CZR vs MGM: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 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.

Reading it: MGM 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.

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 MGM 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 MGM 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.

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

MGM Resorts International is a global casino, hotel, and entertainment company best known for its cluster of Las Vegas Strip resorts, including the Bellagio, Aria, MGM Grand, Mandalay Bay, and others. Beyond Las Vegas it operates regional casinos across the United States, controls MGM China (which runs properties in Macau, the world's largest gaming market), and is building a digital business that spans the BetMGM online sports-betting and iGaming joint venture with Entain and the LeoVegas online-casino operations. Its revenue is spread across these segments, so results depend on travel demand, consumer spending, and the health of both the US and Chinese economies.

Full MGM guide

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.
• MGM drivers: Las Vegas Strip recovery and margins; Macau and MGM China.

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 MGM, the biggest risk is economic cyclicality: gaming, travel, and entertainment spending fall in a downturn, and MGM's largely fixed-cost resorts mean earnings can drop quickly when visitation or spending weakens.

Pick CZR if you believe its drivers more; MGM 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 MGM guides.

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.

MGM. Figures are approximate and tied to the asOf date; verify live numbers before acting. MGM is often valued on cash flow and adjusted EBITDA rather than simple earnings, partly because of its lease structure and buyback-driven share count. The key inputs are Las Vegas visitation and margins, the pace of Macau's recovery, and whether the digital arm converts revenue growth into durable profit, more than any single quarter's headline number.

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; MGM shows q1 2026 net revenue ~$4.5 billion (up roughly 4% year over year, a Q1 record), las vegas strip Returned to year-over-year revenue growth after several soft quarters, mgm china (macau) Revenue up sharply on continued Macau recovery, betmgm Positive quarterly adjusted EBITDA; targeting larger profitability.

CZR and MGM 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 MGM exposure against your real portfolio. It is not an investment adviser.