As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at consumer discretionary - casino operator stocks, starting with MGM Resorts (NYSE: MGM).

The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Casino operators run gaming resorts and facilities that generate revenue from gambling, hospitality, food and beverage, and entertainment offerings. Tailwinds include pent-up travel demand, expansion into new jurisdictions legalizing gaming, and growing interest in integrated resort developments in Asia and the Middle East. However, the industry faces notable headwinds: heavy regulatory and licensing requirements limit operational flexibility, capital expenditure for property development and renovation is substantial, and revenue is highly sensitive to macroeconomic conditions and consumer confidence. Rising competition from online gambling platforms, regional saturation in mature markets, and geopolitical risks in key international jurisdictions add further uncertainty.

The 8 consumer discretionary - casino operator stocks we track reported a mixed Q1. As a group, revenues beat analysts’ consensus estimates by 2.1%.

While some consumer discretionary - casino operator stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.6% since the latest earnings results.

Weakest Q1: MGM Resorts (NYSE: MGM)

Operating several properties on the Las Vegas Strip, MGM Resorts (NYSE: MGM) is a global hospitality and entertainment company known for its resorts and casinos.

MGM Resorts reported revenues of $4.45 billion, up 4.2% year on year. This print exceeded analysts’ expectations by 2%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts’ EBITDA and EPS estimates.

"We are pleased to report record 1Q consolidated net revenues driven primarily by MGM China and MGM Digital, as well as growth at our BetMGM North America Venture," said Bill Hornbuckle, President and CEO of MGM Resorts International.

The stock is down 5.9% since reporting and currently trades at $36.97.

Read our full report on MGM Resorts here, it’s free.

Best Q1: Monarch (NASDAQ: MCRI)

Established in 1993, Monarch (NASDAQ: MCRI) operates luxury casinos and resorts, offering high-end gaming, dining, and hospitality experiences.

Monarch reported revenues of $136.6 million, up 8.9% year on year, outperforming analysts’ expectations by 5.2%. The business had an exceptional quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ adjusted operating income estimates.

Monarch pulled off the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 19.8% since reporting. It currently trades at $118.06.

Is now the time to buy Monarch? Access our full analysis of the earnings results here, it’s free.

Boyd Gaming (NYSE: BYD)

Run by the Boyd family, Boyd Gaming (NYSE: BYD) is a diversified operator of gaming entertainment properties across the United States, offering casino games, hotel accommodations, and dining.

Boyd Gaming reported revenues of $997.4 million, flat year on year, in line with analysts’ expectations. It was a slower quarter as it posted a miss of analysts’ adjusted operating income and EPS estimates.

Boyd Gaming delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 11.3% since the results and currently trades at $79.08.

Read our full analysis of Boyd Gaming’s results here.

Wynn Resorts (NASDAQ: WYNN)

Founded by the former Mirage Resorts CEO, Wynn Resorts (NASDAQ: WYNN) is a global developer and operator of high-end hotels and casinos, known for its luxurious properties and premium guest services.

Wynn Resorts reported revenues of $1.86 billion, up 9.2% year on year. This number topped analysts’ expectations by 1.8%. More broadly, it was a slower quarter as it logged a miss of analysts’ EBITDA estimates.

The stock is down 10.7% since reporting and currently trades at $95.47.

Read our full, actionable report on Wynn Resorts here, it’s free.

Red Rock Resorts (NASDAQ: RRR)

Founded in 1976, Red Rock Resorts (NASDAQ: RRR) operates a range of casino resorts and entertainment properties, primarily in the Las Vegas metropolitan area.

Red Rock Resorts reported revenues of $507.3 million, up 1.9% year on year. This result was in line with analysts’ expectations. Zooming out, it was a mixed quarter as it also recorded a beat of analysts’ EPS estimates but a miss of analysts’ adjusted operating income estimates.

The stock is down 8.7% since reporting and currently trades at $51.17.

Read our full, actionable report on Red Rock Resorts here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.