Since Donald Trump secured victory in the 2024 US Presidential election last week, many crypto investors have been celebrating the spike in Bitcoin price, fueled by Trump’s pro-crypto stance. However, it isn’t just the crypto sector that has seen a benefit from confirmation of Trump’s incoming second term.
Share prices of gaming companies also rose in the immediate aftermath of Trump’s win, in which he beat Kamala Harris with 312 electoral votes to her 226. In the two days following the election voting, MGM Resorts International’s share price grew 4% to $37.69. It was a similar story for Caesars Entertainment, which saw a rise of 6% to $41.76.
Red Rock Resorts secured the most staggering growth at 12%
Other casino companies showed the same story. Bally’s Corporation, which runs 15 casinos across ten states, saw its stock rise a single percentage point, while Red Rock Resorts secured the most staggering growth at 12%, up from $50.92 to $56.85. The latter runs the Red Rock Casino Resort & Spa in Las Vegas, among other properties.
Sportsbooks also weren’t immune to Trump’s impact. DraftKings, which surpassed FanDuel as the US online gambling operator with the most market share in 2023, saw a share price rise of 7% from November 5 to November 7. Shares of BetRivers owner Rush Street Interactive also grew from $10.18 to $10.81, up 6%.
It seems many investors may believe Trump’s Presidency could pose good news for the US gaming industry. Notably, he won the key battleground state of Nevada, including several others. Earlier this week, VegasSlotsOnline News took a detailed look at his policies to determine if the faith of Nevada’s casino-loving residents is justified.