MGM Mirage (NYSE: MGM / option chains) shares are soaring higher today even though the company announced its second-quarter profit fell 68.6% to $113.1 million as resorts lowered room rates and visitors spent less money. MGM posted earnings of 40 cents per share on sales of $1.9 billion, while analysts expected earnings of 42 cents per share on revenue of $1.89 billion.

Even though the EPS missed estimates, investors seem to be focusing on revenues that beat estimates. The gaming sector has been beaten down so much over the first half of this year that it is possible anything other than a complete meltdown is a catalyst for the stock to rise. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on MGM.

MGM opened this morning at $31.31. So far today the stock has hit a low of $31.04 and a high of $34.29. As of 2:35, MGM is trading at $33.85, up $2.85 (9.2%). The chart for MGM looks neutral and S&P gives MGM a neutral 3 STARS (out of 5) hold ranking.

For a bullish hedged play on this stock, I would consider a September bull-put credit spread below the $22.50 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 4.2% return in just seven weeks as long as MGM is above $22.50 at September expiration. MGM would have to fall by more than 33% before we would start to lose money. Learn more about this type of trade here.