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Las Vegas Sands Corp. (NYSE:LVS), MGM Resorts International (NYSE:MGM) - Las Vegas Casinos Facing Sports Betting Competition In The Garden State

3rd September, 15:51

New Jersey is ready to overtake Las Vegas as the sports betting capital of the U.S., according to The New York Post.

The state, with help from the NFL, is poised to take the lead in newly legal sports betting, the tabloid said.

"Indeed, it only took 11 months for New Jersey to overtake Nevada's sportsbook wagers on a monthly basis when it booked $318.9 million worth of sports bets in May, versus $318.3 million for Nevada," the Post said.

In July, New Jersey posted sports bets of $251 million versus $235 million in Nevada.

Las Vegas casino stocks that could be affected include Wynn Resorts, Limited (NASDAQ: WYNN), Las Vegas Sands Corp. (NYSE: LVS), MGM Resorts International (NYSE: MGM) and Melco Resorts & Entertainment Ltd (NASDAQ: MLCO).

The stocks were trading in the red across the board at the time of publication Tuesday.