Stocks are on the rise due to the major announcement from the US Dept of Justice regarding the Wire Act stating it only pertains to sportsbetting and not nonsports gambling within and or across states borders.
The new interpretation is due to the states of Illinois and New York wanting clarification of the law. The DOJ always stood by the law to mean that online gambling was illegal even within states borders.
"The ordinary meaning of the phrase 'sporting event or contest' does not encompass lotteries," wrote Assistant Attorney General Virginia Seitz. "Accordingly, we conclude that the proposed lotteries are not within the prohibitions of the Wire Act."
Here's how top public casino stocks are reacting to the major news:
Las Vegas Sands Corp. (NYSE:LVS): LVS shares recently traded at $43.77, up $0.23, or 0.53%. They have traded in a 52-week range of $36.05 to $51.05. Volume today was 2,703,051 shares versus a 3-month average volume of 14,684,200 shares. The company's trailing P/E is 29.18, while trailing earnings are $1.50 per share.
Wynn Resorts Ltd. (NASDAQ:WYNN): WYNN shares recently traded at $112.67, up $2.67, or 2.43%. They have traded in a 52-week range of $100.51 to $172.58. Volume today was 882,734 shares versus a 3-month average volume of 3,688,460 shares. The company's trailing P/E is 26.30, while trailing earnings are $4.28 per share.
MGM Resorts International (NYSE:MGM): MGM shares recently traded at $10.34, up $0.38, or 3.82%. They have traded in a 52-week range of $7.40 to $16.94. Volume today was 12,411,693 shares versus a 3-month average volume of 19,139,200 shares. The company's trailing P/E is 1.79, while trailing earnings are $5.79 per share.
Melco Crown Entertainment Ltd. (NASDAQ:MPEL): MPEL shares recently traded at $9.55, up $0.06, or 0.63%. They have traded in a 52-week range of $6.13 to $16.15. Volume today was 842,201 shares versus a 3-month average volume of 8,391,370 shares. The company's trailing P/E is 25.27, while trailing earnings are $0.38 per share.
