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Penn said its third-quarter net income more than doubled. The company also boosted its full-year earnings and revenue outlooks.

David Katz of Jefferies & Co. said in a client note that Penn's performance indicates that regional gaming markets may be stabilizing. He kept a "Hold" rating and $30 price target.

The company's stock jumped $1.51, or 4.8 percent, to $32.69 in afternoon trading. Earlier in the session the shares enjoyed a new 52-week high of $33.30.

Meanwhile Credit Suisse's Gabriel Chan raised its rating on Melco Crown shares to "Outperform" from "Neutral" and increased its price target to $6.50 from $4.65.Chan expects the Macau casino operator's third-quarter results to benefit from market share gains.

The company's stock added 20 cents, or 3.5 percent, to $5.91. It hit a new 52-week high of $6.10 earlier.

Elsewhere in the sector, shares of Wynn Resorts Ltd. climbed $3.08, or 3 percent, to $104.27, pulling back from the fresh 52-week high it reached early in the day of $107.36. MGM Resorts International gained 28 cents, or 2.6 percent, to $11.23, while Las Vegas Sands Corp.'s stock dipped 17 cents to $38.42.

Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHx6ZVKguoShd3P3N5EflLpb8ntFg&url=http://www.businessweek.com/ap/financialnews/D9J06T1G0.htm