Market Overview

Las Vegas Casinos Facing Sports Betting Competition In The Garden State

Las Vegas Casinos Facing Sports Betting Competition In The Garden State

New Jersey is ready to overtake Las Vegas as the sports betting capital of the U.S., according to The New York Post

The state, with help from the NFL, is poised to take the lead in newly legal sports betting, the tabloid said. 
"Indeed, it only took 11 months for New Jersey to overtake Nevada’s sportsbook wagers on a monthly basis when it booked $318.9 million worth of sports bets in May, versus $318.3 million for Nevada," the Post said. 

In July, New Jersey posted sports bets of $251 million versus $235 million in Nevada. 

Las Vegas casino stocks that could be affected include Wynn Resorts, Limited (NASDAQ: WYNN), Las Vegas Sands Corp. (NYSE: LVS), MGM Resorts International (NYSE: MGM) and Melco Resorts & Entertainment Ltd (NASDAQ: MLCO).

The stocks were trading in the red across the board at the time of publication Tuesday. 

Related Links: 

Genting Buys Out Empire Resorts At 15% Premium

Report: Caesars, Carl Icahn Getting Close On Deal, But Price Is Sticking Point

Posted-In: casinos gambling The New York PostNews Media Best of Benzinga


Related Articles (LVS + MGM)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at