Sector Wrap: Casinos rise on NV online gaming law

Casino companies Las Vegas Sands, Caesars gain after Nevada law legalizes online poker

Associated Press

NEW YORK (AP) -- Shares of casino operators, including Las Vegas Sands and Caesars, and online games maker Zynga moved higher Friday after the state of Nevada legalized online gambling.

On Thursday Nevada enacted a law that allows the state to enter into pacts with other states and offer Internet poker. New Jersey is expected to pass similar legislation next week.

Casinos would benefit because they could offer online gambling, potentially increasing their gaming revenues.

Las Vegas Sands Corp. shares $1.63, or 3.3 percent, to close at $50.73. Caesars Entertainment Corp. stock advanced 41 cents, or 3.7 percent, to $11.59. Boyd Gaming Corp. added 25 cents, or 3.9 percent, to $6.60. Wynn Resorts Ltd. rose $1.82, or 1.6 percent, to $117.34.

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