- The Pennsylvania Senate approved an expansion of gambling in the state.
- The bill, which still needs to be approved by the PA House, is being closely watched by casino operators because it allows some casino-type games at truck stops and other retail locations. Bidding on ten new casino locations will also be opened up under the legislation and online gaming would be regulated.
- "If you pass this bill, you will see an explosion of gambling in Pennsylvania like you've never seen before," says House Gaming Oversight Committee Chairman Scott Petri. What Petri didn't say was that the iGaming legislation imposes a 54% tax on internet slots. The 16% tax on poker and online table games is more in line with the rates in other states.
- Height Securities on PA gaming: "We continue to believe that in the end there are better-than-even odds (at 55%) a final agreement will include gaming expansion / internet gaming legalization."
- PA-related casino stocks: Caesars Entertainment (NASDAQ:CZR), Las Vegas Sands (NYSE:LVS), Penn National Gaming (NASDAQ:PENN), MGM Resorts (NYSE:MGM), Wynn Resorts (NASDAQ:WYNN) and Eldorado Resorts (NASDAQ:ERI), The Stars Group (NASDAQ:TSG).
- Related ETF: BJK
- Now read: Japan Election Results Will Now Speed Casino Bill
Original article