Casino Stock Winners & Losers: The Impact of the Elections
(Article on the impact of the elections on casino stocks updated with comments from MGM CEO Jim Mullen on the re-election of Reid.
NEW YORK (TheStreet) -- Casino stocks were brought to the polls yesterday, with several gaming measures put up for a vote.
Oregon, Maine, Maryland, California and Missouri were among the states seeking approval for the development of new casinos. Amid the economic downturn, states are seeking new sources of revenue, which has led to looking at gaming for a boost.
In Nevada, there was significant interest in the battle between U.S. Sen. Harry Reid and tea party candidate Sharron Angle. Reid, who has been a friend to the casinos, won the election.
Reid aided MGM Resorts (MGM) in its development of its $8.4 billion CityCenter resort/casino. MGM CEO Jim Murren commented about Reid's re-election during the company's third-quarter conference call.
"I know what he means to the gaming sector," Murren said. "The Internet gaming bill has a better chance now. This was a positive for the whole industry today. He understands the gaming industry, having served as chairman of the Nevada Gaming Commission. Overall, the big winners at the polls were WMS Industries (WMS), Bally Technologies (BYI), International Game Technology (IGT) and Isle of Capri Casinos (ISLE), and to a lesser extent, Pinnacle Entertainment (PNK)and Ameristar Casinos (ASCA), Wells Fargo analyst Carlo Santarelli, wrote in a note. Read on for a breakdown of the ballot initiatives voted on and how they will affect casino stocks.Select the service that is right for you!
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