit, from 11 of 15 comparable companies. Red Rock Resorts, Inc. has the fastest profit growth at 18.1%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Resorts & Casinos company earns the highest return on capital?

Vail Resorts, Inc. leads on return on capital employed at 11.3%, across 14 of 15 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Resorts & Casinos stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — MGM Resorts International screens cheapest at 0.18×. Only 4 of 15 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Resorts & Casinos company has the strongest balance sheet?

Monarch Casino & Resort, Inc. carries the lowest comparable gross debt at $13 million, from 14 of 15 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Resorts & Casinos company is investing most in new capacity?

Caesars Entertainment, Inc. reports the largest capital spending at $210 million, across 14 of 15 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Resorts & Casinos sector beating the market?

Resorts & Casinos has underperformed S&P 500 by 9.9% over the last 52 weeks and 7.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 15 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Resorts & Casinos stock has the strongest price momentum?

Marriott Vacations Worldwide Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Resorts & Casinos company scores highest for research priority?

Monarch Casino & Resort, Inc. scores 60.5 out of 100 with 58.7% evidence confidence, from 20.6 points on growth and earnings, 17.6 on capital efficiency, 9.5 on valuation and 12.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Resorts & Casinos companies does this comparison cover, and over what period?

It compares 15 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Resorts & Casinos sector?

The 15 Resorts & Casinos companies on this page carry $94,150 million of combined market value. Las Vegas Sands Corp. is the largest at $31,250 million, about 33% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Resorts & Casinos sector's P/E ratio?

The median price-to-earnings ratio across the 15 Resorts & Casinos companies on this page is 18×, measured on the 13 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Resorts & Casinos sector performing?

9 of the 15 covered Resorts & Casinos companies are beating S&P 500 on Mansfield relative strength. The sector itself is 9.9% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Resorts & Casinos stocks are listed in the US?

This comparison covers 15 listed Resorts & Casinos companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/resorts-casinos