Existing homes are starting to move again. Last month, home resales hit their highest level in more than two years, thrashing expectations. The 9.4% increase in home resales -- which entails a seasonally adjusted rate of 5.57 million -- is attributed largely to the deadline for the first-time home buyer tax credit.

According to the National Association of Realtors, the annualized, seasonally adjusted rate is up from the 5.1 million in August and far ahead of the 5.35 million expected for September (based on economists surveyed by Thomson Reuters).

Casino operator Las Vegas Sands (NYSE: LVS) announced that first-quarter adjusted profit totaled a penny per share, thanks to cost reductions and more Macau visitors. These results excluded some items, and topped the consensus estimate for a loss of roughly 2.5 cents per share.

LVS announced that its "fundamentals are getting better," with improving gaming revenue and tourism classified as "OK." The company also hopes that some visa restrictions may be removed, which could help its efforts to start a rally.

LVS has lowered its worker hours and cut jobs in order to cut costs and avoid potential defaults. The company also stopped a condominium development in Vegas and halted construction in Macau to help withstand the recession.

There are some people walking around Las Vegas and other gaming meccas with something illegal on their iPhones, and I don't mean the new Taylor Swift album pirated off the Internet. A new application, available for Apple's (NASDAQ: AAPL) iPhone and iTouch, works to count cards when its user is playing blackjack.

Obviously, this practice is frowned upon by casino officials (even when a mathematical savant is able to count cards mentally). Using an electronic device to help has been deemed even closer to "illegal," and Vegas pit bosses are said to be on the lookout. This sort of unscrupulous behavior is the last thing the gaming industry needs these days, amid reduced tourism and shrinking profits.

Reportedly, this new scam came to light at an Indian casino in California; iPhone users were apparently a little too successful and their efforts were reported to officials in neighboring Nevada.

In an economy like this, is anyone going to the game?

Yes -- but Pittsburgh people will stay in their cars (hotels are too expensive), and the Arizona people will stay in foreclosed houses (so they should feel right at home).

Speaking of hotels -- short 'em.

I received an e-mail from the Mirage in Las Vegas to come out to watch the Super Bowl for $69 a night.

Last time I was there for the Super Bowl, maybe 15 years ago, it was about $400 a night.

The Mirage is owned by MGM Mirage (NYSE: MGM), which is hovering at a technical support price. Once it breaks through, look out.

I'm not traveling to Tampa or Las Vegas -- I'm staying at home for the big game. And I'm shorting MGM.

Michael Shulman is a contributor to OptionsZone.com.

Playboy Enterprises, Inc. (NYSE: PLA) may not be doing so well, but it's still one of my favorite companies -- I'm a guy, so this makes sense. The company reported Q4 and full-year earnings today -- losses have widened, and I'm sure not a few investors out there are questioning the value of the brand.

Total net revenues saw a slight decline for the quarter, coming in at roughly $86 million. The company lost 3 cents per share on these revenues; in the previous year's quarter, Playboy actually booked a much more pulchritudinous 11 cents per share of positive net income. For the year, total net revenues didn't jump like a bunny -- $340 million versus $331 million. Net income, however, was much better, doubling to 15 cents per share. The company's year-end results benefited from a decline in interest expense, income tax obligations, and other costs. Sales of artwork were also cited by CEO Christie Hefner in the release.

The licensing operations are performing, but domestic TV and publishing are very weak. In fact, it is the publishing segment that really needs attention. It's been needing attention for a long time now -- for the year, subscription sales were down, newsstand sales were down, and advertising revenues rose by the smallest bit.

Long-term, I still have hope for Hugh Hefner's Playboy. It is an American icon, and its logo continues to propel licensing; plus, the company does have a nice presence in Vegas at the Palms Casino Resort. As Jonathan Berr reported back in November, you may want to remember that sex does indeed sell, and one has to assume that Playboy will be supplying that demand for years to come.

There's a lot of talk about a weak economy, the mortgage meltdown, and a credit crunch, but apparently that isn't stopping people from heading to Las Vegas. According to the New York Times, "some of the city's largest casinos are on pace for a record-setting year. In October alone, gambling revenues on the Las Vegas Strip were up 19.8 percent over the same month last year."

Casinos in other locales aren't doing so well, with some reporting declines in gaming revenues of 5% or more. Experts believe that pricey locales like Las Vegas are less vulnerable to consumer malaise precisely because they cost more -- the mortgage mess just isn't hurting people with a lot of disposable income, at least for now.

Day trip locations that target lower-income gamblers aren't faring nearly as well.

This may have broader implications for investors. If higher income consumers still have the money to drive Las Vegas gaming revenue growth, they also probably aren't going to be cutting back on luxury products like bags from Coach, Inc. (NYSE: COH), which has seen its stock beaten down by worries about consumer spending. The international tourists that are giving Vegas revenue a boost could also help luxury goods companies.

If Coach won't see its sales and margins hurt by an economic slowdown, the stock is cheap.

Las Vegas Sands (NYSE: LVS), a leading international developer of multi-use integrated resorts operated by Sheldon Adelson, is recently down $10.62 to $133.97.

• Morgan Stanley said that preliminary Macau gaming revenues are up 55% YoY versus its estimate for 70% and below the Street's estimates.
  
• LVS October option implied volatility of 57 is above its 26-week average of 41 according to Track Data, suggesting larger price fluctuations.

Wynn Resorts (NASDAQ: WYNN) operates Wynn Macau & Wynn Las Vegas.

• WYNN is recently down $13.23 to $152.72.
  
• UBS Warburg downgraded WYNN to Sell from Neutral.
  
• WYNN overall option implied volatility of 54 is above its 26-week average of 43 according to Track Data, suggesting larger price fluctuations.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Las Vegas Sands (NYSE: LVS), a leading international developer of multi-use integrated resorts operated by Sheldon Adelson, is recently up $4.42 to $142.73. LVS October option implied volatility of 56 is above its 26-week average of 41 according to Track Data, suggesting larger price fluctuations.

Belden (NYSE: BDC) designs, manufactures and markets signal transmission solutions for data networking and specialty electronic markets. BDC is recently up $3.74 to $52.03 on overseas takeover chatter. BDC has a market cap of $2.1 billion with June quarterly total revenue of $549 million. BDC call option volume of 1,240 contracts compares to put volume of 193 contracts. BDC October option implied volatility of 47 is above its 26-week average of 37 according to Track Data, suggesting larger risk.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

• Kidnapping
• Robbery with use of a deadly weapon
• Burglary while in possession of a deadly weapon
• Coercion with use of a deadly weapon
• Assault with a deadly weapon
• Conspiracy to commit kidnapping
• Conspiracy to commit robbery
• Conspiracy to commit a crime