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Slot Machine Licenses Affect Market

With Pennsylvania’s announcement as to who would get the slot machine licenses, the market dipped and soared depending on who the winners were. Those that did not manage to secure a slot machine license found themselves not just losing out on potential revenue, but also losing points in the stock market. Those that won the slot machine license, won that and more according to their stocks.

Pinnacle Entertainment, Trump, and Isle of Capri all saw their shares drop with the announcement that they would not be receiving slot machine licenses. Las Vegas Sands was the big winner on Tuesday, winning the right to open a stand alone slot machine casino right on the old Bethlehem Steel site. The casino will be building a hotel, retail space, and of course, bringing in 3,000 slot machines.

Trump was probably hit the hardest – when news broke that he would not be receiving one of the slot machine licenses his stock took a 13% drop to $19.78. He was trying to get a slot machine license to build in Philadelphia, but that went to the Mashantucket Pequot Tribe instead. Trump executive James Perry said that they were disappointed by the decision, but that they would "continue to pursue opportunities to introduce the Trump brand to other gaming markets, both nationally and internationally."

Isle of Capri dropped almost 7% to $26.78 after learning that they would not be receiving a slot machine license to build a casino in Pittsburgh; and Pinnacle fell 2.7% to $34.55 after learning that they too would not be winning one of the coveted slot machine licenses.

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