Casino Stocks Jump On News Japan Is Looking To Legalize Gambling
Casino stocks are up big Tuesday morning.
Japan's Prime Minister Shinzo Abe is looking to legalize gambling in the state before the 2020 Tokyo Olympics.
Growth in Japan has stalled over the years and the country ranks the lowest in the G7 for projected 2015 growth rates, according The Wall Street Journal:
As a means to turn around the faltering economy, Prime Minister Abe stated his party would seek to pass a law in the next parliament session (August 2014) to legalize casinos. This is causing the casino sector to gain on the news.
As of 11AM Eastern Time:
Las Vegas Sands (NYSE: LVS) - Up 1.33 percent, currently trading $76.12
Ceasar's Entertainment (NASDAQ: CZR) - Up 2.24 percent, currently trading $18.24
Melcro Crown Entertainment (NASDAQ: MPEL) - Up 2.20 percent, currently at $33.94
Wynn Resorts (NASDAQ: WYNN) - Up 1.85 percent, currently $204.89
MGM (NYSE: MGM) - Up 1.99 percent, currently $26.15
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