CZR vs MCRI: How Caesars Entertainment and Monarch Casino & Resort Compare (2026)

Last updated July 2026

Short answer

CZR is the larger of the two ($6.04B market cap): the incumbent the market prices for continued execution (47.46x forward earnings, beta 1.76). MCRI is the smaller challenger ($2.19B), cheaper on forward earnings (17.73x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.

CZR vs MCRI: the tie-breaker metrics

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Metric	CZR	MCRI	What it tells you
Market cap	$6.04B	$2.19B	Size. The larger name is the incumbent; the smaller has more room to grow and more to prove.
Forward P/E	47.46	17.73	Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up.
Beta	1.76	1.33	Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through.
Price vs 52-week range	91% of range	71% of range	Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why.
Price / book	1.72	3.80	How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price.

Reading it: MCRI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

Before you buy: how CZR and MCRI affect your concentration

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CZR and MCRI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CZR and MCRI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

What does Caesars Entertainment (CZR) do?

Caesars Entertainment operates roughly 50 domestic gaming properties spread across the Las Vegas Strip and regional US markets, along with hotels, restaurants, entertainment venues, and its Caesars Digital segment (Caesars Sportsbook plus online iGaming across dozens of jurisdictions). Las Vegas and regional casinos each contribute close to half of property EBITDAR, and the digital business, though smaller, is the main growth engine: Q1 2026 digital net revenue set a first-quarter record near $374 million with adjusted EBITDA up sharply year over year. The company carries a heavy balance sheet, roughly $11.9 billion of gross debt and about $11.0 billion net, plus large annual lease obligations, so deleveraging has been a central management priority.

Full CZR guide

What does Monarch Casino & Resort (MCRI) do?

Monarch Casino & Resort, Inc. owns and operates two casino resorts under a premium, service-focused model: the Atlantis Casino Resort Spa in Reno, Nevada, and the Monarch Casino Resort Spa Black Hawk near Denver, Colorado. Revenue comes from three main buckets: casino gaming (slots and table games), hotel rooms, and food and beverage, with the spa, retail, and amenities rounding out a full-resort experience. Unlike sprawling national operators, Monarch concentrates all of its effort on maximizing the returns of just two owned properties, which is why it consistently posts some of the higher operating margins in regional gaming. The Farahi family founded and still helps run the company, giving it an owner-operator culture built around cost control and reinvestment in the physical assets.

Full MCRI guide

CZR vs MCRI: how do they differ?

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

CZR drivers: Pending Fertitta cash acquisition; Caesars Digital growth.
MCRI drivers: Two premium properties and margin discipline; Black Hawk growth near Denver.

Which fits which kind of investor

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The largest risk is deal-specific: a failure or renegotiation of the Fertitta acquisition, driven by regulatory or financing setbacks, could send shares back toward the lower unaffected pre-rumor level. For MCRI, the most immediate company-specific risk is the PCL Construction litigation tied to the Black Hawk expansion, which has produced a judgment and recorded liability in the tens of millions (a roughly $74.6 million principal judgment and a litigation liability near $78.5 million) now under appeal; an adverse final outcome would be a real cash cost even though the balance sheet can absorb it.

CZR or MCRI: which should you pick?

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CZR if you believe its drivers more; MCRI if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CZR and MCRI guides.

CZR vs MCRI: the full fundamentals

CZR. CZR trades close to the $31.00 all-cash offer from Fertitta, so its market value of roughly $6 billion reflects deal terms more than a standalone multiple. On an enterprise basis the transaction values the company near $17.6 billion including assumed debt. Reported net income remains negative because interest and lease costs exceed operating profit, so investors focus on adjusted EBITDA, leverage, and deal-completion probability.

MCRI. Figures are approximate and tied to the asOf date; verify live numbers before acting. Monarch trades at a mid-20s earnings multiple that reflects its record margins, clean balance sheet, and steady cash returns, richer than some larger regional peers but supported by no debt and consistent execution. The recorded litigation liability is a real potential cash outflow that valuation frameworks should treat separately from ongoing operating earnings. Some analyst and DCF-based valuations have flagged the shares as trading below estimated fair value, but those models rest on assumptions about future visitation and margins that may not hold.

Headline figures (approximate, July 2026): CZR shows revenue (ttm) ~$11.5B, q1 2026 net revenue ~$2.9B, q1 2026 adjusted ebitda ~$887M, net debt ~$11.0B; MCRI shows revenue (ttm) ~$556 million (Q1 2026 was ~$136.6 million, up ~8.9% year over year), net income (q1 2026) ~$27.6 million, up ~38.9% year over year, diluted eps (q1 2026) ~$1.52 (beat estimates near $1.17), adjusted ebitda (q1 2026) ~$49 million, ~35.8% margin (a record first-quarter margin).

The bottom line: CZR vs MCRI

CZR and MCRI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CZR and MCRI exposure against your real portfolio. It is not an investment adviser.

Investing in Caesars Entertainment with AI

Connect the broker you already use and ask Walnut's AI how CZR fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.

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FAQ

What is the difference between CZR and MCRI?

Is CZR or MCRI the better stock?

Neither is universally better. CZR is the larger incumbent; MCRI is the smaller challenger and looks cheaper on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.

Which is cheaper, CZR or MCRI?

On forward P/E (as of July 2026), CZR trades at 47.46x and MCRI at 17.73x, so MCRI is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.

Should you own both CZR and MCRI?

Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.

What are the risks of CZR vs MCRI?

CZR: The largest risk is deal-specific: a failure or renegotiation of the Fertitta acquisition, driven by regulatory or financing setbacks, could send shares back toward the lower unaffected pre-rumor level. The long expected close in mid-to-late 2027 also ties up capital for an extended period for a modest arbitrage spread. Beyond the deal, Caesars remains highly leveraged, with about $11.9 billion of debt, heavy interest expense, and roughly $1.3 billion of annual lease payments that keep GAAP results in a net loss. Casino revenue is cyclical and sensitive to consumer spending and Las Vegas travel demand, and the digital segment faces intense competition from FanDuel and DraftKings. Regulatory, tax, and gaming-license changes across many jurisdictions add further uncertainty. MCRI: The most immediate company-specific risk is the PCL Construction litigation tied to the Black Hawk expansion, which has produced a judgment and recorded liability in the tens of millions (a roughly $74.6 million principal judgment and a litigation liability near $78.5 million) now under appeal; an adverse final outcome would be a real cash cost even though the balance sheet can absorb it. Concentration is a structural risk: with only two properties, a downturn, weather event, or new competitor in either the Reno or Black Hawk market hits results directly, and management has publicly called Reno one of the most competitive gaming markets in the country. Regional gaming is discretionary and economically sensitive, so a consumer slowdown can pressure visitation and spend. The stock is small-cap and less liquid than national operators, which can amplify price swings. Finally, the owner-operator structure concentrates decision-making in a small group, which is a strength in good times and a governance risk if interests diverge from outside shareholders.

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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CZR or MCRI; figures are approximate and dated (as of July 2026). Verify current data before investing.