Casinos & Hotels

Online Gambling Now Legal in Nevada (ZNGA, IGT, BYI, BYD, WMS, SHFL)

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The governor of Nevada signed legislation yesterday legalizing online gambling in his state. New Jersey’s governor recently vetoed a similar bill but said he could sign one if properly amended.

Shares of Zynga Inc. (NASDAQ: ZNGA) are reacting well to the Nevada law, but other gambling technology stocks, like International Game Technology (NYSE: IGT), Bally Technologies Inc. (NYSE: BYI), Boyd Gaming Corp. (NYSE: BYD), WMS Industries Inc. (NYSE: WMS), and Shuffle Master Inc. (NASDAQ: SHFL), aren’t getting the message.

Bally, IGT and Shuffle Master have received licenses to operate online gambling in Nevada, and Zynga filed an application for a license in December. The biggest payday could come for Zynga and the others if they can pair up with the big casino operators, most of which have come around to support online gambling over the past couple of years.

Shares of Zynga are up about 4.6% today at $3.10 in a 52-week range of $2.09 to $15.91.

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