Pennsylvania's No-Slots Budget Hits Gaming Stocks

PENNSYLVANIA – As reported by Reuters: "Shares of slot machine maker International Game Technology (NYSE:IGT) and casino operator Penn National Gaming Inc.(NasdaqNM:PENN) fell sharply on Monday as Pennsylvania neared a budget deal without legalizing gambling.

"Shares of Penn National, seen as a winner if the state turns to legalized gambling to shore up its budget, tumbled 8.4 percent or $2.13 to $23.07.

"IGT, the largest North American slot maker, which would be expected to get big orders for its one-arm bandits if Pennsylvania let racetracks install its products, dropped $1.24 or 3.4 percent to $35.35…"