BYD FBR potential impact would be far bigger for BYD, in the firm's opinion.
04-Dec-13 07:51 ET
Boyd Gaming: The early read in New Jersey online gaming - FBR Capital Markets
FBR Capital Markets notes, the ongoing growth in Macau has dominated industry discussion, but online gaming is finally live in New Jersey and will likely become a hot topic in coming quarters. The firm's initial take: (1) They already have more online gaming accounts opened than Affordable Care Act sign-ups in New Jersey; (2) early traffic figures point to the BYD-MGM-bwin.party triumvirate as the leader; and (3) revenue is more likely toward the midpoint of the $200 mln to $1.0 bln estimate range, although it is very early. Both Boyd Gaming Corporation (BYD) and MGM Resorts International (MGM) are positioned to benefit, although the potential impact would be far bigger for BYD, in the firm's opinion.