The Nevada Gaming Control Board (NGCB) has reported that its gambling profits as of November shot up by 7.1 percent to $880.1 million. Over half of these profits have been contributed by Las Vegas, which generated gambling revenue of as much as 9 percent or $495.3 million. The profits through slot machines alone shot up by 3 percent while the table gaming profits shot up by 18 percent.
The NGCB’s revenue report follows on the heels of a recent announcement made by the US Department of Justice (DoJ) that it will modify the interpretation of the Federal Wire Act of 1961, removing online poker from the list of forbidden games of chance and thereby throwing open the door to opportunities for the online gaming industry. US states hungry for revenue have welcomed this news with open arms. While the international online gambling industry is now worth around $30 billion, it is expected to generate annual revenue of $6 billion in the US.
Previously, the DoJ had claimed that, according to the Wire Act of 1961, interstate online gambling is illegal. The recent modification in the interpretation of the law, put in writing by the DoJ’s attorneys, follows on the heels of demands for clarification made from Illinois and New York. According to its current interpretation; only online sports betting is illegal, while betting on non-sports activities either within or without the state borders is legal.
After this announcement, Las Vegas Sands Corporation shares were traded at $44.45, having shot up by $0.66 or 1.51 percent. Today, the volume was 3,789,541 shares. The trailing P/E of the company is 29.63 while the trailing earnings of the company are $1.50 for every share.
Wynn Resorts Ltd. shares were traded at $109.49, having shot up by 1.82 percent or $1.96. Today, the volume was 778,612 shares against a 3-month volume averaging 3,078,450 shares. While the trailing P/E of the company is 25.56, its trailing earnings have become $4.28 for every share.
Melco Crown Entertainment Limited shares were traded at $10.12, having shot up by 0.3 percent or $0.03. Today, the volume was 2,070,106 shares as against the 3-month volume averaging 7,174,030 shares. While the trailing P/E of the company is 26.77, its trailing earnings have become $0.28 for every share.
Even Boyd Gaming Corporation share value has shot up by 2.84 percent to $7.24, with today’s volume being 393,531 shares as against the 3-month volume averaging 1,323,640 shares.