After the Japanese parliament gave final
passage to a law allowing for the large-scale gambling operations, casino stocks reacted immediately:
Las Vegas
Sands Corp. (NYSE:
LVS) spiked $0.50 on the news after
trading down most of the day.
MGM Resorts International (NYSE:
MGM) jumped by $0.25 to $29.75.
Melco Crown Entertainment Ltd (ADR)
(NASDAQ:
MPEL) jumped $0.20 to $17.55.
Wynn Resorts,
Limited (NASDAQ:
WYNN) spiked $1.00 to $93.17.
MGM Responds
So far, MGM Resorts is the only of the big casino names to address the news in a
press release.
The company said the changes will allow the opportunity for "significant growth," and that the company is already well prepared
to pursue expansion efforts “after years of study in the region.”
“With an established, full-time development team in Tokyo pursuing discussions in Japan's cultural and business communities, MGM
Resorts is well-prepared to pursue future expansion efforts,” said MGM, later stating that the announcement will facilitate
advancing relationships to “create a coalition of Japanese business partners who will collectively define a vision for a uniquely
Japanese, world-class integrated resort.”
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