Caesars Entertainment Corp’s stock (CZR) was the highest gainer across the Nasdaq and NYSE today. The firm’s stock price surged 38.13% as the company reported a 13% increase in gambling revenue.
An announcement by New Jersey Governor Chris Christie also helped the stock’s performance. Christie reported that New Jersey will be “willing to allow a 10-year trial period of online gambling in Atlantic City”.
CZR operates casinos in both New Jersey and Nevada.
Chart Source: Yahoo! Finance
In the last five days alone, the stock has risen over 77%. As reported by Reuters: "The prospect of online gambling being legalized in New Jersey could unlock a market worth up to $1 billion. It also fuelled hopes that other American states could follow suit and liberalize their gambling laws".