Casino stocks are soaring following Japanese Prime Minister Shinzo Abe’s comments on legalizing casinos in Japan.
Abe said that he will seek to pass a law to legalize casinos in the Asian country to boost tourism ahead of the 2020 Tokyo Olympics. The Prime Minister added that the move would boost the economy of Japan thanks to the contributions that casinos would provide to “tourism, regional economies and industry.”
Abe’s comments have already put several major players in the casino industry in alert. Las Vegas Sands Corp. (LVS) and MGM Resorts International (MGM) have expressed interest in possibly investing billions of dollars into the Japanese casino industry.
MGM stock is up close to 2% Monday afternoon and LVS stock is up about 1%. Other casino stocks including Melco Crown Entertainment (MPEL), Caesars Entertainment (CZR) and Wynn Resorts (WYNN) are also up as these companies could also invest in Japan.
MPEL stock is up about 2.4%, CZR stock is up 1.7% and WYNN stock is up 1.3%.
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