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In Wednesday’s lightning round, CNBC’s popular stock analyst Jim Cramer offered his advise on slot maker International Game Technology:
“Online gambling isn't taking off and there aren't a lot of new casinos being built,” said Cramer. “Therefore, I think there are better places to put money.”
IGT is the same company that was embroiled in a nasty hostile takeover attempt last year. Stocks started off the year on shaky ground after a decent performance throughout the second half of 2013. The price continues to fall.
Cramer may be wrong here.
The reason: A handful of states are looking to construct new casinos including Massachusetts and New York. Online gambling is moving at a much slower pace, one can certainly argue.
And who are we to doubt Kramer?
IGT closed at 12.48 on Wednesday, down nearly 2%.
- Aaron Goldstein, Gambling911.com
