Should you roll the dice on casino stocks ahead of Wynn

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[WYNN  Loading...      ()   ] earnings on Thursday?

It really is a crap shoot (pun intended) because Wynn said earlier this month that second-quarter operating income for its Las Vegas property declined, while operating profit at its Macau property surged.

BMO Capital Markets analyst Jeffrey Logsdon called the results a "tale of two cities" with Macau representing "the best of times" and Las Vegas facing a more difficult environment.

Thomas Weisel Partners analyst Jake Fuller noted that top-line trends were actually worse than expected in Vegas.

Oppenheimer & Co. analyst David Katz was slightly more optimistic.

"Although we believe the scale and quality of Wynn's properties in Las Vegas should prove to more resilient than larger-scale properties, and the company's execution has proven to be superb, we believe the company is not completely immune to the weakening trends on the Strip and the prospect of reduced airline service," he said.

I don’t think the back half of 2008 is going to be any better than the front half, says Jeff Macke on Fast Money. I’m a seller.

Joe Terranova concurs. I’d sell Wynn between $105 and $110.

You might also want to be careful of another casino name.

There’s huge put trading in Las Vegas Sands

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[LVS  Loading...      ()   ] , explains Pete Najarian. I think it’s investors seeking protection because the stock looks to me like it's way ahead of itself.

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Trader disclosure: On July 23, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (WMT), (COST), (MSFT), (EMC); Najarian Owns (AAPL), (COST), (TSO); Najarian Owns (YHOO) Calls, (CSCO) Calls, (SKF) Calls; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (PPH), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY); Terranova Owns (BNI), (CME), (RIMM), (VLO), (SA), (FCX), (GOOG), (INTC), (IYT), (XLF), (SU), (YHOO); Terranova Is Long September Crude Oil $154 Call; Terranova Is Short September Crude Oil $130 Put; Terranova Is Short September Crude Oil $130 Call

Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (DBV), (RWX), (LNET), (EXR), (SKT), (DLR), (IGE), (ARE), (DBC), (ABD), (OFC), (CLB), (BLV), (CNTY), (FL), (HPC), (PSPT) ,(ESS), (OIIM), (BIG), (ENG), (PFD), (DRH); Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

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