Tonight on CNBC's MAD MONEY, Jim Cramer was in the mood to do a little gambling, and explained his positive outlook on Trump Entertainment Resorts, Inc. (NASDAQ:TRMP). Cramer has been behind the casino stock last year when it was $16.85, but now it is $22.05.

It has $4 to $5 upside from here. Next week the company is presenting in Pennsylvania to build a casino in Fairmount Park, in Philadelphia. He thinks the decision will come in December and it has a better than 50/50 chance of being approved. Public sentiment should drive it up, and the news potential just isn't in the stock. He loves the gambling and gaming sector because the house always wins. He likes the remodelled resort and add-on project. The new CEO has brought in technology to get more out of customers. He said this is not a Vegas or Macau play, but it is in Atlantic City and A.C. has been making a big comeback. Cramer said a partnership with WYNN was sort of denied. The new casino being built close to it is actually good rather than bad.

There is also a real estate shortage in A.C., and TRMP owns a lot land around there. Cramer thinks that TRMP is worth $24 for the casino alone, Philly is worth $4 to $5 if it goes through, and the rest of land is worth $4 to $5 so the entire worth of the company is $32 to $34 per share to him. Cramer did say that you have to be very careful and you can only buy on pullbacks because it is thin volume and will run up too much if evryone piles in.

TRMP closed up 0.3% at $22.05 in normal trading, but it went up 4% to $22.95 in after-hours.

[Photo LeLuMus]