Zynga (ZNGA) Files for 'Real' Gaming License in Nevada
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Zynga (NASDAQ: ZNGA) is indicated to open higher Thursday following reports the company filed an application with the Nevada Gaming Control Board to start the process for an official gaming license.
According to the Wall Street Journal, Zynga filed for a preliminary finding of suitability to hold a gaming license in the state. The Nevada Gaming Control Board will review the company's financial standing and regulatory track record and make a decision in a year to 18 months, according to the report.
Zynga currently offers virtual and social games like Zynga Poker, which allows players to play for free or buy in with real money but they can cash out only in virtual currency. It is the fourth most popular game on Facebook, according to AddData. It is also a top 10 grossing game in the Apple App Store.
Shares of Zynga last traded at $2.49 in pre-open trading Thursday, up 7.3% from the close.
According to the Wall Street Journal, Zynga filed for a preliminary finding of suitability to hold a gaming license in the state. The Nevada Gaming Control Board will review the company's financial standing and regulatory track record and make a decision in a year to 18 months, according to the report.
Zynga currently offers virtual and social games like Zynga Poker, which allows players to play for free or buy in with real money but they can cash out only in virtual currency. It is the fourth most popular game on Facebook, according to AddData. It is also a top 10 grossing game in the Apple App Store.
Shares of Zynga last traded at $2.49 in pre-open trading Thursday, up 7.3% from the close.
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