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Caesars, MGM rise after high court strikes down sports betting ban.

Shares of several casino operators and gaming stocks are rising after reports that the U.S. supreme court struck down a federal low that bans gambling on sporting events in most of the country. Ruling in a case brought by the state of NJ, the high court ruled the federal law is unconstitutional, according to Bloomberg. Following headlines on the court decision, MGM Resorts (MGM) shares are up 2%, Boyd Gaming (BYD) is up 3% and Caesars Entertainment (CZR) is up 4%. Shares of Las Vegas Sands (LVS) and Wynn Resorts (WYNN), which are levered to Las Vegas where sports betting is already legal, are both down about 1% in early trading amid the headlines.

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Publication:The Fly
Date:May 14, 2018
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