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 Boyd Gaming Corporation (NYSE: BYD) and Zynga Inc. (NASDAQ: ZNGA).
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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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Boyd Gaming currently owns and operates 22 gaming properties in eight states. The company is the owner of the Borgata Hotel and Casino resort in Atlantic City. "This would have the biggest impact on Boyd Gaming, who owns the Borgata, and estimate it could be worth $3 to shares today." wrote Janney Capital's McGill.
Zynga is the world's leading provider of social game services with 311 million monthly active users playing its games. The company in October signed a deal with bwin.party to begin offering real money online Poker and Casino games in the UK market. The companies plan to launch real money games in the U.K. in the first half of 2013. Zynga has also recently filed an preliminary application for a gaming license in the state of Nevada.
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