Gabelli: buy these stocks

Billionaire investor Mario Gabelli said on Friday that he's bullish on a number of housing and casino stocks.

In the casino space Gabelli is betting on Wynn, MGM, and Pinnacle.

Wynn Resorts has rallied 70% over the past three months, and Gabelli believes it still has room to run. The GAMCO Investors chairman and CEO said that the opening of Wynn Palace in Macau will be the next big catalyst for the stock. He also believes that the company's new Boston hotel will lead to "significant earnings increases over the next five years."

On Thursday shares of the casino-operator hit their highest level since August.

Gabelli also has his eye on MGM. He increased his position in the stock on Friday. "It [MGM] has some significant benefits in terms of financial engineering," he said on the "Halftime Report"

Gabelli took a position in Pinnacle on Friday. He cites the casino-operator's decision to spin off some of its real estate assets as an attractive entry point.

In the housing space the GAMCO chairman likes Lennar and Memphis-based Mueller Industries.

He thinks Lennar is a bargain at these levels, and that it has further upside ahead. When it comes to Mueller, he believes it's a "great cash generator and a well run business doing a lot of interesting things."

Mario Gabelli owns LEN, MGM, RACE, WYNN