Casino stocks started the week on a roll.

Wynn Resorts, Las Vegas Sands, MGM, and Melco Resorts & Entertainment blasted higher on strong revenue out of Macau in November and the temporary relief of trade tensions between the U.S. and China.

One analyst is wagering that this is the beginning of a bigger move for two of those gambling stocks as they transform their businesses.

"Macau basically has been a second coming for both Wynn and LVS," Boris Schlossberg, managing director of FX strategy at BK Asset Management, said on CNBC's "Trading Nation" on Monday.

Macau should continue to boost those stocks as it transitions from a primarily casino and gambling destination to a tourist hot spot, Schlossberg said.

"Macau revenue is all gambling which means that they're really lagging the whole entertainment and dining gambit revenue that Las Vegas gets. I think that's going to be coming," he said.

But Ari Wald, Oppenheimer's head of technical analysis, does not recommend any of the casino stocks, though he says their technical setup does have a bullish lean.

"It's not a gamble that we're taking, but it does look like, given how beaten up they were, they are due for some counter-trend relief," Wald said on "Trading Nation" on Monday.

Wald said Las Vegas Sands could see some upward moves on a near-term basis, but he's still steering clear given its falling trend line.

Trade tensions between the U.S. and China throughout this year have kept the Macau-exposed casino stocks under pressure. Las Vegas Sands and MGM are down 16 percent in 2018, Wynn has dropped nearly 30 percent and Melco has fallen 33 percent.

"Las Vegas Sands, although below a falling 200-day moving average, [is] encouraging at least from a trading basis. You are seeing that surge above the 50-day moving average [which] could make the case for a little bit more upside to $64," said Wald.

A move to $64 would be a nearly 10 percent rally from Las Vegas Sands' Monday close.