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Las Vegas is going retro. It’s starting to look like it did, about 100 years ago; not a lot of people there!
But it’s not those lousy lounge acts keeping visitors away. Nope, it’s the consumer crunch that’s left the Strip high and dry.
If you’ve been playing the space, that’s something you already know. In fact, if you’re long casinos chances are you feel like you’ve thrown snake eyes. Over the past year Wynn is down about 66% while rival Las Vegas Sands is down a whopping 91%.
But fortunes might be about to turn. Several of the big players have cut down on their debt load and smaller regional rivals have already started climbing.
If casinos are leaner and meaner and the economy doesn’t get much worse, is it time to bet with the house?
Macke thinks so and he's upping his ante.
I think at this point in the rally investors should be shopping for stocks that were left for dead. And that’s Wynn [WYNN
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] and Las Vegas Sands [LVS
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]. They've both renegotiated their debt and their businesses have gotten incrementally better. I think it’s time to get long.
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Trader disclosure: On Apr 23rd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (SDS), (AGN), (WYNN), (GE), (LVS), (IMAX); Seymour Is Short (AAPL); Seymour's Firm Is Short (POT); Seymour Owns (BAC), (EEM), (TCK); Najarian Owns (AMZN) Calls; Najarian Owns (BX) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (MCD) & (MCD) Calls; Najarian Owns (MS) & (MS) Calls; Najarian Owns (PALM); Najarian Owns (RIO) Calls; Najarian Owns (XHB) Cal Spread; Najarian Owns (XLB) Call Spread
CNBC.com with wires
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