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Options Traders Bet on 3 Casino Stocks

Options trading is active in three major casino stocks that have all seen large double-digit gains in the last few days.

Since we closed the books on 2008, Las Vegas Sands has rallied some 41.6 percent, MGM Mirage is up 25 percent, and Wynn Resorts has gained 21.5 percent. Today alone, LVS is up more than 19 percent from its previous close.

Options activity has followed the rising share prices. LVS is seeing some 31,500 calls trade against 8,900 puts, while at MGM 4,600 calls are trading against 1,700 puts, according to OptionMonster's tracking systems.

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WYNN is seeing 2,700 calls against 8,700 puts, but most of the put action is centered on the January 50 and January 45 put strikes, the bulk of which have been sold on the bids--thus not an indication of bearish activity.

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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.com.

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