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In the after hours casino stocks made advances, after new data suggested they could be nearing a recovery.
According to a report from the Nevada Gaming Control Board gaming revenues were down 8.34 percent in May and off 13.71 percent for the year to date.
What makes those numbers bullish? They show the decline may be moderating.
"The declines weren't as large as some other recently reported declines," says Matthew Jacob, an analyst with Majestic Research. "I think there are some expectations out there that this is potentially the beginning of a recovery for the industry," he adds.
Jacob also says some gaming executives had noted signs of improvement in recent trends. However he also issues a word of caution, "we think recovery is going to take longer than maybe the more bullish investors are expecting."
With all that considered, how should you play casino stocks?
I’d look at Las Vegas Sands [LVS
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], MGM [MGM
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] and Wynn [WYNN
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] because these stocks are down between 60%-80% since last year at this time, counsels Jon Najarian. Or look at WMS [WMS
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] which supplies the casinos. That’s my number one pick on the supply side.
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Trader disclosure: On July 9th, 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); Finerman's Firm And Finerman Own (BAC) Preferred Shares; Finerman's Firm And Finerman Own (RIG); Finerman's Firm Owns (ELX) And (ELX) Puts; Finerman's Firm And Finerman Own (WFC) Preferred Shares, Finerman's Firm Is Short (WFC); Finerman's Firm Owns (DYN), (TGT), (MSFT), (PBR), (WMT); Finerman's Firm Is Short (XRT), (IYR), (IJR), (MDY), (SPY), (IWM), (USO), (USO); Seymour Owns (AA), (AAPL), (BAC), (C), (DBA), (EEM); Seygem Asset Management Is Short (FXI); Seymour Owns (MGM); Seygem Asset Management Owns (DO); Terranova Owns (OIH), (XBI), (ABT), (MSFT), (POT), (RIMM); Terranova Owns Crude Oil Futures
Terranova Works For (VRTS); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
Virtus Diversifier PHOLIO Owns (IGE); (DBC); (DBV) , (ABD) Virtus Investment Partners Owns More Than 1% Of (ABD), (CBL), (CAL), (CLB), (DLR), (EXR), (IGE) (MEE), (DBC), (DBV), (DBA), (SKT), (TNB), (UA), (WBMD) ; Virtus Investment Partners Owns More Than 1% Of Seagate Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of St Mary Land & Exploration Co
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes