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The stock market is down for the companies that did not
win the slot machines licenses in Pennsylvania. Now that the Pennsylvania
Gaming Control Board has awarded the last of the slot machines licenses the
ones selected saw a definite increase in their stocks—the losers though had
no way to counter the drop in their company’s shares. Perhaps one of the
hardest hit by the announcement of the slot machines licenses was Trump,
this was a major step in their plan to expand the Trump to the rest of the
United States.
The Philadelphia slot machines license would have brought Trump’s company
huge revenue from the slot machines, and it was anticipated that their
company’s stocks would not have seen the drastic drop. The stock in Trump
dropped 13 percent, and is currently holding steady around $19.78. And
though many of Philadelphia’s resident’s would have preferred Tump’s casino
plans over the Foxwoods Casino that won the slot machines license, the Board
felt that the mega casino the Mashantucket Pequot Tribe plans to build was
better suited for Philadelphia.
Trump though was not the only company to see drops in stock prices because
of the announcement, Pinnacle and Isle of Capri among others felt the hit;
they dropped 2.7 percent and 7 percent respectively. The winning casinos
that will soon be operating slot machines in the state are the real
winners—with the announcement, not only did their shares increase, but they
will also be bringing in slot machines revenue soon.
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