1. Churchill Downs Incorporated - CDI built on a record 2024 with an fall-time high net revenue of $934.4m in Q2 2025. It set multiple records at the 151st Kentucky Derby, including the highest all-sources handle for the Kentucky Derby Race, Kentucky Derby Day Program, and Kentucky Derby Week, plus peak and average viewership of 21.8 million and 17.7 million, respectively. The company began the largest expansion in its 150-year history at Churchill Downs Racetrack to enhance the Derby experience. It also expanded its gaming portfolio with the openings of The Rose Gaming Resort in Virginia and Owensboro Racing & Gaming in Kentucky. Looking ahead, CDI plans further growth with a $180m acquisition of a 90% stake in Casino Salem, New Hampshire.

2. MGM Resorts International - MGM Resorts achieved exceptional momentum over the past year, setting a new company record for consolidated net revenues in Q2 2025 - $4.4bn, alongside record-breaking Regional Operations revenue. The company continues to pursue strategic expansion with a $2.3bn proposal to transform its iconic Empire City Casino in New York into a full-scale commercial casino and entertainment destination. Significant investments in guest experience are also underway, including a $300m remodel of all 4,212 rooms and suites at the MGM Grand, set for completion by the end of 2025. Combined with continued enhancements to technology, sustainability, and its MGM Rewards program, MGM Resorts reaffirms its status as a forward-thinking, guest-focused leader in the industry.

3. Wynn Resorts - With a consistent focus on delivering premium guest experiences and expanding its international footprint, Wynn remains a top-tier operator in the land-based gaming space. In 2024, the company achieved its highest-ever full-year Adjusted Property EBITDAR of $2.36bn, with Las Vegas operations also setting a new annual record. Earlier this year, the company celebrated the 20th anniversary of Wynn Las Vegas, marking two decades of excellence in hospitality, gaming, and entertainment. Meanwhile, construction progressed steadily on the $5.1bn Wynn Al Marjan Island in the UAE, reinforcing the brand’s global leadership and long-term vision. 

4. Caesars Entertainment - With a strong mix of property innovation, regional growth, and guest experience upgrades, Caesars reinforced its leadership in North America. Over the past year, the company celebrated the grand opening of Caesars Virginia and completed a $435m transformation of Caesars New Orleans. It also broke ground on Caesars Republic Sonoma County and unveiled plans to redevelop Harveys Lake Tahoe into Caesars Republic Lake Tahoe. The company submitted its official proposal for Caesars Palace Times Square, marking a bold step toward establishing a landmark gaming and entertainment destination in NYC. Additionally, Caesars was selected as the Service Provider for the Windsor Casino by the Ontario Lottery and Gaming Corporation.

5. PENN Entertainment - PENN demonstrated exceptional momentum over the past year, driven by bold property reinvestments, digital-to-retail customer engagement, and continued market expansion. The company leveraged new technology, refreshed hotel and F&B offerings, and introduced more ESPN BET-branded retail sportsbooks to enhance the guest experience across its casino portfolio. Its omni-channel strategy is paying off, with cross-sell rates from digital to retail growing over 64% YoY in Q4 2024. PENN unveiled the new $185m Hollywood Casino Joliet in August, featuring 1,000 slots, 43 live table games, and an ESPN BET sportsbook. Additionally, the company announced a $180–$200m plan to relocate and rebrand Ameristar Council Bluffs riverboat casino operations to a new, state-of-the-art land-based property, further reinforcing its commitment to innovation and growth.

6. Bally’s Corporation - Bally’s had a transformational year, marked by bold development projects that reinforce its position as a leading land-based operator. In 2024, the company began development of its permanent Chicago casino resort and completed the controlled demolition of the Tropicana Las Vegas, making way for the future MLB stadium for the A’s franchise. It also finalized a series of transactions with The Queen Casino & Entertainment and Standard General, expanding its portfolio with four high-performing Queen casinos and significantly strengthening its financial and operational foundation. In early 2025, the company submitted a $4bn proposal for Bally’s Bronx, a transformative integrated resort in New York. 

7. Hard Rock International - With a globally recognized brand and a commitment to excellence across operations, HRI continues to set the standard in the land-based casino vertical. In November 2024, it celebrated the grand opening of Hard Rock Hotel & Casino Bristol and in July this year, it opened the $350m Hard Rock Hotel & Casino Ottawa, Canada's first fully integrated Hard Rock resort. Later this year, Hard Rock Hotel & Casino Tejon will open, further growing the company’s US footprint. Additionally, Hard Rock joined forces with Mets owner Steve Cohen to submit a bid for Hard Rock Metropolitan Park in New York - an ambitious vision to transform 50 acres of asphalt parking lots around CitiField in Queens into a revolutionary sports and entertainment park.

8. J&J Gaming - J&J Gaming stands as North America’s premier distributed gaming partner, driven by a 30% CAGR since 2021 and 6% YoY growth from Q1 2024 to Q1 2025. It powers 3,600+ licensed venues with 29,000+ machines across regulated markets. Backed by a legacy dating to 1929 and 1,400+ dedicated experts, J&J Gaming delivers gaming-as-a-service with 24/7/365 support, best-in-class uptime, and unmatched performance coast to coast. In 2024, J&J Gaming acquired Golden Entertainment’s Nevada Distributed Gaming Operations. 

9. Boyd Gaming - Celebrating its 50th anniversary in 2025, Boyd Gaming demonstrated impressive performance and strategic growth over the past year. In Q2 2025, the company achieved its strongest property-level revenue and Adjusted EBITDAR growth in more than three years, with margins exceeding 40%, fueled by strong play from core customers and increased retail engagement. Key property upgrades include the completion of extensive renovations at Valley Forge Casino Resort’s Stardust Tower and ongoing enhancements at IP Casino Resort Spa. Boyd also broke ground on its newest property, Cadence Crossing Casino in southern Nevada, signaling continued expansion. The company maintains a robust balance sheet and disciplined capital strategy, returning nearly $750m to shareholders in 2024.

10. Choctaw Casinos & Resorts - Over the past year, Choctaw Casinos & Resorts reinforced its commitment to innovation and excellent guest experience. Last year’s opening of Choctaw Landing, a 100-room luxury resort and casino in Hochatown, Oklahoma, elevated the region’s hospitality and entertainment scene. This year, in an industry-first, Choctaw introduced cryptocurrency and digital assets as a new source of liquidity for casino patrons through a collaboration with Bitline and Everi. This provides additional options for guests and positions Choctaw Casinos & Resorts at the forefront of the gaming industry’s future.
    
    

The Land-Based Operator of the Year category is sponsored by NOVOMATIC: As a producer of high-tech gaming equipment and operator of electronic casinos, gaming and sports betting venues, NOVOMATIC is one of the largest gaming technology groups in the world and has more than 20,000 employees. Founded in 1980, the company has locations in around 50 countries and exports its 360° portfolio to more than 130 countries. Visit novomatic.com for more information.