The gaming sector traded up sharply today on reports that a Department of Justice opinion could open the door to legalized online gambling.
The Department of Justice's opinion was sought as New York and Illinois seek permission to bring their lotteries online.
"Because the proposed New York and Illinois lottery proposals do not involve wagering on sporting events or contests, the Wire Act does not prohibit them," Virginia Seitz, assistant attorney general responded.
Though most U.S. pure-plays in gaming, like Wynn and MGM, are focused on brick-and-mortar casinos, a changed ruling could represent a large new revenue stream ? although off-shore competition would likely intensify.
Five companies saw share gains of at least 3% during the day, led by Boyd Gaming's 10% jump.
- Boyd Gaming (NYSE: BYD): Up 9.8% to $7.63
- MGM Resorts (NYSE: MGM): Up 4.6% to $10.42
- Pinnacle Entertainment (NYSE: PNK): Up 3.0% to $10.38
- Trans World Corporation (PINK: TWOC): Up 9.3% to $2.95
- Wynn Resorts (NASDAQ: WYNN): Up 3.2% to $113.53
Source: http://www.businessinsider.com/gaming-casino-shares-wire-act-2011-12
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