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Cramer Remix: The casino stock to buy if you’re playing your cards safe

With investors worried about the fate of casino stocks in light of new Chinese government regulations on ATMs in Macau, Jim Cramer vetted three gaming names to see how they might hold.

"I don't want to overreact in either direction, but the truth is I'm actually not particularly concerned," the "Mad Money" host said. "If anything, I think this weakness could be a buying opportunity because we've seen this kind of story play out before."

Cramer was referring to December 2016, when the stocks of Las Vegas Sands, Wynn Resorts, and MGM fell on reports that the Chinese government would cut the ATM withdrawal limit in Macau.

Chinese policymakers' most recent move targets illegal foreign exchange activity, and even though less money withdrawn means less money for casinos, Cramer said concerns were overblown.

"If you bought Wynn's stock into that December scare, you'd now be up 32 percent," Cramer said, offering two options for playing the most recent restrictions, one for more daring investors and one for safer players.

"Macau is still on fire, and if history is any guide, you want to buy the stock of Wynn Resorts whenever investors get nervous about the Chinese placing restrictions on Macau's cash machines," he said. "At the same time, MGM is a lot less hostage to China, so if it keeps coming down with the rest of the group, you've got my blessing to do some buying."

Warren Buffett
David A. Grogan | CNBC

When Warren Buffett told Berkshire Hathaway shareholders on Saturday that he made a mistake not investing in Alphabet's Google, Cramer reeled at the legendary investor's admission, and shared his key takeaways.

"It finally happened! A money manager came on television and admitted that he had made a mistake, that he had an obvious win on his hands and he punted, he didn't take advantage of it," the "Mad Money" host said. "That's the good news. Accountability at last."

The bad news was that it happened to be one of the most successful money managers of our time.

"Maybe the takeaway is that only the world's greatest investor can afford to openly admit making a mistake. Everyone else just must be too insecure to do the same thing," Cramer said.

A child playing with slime, the craze boosting glue sales
iStock | Getty Images
A child playing with slime, the craze boosting glue sales

After a strong first quarter earnings beat, Newell Brands CEO Michael Polk said that one viral phenomenon helped the consumer goods giant boost sales in an innovative way.

"Our brand managers identified this unbelievable trend with making slime," Polk told Cramer on Monday. "And one of the ingredients in slime, which is this ooey gooey creation, is Elmer's Glue," a brand that Newell owns.

Each recipe for slime requires a whole bottle of Elmer's Glue, and once Newell's management realized how far-reaching the trend was, they capitalized on its popularity.

Customers carry Coach Inc. shopping bags after shopping at a store during a charity preview event on the eve of the grand opening of the Outlet Shoppes of The Bluegrass in Simpsonville, Kentucky.
Luke Sharrett | Bloomberg | Getty Images
Customers carry Coach Inc. shopping bags after shopping at a store during a charity preview event on the eve of the grand opening of the Outlet Shoppes of The Bluegrass in Simpsonville, Kentucky.

Finally, with big acquisition announcements from Sinclair Broadcast Group and Coach making headlines, Cramer said takeovers like these are often a good measure for the stock market.

More specifically, the "Mad Money" host suggested watching whether the acquirer's stock goes up after the announcement, as Sinclair and Coach's stocks both did on Monday.

"If it does, I think that's a classic sign that even though the market may value a company's stock at what seems like a high price, that stock may still be cheap to a company that wants the whole business," he said.

In Cramer's lightning round, he rattled off his take on some caller favorite stocks, including:

Micron Technology: "OK, the Goldman Sachs report today was very cogent, where it just said, 'Look, we know we don't want to overstay our welcome here because the prices for DRAMs have gone up so much, it'll be a huge amount of DRAMs being made because other companies are going to develop more factories.' So I've got to say don't buy. I thought it was a good report, and it was very cogent."

Chesapeake Energy: "Chesapeake is cheap if it's very hot this summer, and it's not cheap – even though it's valued at $5 – if it's not hot. And that's the way this thing works. I know a lot of people say, 'Jim, you really like it.' It's a call on the weather. Because that is what controls natural gas. If it's real hot, that stock will go higher."

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