Thanks a lot, Vladimir Putin. The former Russian president (now prime minister) signed an anti-vice law in 2006 that has led to the closure of most casinos in the struggling nation. This move quickly killed more than 400,000 jobs as of July 1 in a country already in the throes of an economic crisis. More than 40,000 casino workers were impacted in Moscow alone, which was home to 30 major casinos and 500 smaller operations.

Four remote Russian regions have now been established as special gambling zones, and gambling is now illegal anywhere outside of these locations.

Las Vegas isn't the only gaming mecca struggling for numbers; Macau saw the number of visitor arrivals to its shores drop 3.5% in April to about 1.87 million.

For the first four months of the year, visitor arrivals by land have dropped 15.5% on a year-over-year basis, while arrivals by air are slumping as well, off 5.9% for the first third of 2009. Total visitor arrivals in 2009 are down 8.1% from the same time period last year.

Now would a good time to Short shares of Wynn Resorts (NYSE: WYNN). A perfect storm of unfavorable factors -- visa restrictions, the global recession, increased competition, and a crack-down on needless corporate and related business travel, do not bode well for WYNN.

Other negatives: Las Vegas is in a pronounced recession, the typical American is scaling-back domestic travel, and more retirees are feeling an income squeeze as companies cut or eliminate dividends. The First Call FY 2009/FY 2010 EPS estimates for WYNN are 27 cents to 63 cents.

I have a soft spot for Shuffle Master (NASDAQ: SHFL). A few years back, I owned the stock when it was in its growth phase and made a little money on it. Now, though, the gambling entity's shares are stuck in $5-land, and it's truly been a terrible stock.

Well, on Monday, Shuffle Master reported earnings for the third quarter after the market closed. In a relative sense, the numbers weren't too bad, but at the same time, they in no way make me want to buy the stock. And believe me, I have been waiting for the day when data will reveal that Shuffle Master is a buy. I just feel that the company can return to growth at some point. Gambling isn't going away, right?

Anyway, according to this RTTNews link, revenues increased nearly 10% during the quarter, but sadly, the bottom line couldn't move. Shuffle Master booked only $0.08 per share in terms of net income, a stat which represents 0% growth. It also was a miss by two pennies of Wall Street's estimates. However, according to the press release issued by the company, there is one neat silver lining in the form of cash from operations. That metric increased 9% during the quarter, and it was driven by diligent management of working capital changes.

There is something rotten in Denmark, to quote from Hamlet, Act I, as well as in Las Vegas, Louisiana, Mississippi, Colorado, Iowa, and Florida. Gambling havens, once thought recession proof, are in trouble. Customer numbers are down, as are gambling, gift shop, hotel, and restaurant revenues. Casinos in Las Vegas have been hard hit, according to a recent article in the Wall Street Journal, because of billions of dollars of debt to finance overambitious expansion plans. Tropicana Entertainment filed for Chapter 11 in May, defaulting on $2.67 billion in bank and bond debt. But smaller casinos are also feeling the pain.

Isle of Capri Casinos Inc. (NASDAQ: ISLE) recently reported 4Q and FY2008 results. Snake eyes. Investors know they are not in for good news when the CEO spends the first few paragraphs of an earnings release discussing what a "transformational period" the last year has been. That's corporate-speak for "money losing," beginning with a $78.7 million write down in the value of some of the company's international assets and ending with a $51.3 million loss from continuing operations in 4Q 2008. All told, Isle of Capri Casinos lost $96.9 million from continuing operations in FY2008.The company cited increased competition in riverboat gambling in Biloxi, a smoking ban in casinos in Colorado, and a flood in Natchez as reasons for the lackluster performance. The company admits it needs to renovate 1,200 of its hotel rooms in order to attract customers back to the slots and tables.

The stock is currently trading at $4.23, near its 52-week low of $3.97.

Shuffle Master's (NASDAQ: SHFL) shares are up over 12% at the time of this writing in Monday's after-hour sessions on earnings news. Revenues for the supplier to the casino industry increased 10% to $49 million in the second quarter. Earnings per diluted share from continuing operations improved dramatically to $0.09 versus a net loss of $0.05 per diluted share. This was enough to best Wall Street analysts and their expectations game by two pennies, according to Briefing.com.

Cash flow from operations also improved, rising nearly 50% to $15.2 million. Other positive elements include a stable gross margin, a decline in operating expenses on a sequential basis, and improved contribution from the Stargames asset. Shuffle Master did seem to shine in the quarter on a relative basis.

