Caesars Entertainment (CZR) stock has risen close to 300% since last fall, touching a new record intraday high on Friday.
Investors are bullish to an unprecedented extent as hopes for an interstate online gambling pact take hold.
Caesars CEO Gary Loveman on an earnings call on July 29 noted that the company bought popular online poker site World Series of Poker during the last quarter. It’s also applied for an online gaming license in New Jersey.
In recent days, Caesars received a healthy pop on Wall Street thanks to rampant chatter than Nevada and New Jersey are working on an online gambling agreement tantamount to deals often reached between states that form interstate lotteries.
MGM CEO Jim Murren is also among those optimistic about the reality and potential of an interstate compact.
“And we’ve been working with the State of Nevada on their efforts to compact with other states,” Murren said Tuesday, according to Investor.com. “As a standalone opportunity, there’s just not a lot of people that live in our state here. So the market size is relatively small compared to what we think it ultimately will be as more states come online.”
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