“If there is a global recession of some length of time and it impacts Chinese exporting and manufacturing, that is one of the risks,” he said. “But we are comfortable with the valuation reflecting that and we don’t think that’s going to happen.”
And while gambling has yet to come back in Las Vegas, there have been encouraging signs, Forst said. He noted the foot traffic, hotel occupancy and room rates are all moving in the right direction.
(Related: Wynn Resorts rises as analyst lifts rating)
Plus, the amount of coin put into slot machines on the Las Vegas strip has been up six months in a row.
“That is the first time in over four years that we have seen any uptrend in slot business,” Forst said. “We are figuring that is another positive sign.”
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Trader disclosure: On Nov 28, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Weiss Long EUO; Weiss Long QCOM; Weiss Long NFLX puts; Weiss Long HPQ stock; Weiss Long DE Stock; Weiss Long MDRX stock
For Pete Najarian
Najarian Long AAPL Stock; Najarian Long AKS Calls; Najarian Long C stock; Najarian Long JPM Calls; Najarian Long WFC Calls; Najarian Long INTC stock; Najarian Long YHOO Stock
For Steve Grasso
Long Retailers in Retail Based Hedge Fund
Has positions in AA, AKS, AMR, ASTM, BA, BAC, D, LIT, MHY, PFE, PRST, S, XLU
For Dick Bove
* No Disclosures
For Kimberly Greenberger
Morgan Stanley managed or co-managed public offering in EXPR
Morgan Stanley received compensation for investment banking services from EXPR, LTD,
Morgan Stanley expects to received or seek compensation for products from ANF
Morgan Stanley & Co. LLC makes a market in the securities of Abercrombie & Fitch Co., Aeropostale Inc, American Eagle Outfitters, Inc., AnnTaylor Stores Corp, Chico's FAS Inc., Children's Place Retail Stores Inc., Coach Inc, Express, Inc., Gap Inc, Guess, Limited Brands Inc, Lululemon Athletica Inc., Ross Stores Inc., Skullcandy Inc, Teavana Holdings, Inc., Tiffany & Co., TJX Companies Inc., Urban Outfitters Inc..
Morgan Stanley & Co. International PLC and its affiliates have a significant financial interest in the debt securities of Limited Brands Inc, TJX Companies Inc..
For Jeff Kilburg
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For Vasily Karasyov
SFG is a market maker in the securities of AMC Networks, Inc. (AMCX), Walt Disney Co. (DIS), Discovery Communications, Inc. (DISCA), DreamWorks Animation SKG Inc. (DWA), Madison Square Garden, Inc. (MSG), Netflix, Inc. (NFLX), News Corp. (NWSA), Time Warner Inc. (TWX), and Viacom, Inc. (VIA/B).
SFG and/or its affiliates beneficially own 1% or more of the securities of Netflix, Inc. (NFLX).
For Neil Doshi
-Firm has received compensation for products and services other than investment banking from ERTS
-ERTS has been a non-investment banking client of Citgroup Global markets over the past 12 months
For Dennis Forst
Firm makes market in WYNN Securities
Expects to receive or seek compensation for investment banking from WYNN
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