But any investor out there thinking that this stock is a buy now needs to do a lot of due diligence. Granted, I'm intrigued by the recent price action of Shuffle Master's stock. The shares closed on Monday at $6.24, a level that indicates some momentum since the 52-week low is $4.50. And with the stock trading at $7 as I write, I do wonder about the potential for appreciation here. However, I'm not buying. Shuffle Master is still trying to turn itself around, and it isn't the growth stock it once was. My gut might feel a little more bullish over the company, but it still remembers the empathetic nausea it felt for those shareholders who watched the stock drop like a knife from over $18 to the aforementioned low of the year. Gambling will be a hot sector over time, but I see no reason to rush into Shuffle Master.

Disclosure: I don't own shares in any company mentioned; positions can change at any time.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Acuity Brands Inc. (NYSE: AYI) beat second-quarter estimates on increased productivity and new products.
• Advanced Micro Devices (NYSE: AMD) cut its outlook and announced job cuts.
• Alcoa Inc. (NYSE: AA) missed first-quarter earnings estimates but beat revenue expectations.
• Circuit City Stores Inc. (NYSE: CC) surprised Wall Street by posting a second-quarter profit.
• Dell Inc.'s (NASDAQ: DELL) rosy 2008 forecast is based on cost cuts, overseas growth, share buybacks.
• DuPont & Co. (NYSE: DD) raised its first-quarter outlook on strength in agriculture and emerging markets.
• Eastman Chemical Co. (NYSE: EMN) raised its first-quarter guidance on strong sales and higher prices.
• EXFO Electro-Optical Engineering (NASDAQ: EXFO) beat estimates and announced an acquisition.
• Foundry Networks Inc. (NASDAQ: FDRY) slashed its first-quarter outlook, blaming the weak economy.
• Genentech Inc. (NYSE: DNA) beat first-quarter earnings estimates, but not revenue expectations.
• General Electric Co. (NYSE: GE) missed earnings expectations and lowered its guidance.
• Novellus Systems Inc. (NASDAQ: NVLS) trimmed its first-quarter earnings and revenue forecasts.
• Progressive Corp. (NYSE: PGR) beat estimates though first-quarter profits fell due to lower premiums.
• Rite Aid Corp. (NYSE: RAD) swung to a loss in the fourth quarter on acquisition costs and a tax charge.

MGM Mirage (NYSE: MGM) stock is falling after an analyst at UBS downgraded the stock to "Neutral" from "Buy," citing declining business on the Las Vegas Strip. A Wachovia analyst also cut his estimates for MGM and other casinos, saying that the Vegas market is "uncertain." If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on MGM.

After hitting a one-year high of $100.50 in October, the stock hit a one-year low of $57.26 in March.. This morning, MGM opened at $60.58. So far today the stock has hit a low of $57.90 and a high of $60.58. As of 1:45, MGM is trading at $58.84, down $2.23 (-3.9%). The chart for MGM looks neutral but improving, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.

For a bearish hedged play on this stock, I would consider a June bear-call credit spread above the $75 range. A bear-call credit spread is an options position that combines the purchase and sale of call 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 two and a half months as long as MGM is below $75 at June expiration. MGM would have to rise by more than 28% before we would start to lose money. Learn more about this type of trade here.

MGM hasn't been above $75 since early January and has shown resistance around $65 recently. This trade could be risky if the company's earnings (due out in late April or early May) are a positive surprise, but even if that happens, this position could be protected by resistance MGM might find around $73, where it topped out in January and February.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in MGM.

The Wall Street Journal's lead Las Vegas reporter Christina Binkley has written one of the best business narratives in years. Winner Takes All is a story about Las Vegas' emergence as something other than a kitschy gambling trap for seniors. Binkley writes fluidly and entertainingly about IPOs, mergers and acquisitions, and all the transactions that results in Las Vegas' greatest resorts like Belagio and Wynn Las Vegas.

What makes this book so interesting is the cast of egos, I mean characters. There's Steve Wynn, the megalomaniacal visionary who oversees everything from financing to the color of the carpets in rooms -- while he's going blind. Kirk Kerkorian is the most mysterious of the group, running his empire from an office in California, rarely visiting his properties. Gary Loveman is to Las Vegas what Oakland A's manager Billy Beane is to baseball: a former Harvard professor, he left to enter an industry that was at the time dominated by far less sophisticated people. Employing an army of "propeller heads," Loveman brought a mathematical approach to marketing, transforming Harrah's into the Wal-Mart Stores, Inc. (NYSE: WMT) of casinos.

By keeping the focus on the people, and moving back and forth between empires, Ms. Binkley keeps this book from degenerating into an endless series of meetings and phone calls, as so many books like this do. If you're interested in looking at the rebirth of Las Vegas from a business perspective, you'll want to buy this one.

I just watched a terrific movie (based on a true story) about Dan Mahowny, a compulsive gambler who defrauded the bank he worked for to feed his habit. It's a must-see for anyone who is a student of white collar crime -- which is something all investors ought to be.

