Firm cuts U.S. online gambling estimate 30 percent

ATLANTIC CITY, N.J. — Morgan Stanley has lowered its estimate of the U.S. Internet gambling market to $3.5 billion by 2017, down from a previous forecast of $5 billion.

The Wall Street firm cited worse-than-expected technical issues, but says it’s optimistic about the new industry’s long-term prospects, with an $8 billion market by 2020.

It also lowered its first full year estimate of New Jersey’s Internet gambling revenue from $541 million to $203 million. Fitch Ratings is sticking with its $200 million forecast for New Jersey this year.

The estimates came a day after New Jersey advanced a new Internet gambling bill to allow the state to enter into pacts with other states or countries to offer online betting.

The current law restricts Internet gambling to players who are physically in New Jersey.

More in Herald Business Journal

Exec director of Future of Flight in Mukilteo stepping down

A former board president will temporarily lead Snohomish County’s most popular tourism attraction.

Seafood producer Keyport moves corporate HQ to Edmonds

The family business sees the city as business friendly — and able to accommodate expansion.

Tax bill will help fund 5,000 layoffs, Kimberly-Clark says

Executives declined to say which factories the company would be closing.

Ex-Boeing executive Ray Conner joins Alaska Air board

Alaska Air Group said his appointment affirms the company’s commitment to its Northwest roots.

AI can read! Tech firms race to smarten up thinking machines

“A long way from computers being able to read … general text in the same way that humans can.”

Peoples, HomeStreet banks bump lowest salaries after tax cut

The banks with Snohomish County branches will raise minimum salaries for employees to $15 an hour.

Amazon opens store with no cashiers, lines or registers

The Seattle store allows shoppers to use a smartphone app to pay for items they want.

The expansion at Angel of the Winds Casino is expected to add room for up to 300 more slot machines and 16 new table games. (Courtesy Angel of the Winds)
Groundbreaking held for multimillion-dollar casino expansion

Angel of the Winds will gain up to 300 more slot machines, a 200-seat buffet and more.

Trump hits solar panels, washing machines with tariffs

The administration cast the decisions as part of his pledge to put American companies and jobs first.

Most Read