Vegas is getting a lot of online gambling action this weekend.
Online gambling stocks are up in the wake of the Nevada gambling ban and are now trading at a record high.
A record high, in fact, according to The Motley Fool.
That’s because Vegas online casinos are still selling out in record numbers.
The largest online casino operator, Caesars Entertainment Group, said it sold $2.4 billion worth of gambling equipment last week.
That makes the company the largest online gambling company in the world.
But as of Monday morning, Casars was down more than $1 billion in value, according the online betting tracker Bettington.
That means the online gambling industry is in a whole lot of trouble right now.
Caesar, which also operates the world’s largest online casinos, said in a statement that it “is very disappointed by recent news regarding Nevada.”
Caesares statement said the company “strongly condemns the actions of the state of Nevada regarding its decision to restrict online gambling.”
But the company also acknowledged that the state has a long way to go to address the problem.
“While we disagree with the state’s decision to ban online gambling in Nevada, we believe that we can work together to address this issue, which we are committed to working with the governor and other stakeholders to create a sustainable and fair online gambling market,” Caesaris statement reads.
The online gambling companies aren’t the only ones getting hit by the state ban.
The Las Vegas Metropolitan Police Department has arrested at least 10 people this week and says they’ve seized more than 5 million gambling devices.
So far this year, police have arrested more than 600 people on gambling related charges, including at least nine people arrested on Saturday in New York.
And the Las Vegas Sun reported that Las Vegas police officers raided an online poker site in Las Vegas in the early hours of Monday.