Casino companies are finally starting to see online gaming as a possible growth engine for the industry and are hoping for congressional help. The American Gaming Association, which is the lobbying arm of the casino industry, is in communication with members of Congress about the four different bills floating through the House and Senate.
This has become an urgent matter for the industry as the November elections draw near. The elections will likely result in a more conservative Congress that is less friendly to legalizing online gambling, so the time is now for action.
This is a big deal for the industry as domestic markets like Las Vegas struggle and companies like MGM Resorts
Las Vegas Sands
But not just the big operators will join in; I wouldn't be surprised to see smaller operators benefit from online gaming as well. Some online players have no interest in Las Vegas-centric perks, and Boyd Gaming
I'll be watching the progress of online gaming bills in Congress. This could be a big win for the casino industry if it's able to get the legislation right.
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Fool contributor Travis Hoium owns shares of LVS and has sold covered calls on LVS. Ameristar Casinos is a Motley Fool Hidden Gems recommendation. Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool has a disclosure policy.