According to reports, New Jersey Governor Chris Christie has signed legislation making online gambling legal in the state.
As reported earlier, the governor signed the bill shortly after it passed the Assembly and Senate.
New Jersey online gambling follows Nevada, who recently approved online gambling.
The venture could prove to be profitable according to Dennis Farrell, a casino analyst at Wells Fargo Securities. In a recent interview with Bloomberg Farrell said, "Borgata Hotel Casino & Spa, a joint venture between Boyd Gaming Corp. (NYSE: BYD) and MGM Resorts International, and Caesars Entertainment Corp. are the companies best positioned to capture online business in New Jersey."
Stock for Boyd Gaming is currently priced at 6.50 0.04(0.62%) . According to a company press release, the company announced today a conference call to review the Company's fourth-quarter and full-year 2012 results will take place on Monday, March 4, at 12:00 p.m. Eastern.
Online gambling: Can Zynga Finally Soar?
Don't call it a comeback, but Zynga has made February somewhat successful, breaking the $3.00 mark. However, that doesn't heal all their wounds. Earlier this month, Zynga announced it lost more than $200 million in 2012. On Monday, The Wall Street Journal reported the company announced it would be cutting 30 employees and would be closing or consolidating offices in Baltimore, New York, and Texas. However, there is no word on whether or not recent online gambling legislation will change the course of those firings.
Online gambling industry: Who's in the hunt?
Here are two stocks that could possible become buzz names by the end of the week:
- International Game Technology (NYSE: IGT) 15.89 0.21(1.34%) :Specializes in design, development, manufacturing, distribution, and sales of computerized gaming equipment, software, and network systems worldwide.
- WMS Industries Inc. (NYSE: WMS) 25.00 0.04(0.16%) : Designs, manufactures and markets games, video and mechanical reel-spinning gaming machines, video lottery terminals and in gaming operations, which places leased participation gaming machines in legal gaming venues. The company recently announced an online content licensing agreement with Malta-based Bonnier Gaming, a wholly owned subsidiary of Scandinavian-based media conglomerate Bonnier Group.
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