Chinese gambling mecca Macau has finally roared back, and Jim Cramer is ready to gamble on casino stocks.
After years of growth, Macau suddenly took a nosedive in 2014 when the Chinese government cracked down on corruption, which brought a halt to soft briberies like Macau junkets, which were lucrative for casinos.
From their peaks in 2014 to lows in the beginning of 2016, Las Vegas Sands lost 60 percent of its value, MGM Resorts lost 43 percent and Wynn Resorts shed nearly 80 percent. MGM did not fall as much as the others because it had substantially less Macau exposure.
However, declines finally slowed in Macau this year, and many casino stocks have been on fire. For investors who believe that the industry has finally bottomed, Cramer says not to wait around.
"If you were waiting around for a green light to tell you if was safe to buy, you passed up some enormous gains," the "Mad Money" host said.