IGT - Why Casino Supplier Stocks Popped by Double Digits on Wednesday
Shares of suppliers to the casino industry jumped by double digits on Wall Street today as the industry inches toward reopening. Shares of Everi Holdings (NYSE: EVRI) were up as much as 17.4%, IGT (NYSE: IGT) was up 11.3% this afternoon, and Scientific Games (NASDAQ: SGMS) was up 9.9% at its high. Shares of the three companies closed higher by 7.3%, 12.9%, and 8%, respectively.
The jump in shares mirrored a move higher for casino operators today, so there's an effect of a rising tide lifting all gambling stocks.
The only real significant news today was from IGT, which announced it will provide its PlaySports platform in retail and mobile settings for the Wild Card Saloon and Sasquatch casinos in Black Hawk, Colorado. These are another step into the online gambling business, but with relatively small local markets aren't going to be a game-changer.