Wynn Resorts (WYNN - option chain) shares are rising today on news that casino revenue in the Chinese province of Macau rose 48% to $2.5 billion in March, according to government statistics. WYNN owns one of the six casinos operating on the island. 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 WYNN.

WYNN opened this morning at $130.00. So far today the stock has hit a low of $129.71 and a high of $135.59. As of 11:50, WYNN is trading at $135.29 up $8.13 (6.4%). The chart for WYNN looks bullish and S&P gives WYNN a positive 4 STARS (out of 5) buy ranking.

Wynn Resorts (WYNN) is a developer, owner and operator of destination casino resorts. It currently owns and operates the Wynn and Encore resort casinos in Las Vegas, as well as Wynn Macau and Encore in Macau. Competitors include Las Vegas Sands (LVS), MGM Resorts International (MGM), SJM, Galaxy and Harrah's among others.

We currently maintain a $118 price estimate for Wynn Resorts stock, roughly 10% below market price.

Las Vegas Sands (LVS) is a developer, owner and operator of destination casino resorts. It operates in the U.S., Macau, and Singapore. Competitors include Wynn Resorts, Limited (WYNN), MGM Resorts International (MGM), SJM (HKG:0880), Galaxy (HKG:0027) and Harrah's among others.

Las Vegas Sands (LVS) gapped higher out of the gate Monday morning, as traders cheered the latest round of data from Macau. Casino revenues in the popular gambling destination rose 58% in 2010 to a record 188.34 billion patacas, or roughly $23.51 billion, according to the Macau Gaming Inspection and Coordination Bureau.

Revenue for the month of December ballooned 66.4% to an all-time monthly high of 18.883 billion patacas, or approximately $2.36 billion.

Late Tuesday, The Wall Street Journal reported that Las Vegas Sands (LVS) is preparing to relaunch its stalled construction projects in Macau, China's hot gambling region. Financial woes forced Las Vegas Sands to walk away from the two construction sites a year ago, but newly secured funding means that the casino company can resume work on the projects as soon as January.

Las Vegas Sands disclosed in a regulatory filing on Monday that it secured $1.45 billion in financing from banks, and the firm is looking to lock down an additional $300 million. The gaming issue is also attempting to raise as much as $3.83 billion by launching an initial public offering (IPO) in Hong Kong of its Macau assets, about $500 million of which will be used to fund construction on the stalled sites.

Las Vegas Sands Corp. (NYSE: LVS) reported this morning that one of its subsidiaries has filed an application to list its shares on the Hong Kong Stock Exchange. The move was widely expected, as LVS CEO Sheldon Adelson said in July that the casino firm was considering an initial public offering (IPO) or sale of its Macau assets.

"No decisions have been made regarding the timing or terms of any such offering or whether the subsidiary will ultimately proceed with such a transaction," reported LVS in a filing with the Securities and Exchange Commission (SEC).

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.

After hitting a one-year low of $85.53 in June, the stock hit a one-year high of $176.14 in October. WYNN opened this morning at $95.81. So far today the stock has hit a low of $95.60 and a high of $106.96. As of 12:15, WYNN is trading at $101.55, up $6.01 (6.3%). The chart for WYNN looks neutral and deteriorating, while S&P gives the stock a bearish 2 Stars (out of 5) Sell rating.

For a bullish hedged play on this stock, I would consider a June bull-put credit spread below the $75 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 9.9% return in just two months as long as WYNN is above $75 at June expiration. Wynn would have to fall by more than 26% before we would start to lose money. Learn more about this type of trade here.

This post was part of the AOL Money & Finance Best & Worst of 2007 feature. The voting has now closed and readers have chosen the Dubai as the breakout city of the year. Be sure to let us know in the comments if you are pleased with this result.

What are breakout cities? Cities that seemed to pop up in news stories with uncommon frequency, that have developed a cachet, that appear on the itinerary of early adopters. For your consideration here are four outstanding, very different candidates for this honor. Which whets your travel appetite?

Dubai City, U.A.E.
Nothing helps build a city quicker than petrodollars and a monarchy devoted to world-class projects. Dubai has all of that and more. The city that calls itself the "City Built For Tourism" is known as the home of the world's largest free-standing hotel, the Burj Al Arab. This ultra-ultra-luxury, 1,000-ft. tall hotel with a profile evoking billowing sails has quickly become the symbol of Dubai.

Under the vision of the ruler Mohammed bin Rashid Al Maktoum, Dubai has used its free-trade zone status to also develop into a world center for business. Having the world's largest manmade harbor and an airline that serves as a hub for the Persian Gulf region (with a new one under construction) helps, too. Dubai's acceptance of other culture's mores has helped turn it into a popular tourism destination, as well.

Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

Ian Wyatt, editor of The Growth Report, chose LJ International Inc. (NASDAQ: JADE) as his favorite stock for 2007. Its 173% gain as of 6/1/07 has made it the number one performer among all stocks in our Top Picks for 2007 report. Here is Ian's original recommendation for JADE and his current favorite stock for the rest of 2007.

Updating his recommendation, the advisor now says, "LJ International continues to capitalize on China's extraordinary growth and accompanying demand for luxury goods -- specifically high-end jewelry -- by expanding its network of ENZO branded jewelry stores.

"Since 2004, when LJI began opening retail jewelry stores in China, it has opened more than 45 stores, established a presence in all of China's major cities, including Hong Kong and Macau, and established itself as China's #1 foreign branded jewelry retailer (Hong Kong and U.S. based), ahead of Tiffany & Co.

"The company has plans to more than double its network to 100 stores by year-end 2007, ahead of the Beijing Olympics. These stores generate robust sales, and, more impressive, nearly half of the existing stores are already profitable. Continued growth of its retail operations will enhance LJI's profitability since ENZO gross margins are twice those of the wholesale business.