TAKING THE PULSE: Most U.S. casino operators have posted stronger results over the past year as the number of visitors streaming into Las Vegas gradually improves. Companies with casinos in the Chinese gambling enclave of Macau are meanwhile seeing a windfall from highly lucrative VIP visits, which account for nearly 75% of all gambling revenue in the city. Macau gambling revenue rose 25% last month, capping off a year in which revenue soared 42%. Bears remain wary of those numbers, warning the VIP market's explosive growth is unsustainable, but for now the island gambling mecca remains on a tear.

 
   COMPANIES TO WATCH: 
 
   Las Vegas Sands Corp. (LVS) - Feb. 1

Wall Street Expectations: Analysts' average estimate calls for a 56-cent per-share profit with $2.46 billion in revenue. Sands last year posted a profit of 34 cents a share, or 42 cents excluding certain charges, with revenue minus certain promotional allowances at $2.02 billion.

Key Issues: Despite its name, Las Vegas Sands has invested heavily in Asia and now generates most of its revenue there. The company is poised to benefit from a growing relationship with Chinese VIP junket operators, who drive a big chunk of Macau's gambling revenue. Moody's Investors Service also points out a trump card in Sands' presence in Singapore--the company operates one of only two casinos in the country--where gambling revenue continues to surge, helped by limited competition. Yet advisory firm Janney warned in a note to clients that the company's long-term growth could be marred by "choppier growth going forward," partly due to Macau's unpredictable nature.

 
   Penn National Gaming Inc. (PENN) - Feb. 2

Wall Street Expectations: The consensus calls for a 49-cent per-share profit and $675 million in revenue, according to a survey by Thomson Reuters. A year earlier, the company reported a $1.97 per-share loss--a 30-cent profit excluding stock-based compensation, asset write-downs and other items--on $630.2 million in revenue.

Key Issues: Penn National's regional gambling business remains vulnerable to weak U.S. employment growth, and its casinos outside Las Vegas could also face cannibalization from nearby properties. At the same time, some analysts suggest fourth-quarter gambling revenue could stage a stealthy comeback. The company will also see added revenue from its recently acquired M Resort in Las Vegas.

 
   Wynn Resorts Ltd. (WYNN) - Expected Feb. 8

Wall Street Expectations: Analysts expect a $1.28 per-share profit and $1.36 billion in revenue. A year earlier, the company earned 91 cents and $1.24 billion, respectively.

Key Issues: Worries about a slowdown in the pace of growth in Macau pressured Wynn's stock throughout November. An escalating battle between Chairman and Chief Executive Steve Wynn and business partner Kazuo Okada, who owns the largest amount of shares at about 20%, has also distracted investors. Wynn's bottom line will still benefit in the fourth quarter from its exposure to Macau, however, and the company's high-end Las Vegas properties are generating more revenue from a rebounding convention business.

 
   MGM Resorts International (MGM) - Expected Feb. 16

Wall Street Expectations: Analysts polled by Thomson Reuters expect a loss of 18 cents a share on $2.17 billion in revenue. The company last year posted a loss of 29 cents a share--20 cents excluding write-downs--with net revenue at $1.47 billion.

Key Issues: Analysts point to encouraging growth trends in MGM's revenue per available room, a key hotel metric and an indicator that its Las Vegas casino resorts saw hotel room rates and occupancy improve following deep falls during the economic downturn. Charges tied to the company's CityCenter joint venture on the Strip have weighed down earnings in the past, but Moody's Investors Service has noted the property delivered better-than-expected results through the third quarter.

 
   Boyd Gaming Corp. (BYD) - Expected Feb. 28

Wall Street Expectations: Wall Street sees a penny per-share loss and $593 million in revenue. A year earlier, the company earned a profit of 8 cents a share, or 5 cents excluding items such as preopening expenses and debt-retirement impacts, on $551.9 million in revenue.

Key Issues: Some of Boyd's regional casinos could benefit from a rebound in consumer spending, and the company has expanded its holdings with a recent acquisition in Biloxi, Miss. At the same time, Boyd's local Las Vegas casinos have struggled, and its Borgata property in Atlantic City faces increased competition for a still-weak share of the regional market. The company in November terminated an $80 million agreement to sell its Dania Jai-Alai venue and casino in Florida after buyers were unable to close the deal within the required period, leaving Boyd burdened with another drag on its earnings.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

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