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COLUMBUS, Ohio (

TheStreet

) -- Ohio approved a referendum legalizing four new casinos in the state on Monday.

The vote marks a significant win for casino operators like

Penn National Gaming

(PENN) - Get Penn National Gaming, Inc. Report

, as well as gambling suppliers like

Bally Technologies

(BYI)

,

International Game Technology

(IGT) - Get International Game Technology PLC Report

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and

WMS Industries

(WMS) - Get Advanced Drainage Systems, Inc. Report

.

The referendum will allow Ohio to amend its constitution to allow casinos in its four largest cities: Cincinnati, Cleveland, Columbus and Toledo. The casino operators will pay a $50 million license fee upfront to the state and make an investment of $250 million in each casino facility. A permanent 33% tax on gross casino revenues will also be imposed.

J.P. Morgan analyst Joseph Greff said that, assuming 10,000 slots and shares of 45% for International Game Technology and 20% each for Bally and WMS, this would add 6 cents, 16 cents and 15 cents of earnings per share in late 2011, respectively.

Shares of Penn are soaring by 8.1% to $28.32, as it will run two of the four casinos. Bally is up 4.1% to $43.40, International Game is growing 4.4% to $19.34 and WMS is rising by 3% to $41.67.

-- Reported by Jeanine Poggi in New York

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