Casino Stocks Set For A Winning Streak: Why March Madness, Spring Break Could Fuel Big Gains

Casino stocks are entering a period of seasonal strength, fueled by a surge in sports betting, increased travel during spring break, and a potential spending boost from tax refunds.

Seasonax data shows that four major casino operators rank among the top-performing S&P 500 stocks between March 20 and April 20, based on two decades of market trends.

A Strong Seasonal Pattern For Casino Stocks

Shares of Caesars Entertainment Inc. CZR have posted an average return of 7.4% during this period over the past 20 years, making it the fourth-best performing S&P 500 stock.

MGM Resorts International MGM follows closely with 6.59% average gains.

Las Vegas Sands Corp. LVS and Wynn Resorts Ltd. WYNN also show strong seasonality, with respective average gains of 5.63% and 5.24% in this timeframe.

Historical data suggests this could be one of the strongest months for gaming stocks.

March Madness: A Billion-Dollar Betting Event

The NCAA March Madness tournament is one of the largest sports betting events in the U.S., generating billions in wagers. Sportsbooks—both online and in physical casinos—see massive betting volume.

The American Gaming Association estimates that Americans will legally wager $3.1 billion on the men’s and women’s March Madness tournaments in 2025, an increase from $2.7 billion in 2024.

This surge in activity often translates into stronger Q1 results for casino operators.

Spring Break Brings Tourists and Big Spending

March and April mark peak spring break travel, driving increased foot traffic in key gambling destinations like Las Vegas and Atlantic City.

Higher occupancy rates at resorts and casinos boost gaming revenue and non-gaming spending, benefiting companies such as Las Vegas Sands and Wynn Resorts.

Hotel room rates and casino floor activity typically see an uptick, reinforcing seasonal gains in gaming stocks.

Investors Positioning for Strong Q1 Earnings

The spike in betting activity and travel spending during March often sets up casino stocks for a strong earnings season in April. Investors tend to anticipate robust first-quarter results, which can push stock prices higher leading into earnings reports.

Las Vegas Sands Corp. is set to report its quarterly earnings on Apr. 16, a key event that could set the tone for the broader casino and gaming industry.

Other major casino operators, including Caesars Entertainment, MGM Resorts International, and Wynn Resorts, are scheduled to release their earnings reports in early May.

The April Effect: Tax Refunds and Consumer Spending

Another key driver of seasonal gains is the arrival of tax refunds in March and April.

Historically, discretionary spending rises during this period, with some of that extra cash flowing into casinos, sports betting, and entertainment venues.

For many Americans, tax refunds act as an additional source of disposable income, contributing to higher gaming revenue. This effect could further support the positive seasonal trend seen in casino stocks.

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