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Sep 14, 2018  
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The coming wave of sports gambling isn't a win for casino stocks

DraftKings CEO: Legal sports betting will bring innovation But that doesn't make it a good idea to place a wager on casino stocks, which face stiff competition in the multi-billion dollar industry from racetracks, overseas operators and new entrants like fantasy sports operators. Leading gaming companies, including MGM Resorts ( MGM ), Caesars Entertainment ( CZR ) and Wynn ( WYNN ), have seen their stocks fall since a Supreme Court decision in May opened the door for sports gaming nationwide. Others, such as Boyd ( BYD ) and Penn National ( PENN ), have posted only small gains that trailed the broader market. Legalized sports betting presents an obvious potential upside for casino operators. Americans spent about $150 billion a year betting on sports, according to the American Gaming Association, the industry's trade group. And most of those wagers are placed illegally through bookies or overseas sports betting sites. The gaming association believes that most of that action will shift to legal sports books -- the industry name for sports betting -- as they become more common. The amount wagered is also likely to increase, according to a survey of about 1,000 sports fans commissioned by AGA. It found that about 19% of football fans now bet on games, with 31% expecting to do so once it becomes legalized, a 60% increase.

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Genting is more than just gambling

Genting is more than just gambling Chan and his wife Pat Ang are currently also running a pitcher plant conservation program. Goh Tong: Pioneer of Genting business empire Resorts World Genting (RWG), originally known as the Genting Highlands Resort, is an integrated hill top resort nestled on the border between the states of Pahang and Selangor in Malaysia. The resort is only a one hour drive from Kuala Lumpur. The development of the resort began in 1965 from an idea of Tan Sri Lim Goh Tong, who arrived on the shores of Malaysia from Fujian, China, in 1937. “We acquired 10,700 acres [4,300 hectares] of land, 4 percent of which was for the development of this resort,” Katherine Chew, vice president for communications and public relations, said.

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