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Over the past three years, the growth in Macau has buoyed the gaming stocks, sending shares of Las Vegas Sands (LVS) and Wynn (WYNN) to multi-year highs despite a sluggish rebound in Las Vegas since the financial crisis. However, Boyd Gaming (BYD) has quietly doubled this year and is sitting near its 5 year high:

Boyd is a pure-play on US gaming, and while it has locations in Illinois, Mississippi, and the Borgota in Atlantic City, Las Vegas is the primary driver of its business. I believe that shares have rallied too far too fast given the still soft gaming environment in the United States and would be a seller of...

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