Cramer's 'Mad Money' Recap: Milk Macao Casinos

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"On a day like today, I debated deflating the game," said Jim Cramer on his "Mad Money" TV show Tuesday.

The Wall Street pact of nobody selling off the last week of August was broken today, he said.

But in spite of the market's 280-point drop, attributed to the Federal Reserve minutes, Cramer decided to stay in the game and try to find the bull market that he's always promising. That market is gambling.

Referring to casinos as "cash machines," Cramer likes Wynn Resorts (WYNN Quote). A best of breed among casinos, Cramer said, Wynn is better than Las Vegas Sands (LVS Quote), which opened its $2.4 billion Venetian Macao Hotel Resort today in Macao -- the world's largest gaming space.

Cramer believes that Macao, where WYNN is also licensed to operate, is a "better version of Vegas." Last year, Macau surpassed Las Vegas as the world's largest gambling market.

But what really caught Cramer's attention was WYNN's conference call this week. Calls tend to be "full of excuses" about underperformance, but Wynn's was succinct, emphasizing product and services strength and the company's great numbers. Cramer said it was one of the greatest conference calls of the quarter.

Cramer likes that Wynn is not a stock that's choking on subprime and that it has $1 billion left in buybacks.