Philip Seymour Hoffman stars as a socially awkward, up-and-coming assistant manager at the Canadian Imperial Bank of Commerce. Having developed a serious gambling addiction that started when he was a pre-teen, he finds himself owing a few thousand dollars to a bookie, but he doesn't have the money. So he opens up a phantom account with the bank for a fictitious person, and establishes a line of credit to pay off his gambling debt. He doesn't get caught, so he begins to use that account and others to gamble. By the time he was caught, he had embezzled over $10 million from his employer in a span of just 18 months.

First a confession: I dislike Donald Trump with intensity and, whenever possible, I will do a post for the sole purpose of slamming him. Full disclosure: This is one of those posts.

Shares of Steve Wynn's Wynn Resorts (NASDAQ: WYNN) have been on a roll for years (even allowing for the recent pullback), in sharp contrast with better-known casino mogul Donald Trump's Trump Entertainment Resorts (NASDAQ: TRMP), which is suffocating under the weight of a heavy debt load, engaging in a so far fruitless search for a buyer.

A piece in Smart Money tells of Wynn's meteoric rise from humble roots -- which also contrasts nicely with Trump's privileged upbringing and reckless investments that nearly destroyed his inherited fortune. He also spoke about his ambitious plans for Macau, and complains about the pizza at his resort.

In the world of flamboyant casino icons, Donald Trump gets all the headlines. But Steve Wynn is smarter, more successful, more interesting, and has better hair -- and a fondness for Picasso, although he accidentally poked a hole in a $40 million piece.

Wynn's star is on the rise -- The Donald's time as a star is over because of overexposure. Witness the declining ratings of his Apprentice series.

Maybe Steve Wynn should write a book or host a TV show to get his star up to snuff. Oh wait, he's too busy being an actual mogul, rather than just playing one on TV.

Resort and Casino giant MGM Mirage (NYSE: MGM) is expected to announce its latest big bet today... a $5 billion casino project in Atlantic City.

The new project gained approval on Monday by the company's board of directors at a meeting held in Detroit, and construction is expected to get under way next year and complete by 2012.

The new development should be an impressive addition to the Atlantic City strip. The new casino, called the MGM Grand Atlantic City will definitely make a bold statement with its 3,000 rooms and suites in three different hotel towers. Big time gamers out there will be able to get their full of action from the casino's 5,000 slot machines and 200 table games.

Macao has emerged as the gaming and entertainment hotspot of China, and already Las Vegas Sands Corp. (LVS) and General Electric Company (NYSE: GE)'s Universal Studios is looking for more fresh meat. They think they've found it in Singapore, and the grand Resorts World at Sentosa.

The Resorts World is a cooperative venture of Genting Int'l (75% stake) and Star Cruises (25%). The 120-acre, $5.2 billion development will include casinos, a Universal Studios theme park, hotels, a marine park, and other resort entertainments. Las Vegas Sands is constructing the Marine Bay Sands, investing over $3 billion in the facility. Early projections point to a 2009-2010 time frame for its opening.

Universal has promised to not build any other parks in SE Asia for 30 years as part of its agreement to build a $1 billion theme park.

All these grand plans, however, rest on successful completion of the infrastructure by Genting RWS owners, and they are just now reaching the point where final total costs can be estimated. If the partners have developer has to reach deeper for additional cash, investors in LVS and GE may become a bit nervous about the amount of money these companies have already thrown in the pot.

Last year, more money was gambled in Macao, China's version of Las Vegas, than anywhere else in the world. The big players in the casino world are rapidly expanding to serve what they see as a burgeoning market. This week Las Vegas Sands (NYSE:LVS) rolled out the biggest table stake yet, opening the mammoth Venetian Macao.

Mammoth may be an understatement for this complex, which Las Vegas Sands claims is the second largest single-phase construction in the world, behind only a flower warehouse in Holland. Check out these numbers:

• 3,000 rooms
• 1.2 million square feet of convention space
• 550,000 square ft of gaming space, with 3,400 slots, 870 gaming tables
• 15,000 seat theater soon to feature the Cirque du Soleil.
• 10,000-person staff.

The Hard Rock cafe chain of restaurants and casinos is gearing up for a massive expansion plan around the world. The cafe chain, which was purchased last year by the native American Seminole Tribe of Florida announced yesterday plans to expand the business by up to 100%.

The new expansion plan envisions seeing the Hard Rock logo popping up on cafes, hotels and casinos in some of the fastest growing markets around the world, including China, India and eastern Europe. Currently the chain has around 125 cafes and the new business plan is looking to double that number to upwards of 250 cafes globally.