SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Feb 11, 2013) - Shares of gaming stocks surged last week on the prospect of online gambling becoming legalized. Although New Jersey Governor Chris Christie vetoed a bill that would allow gambling over the internet in the state of New Jersey for the second time, he stated that if certain amendments were made he would allow a 10-year trial period. Five Star Equities examines the outlook for companies in the Gaming Industry and provides equity research on International Game Technology (NYSE: IGT) and WMS Industries Inc. (NYSE: WMS).
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One of the amendments required by Governor Christie would be raising the tax rate on revenues from 10 percent to 15 percent. If passed New Jersey would become the third state where online gambling is legalized, following Delaware and Nevada. Janney Capital Markets analyst Brian McGill estimates the New Jersey online gaming market could be worth up to $1 billion in three years.
"Now is the time for our state to move forward, again leading the way for the nation, by becoming one of the first states to permit Internet gaming," Christie wrote. "While Atlantic City's reputation and stature as one of the premier resort destinations on the East Coast are well-chronicled, it is no secret that revenue from the region's most important industries, gaming and tourism, has been in decline.
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In November 2010, IGT consolidated all interactive gaming strands into one division, IGT Interactive. In 2011 IGT Interactive generated its first dollar of revenue in North America. The launch of IGT slot games on the British Columbia Lottery Corporation website was a resounding success. The company last month signed online gaming deals with companies in Belgium and Italy.
WMS Industries, along with providing physical machines to the gaming industry, develops and markets digital gaming content, products, services and end-to-end solutions that address global online wagering and play-for-fun social, casual and mobile gaming opportunities. The company's Jackpot Party Social Casino is the fourth most-popular casino game on Facebook and has recently launched on the Apple iOS.
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