Atlantic City Casino Stocks Hit by NJ Budget Impasse

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Atlantic City Casinos Shut Down Due to New Jersey Budget Impasse

• Summary: New Jersey Governor Jon Corzine shut down Atlantic City casinos Wednesday morning went he removed state regulators who must be present for the casinos to legally operate. The NJ budget debate has brought state services to a halt, and the casino industry will lose about $20 million a day until it's settled. An extended closure would be a major hit for investor confidence in the sector as well.
• Comment on related stocks/ETFs: The key stocks here and their market response yesterday: Closest-to-pure-play Trump Entertainment (TRMP), which Phillip Davis made a great call on earlier this week, was down 3.8%, Harrah's Entertainment (HET) down just 1%, Boyd Gaming Corp. (BYD) down 1.4% and MGM Mirage (MGM) down 1.4%