Wynn Upgraded on Share Slump

(Updated with stock prices.)

NEW YORK (TheStreet) -- After a dismal day for casino operators Tuesday, at least one has drawn a good hand today.

Wynn Resorts (WYNN Quote)was upgraded by Oppenheimer to outperform from perform.

Analyst David Katz said investors should take advantage of the stock's huge declines on Tuesday, after it reported a 33% plunge in its third-quarter profit.

Shares are off 21% for the month.

Katz is also optimistic about the company's Hong Kong initial public offering, saying it "positions the company as the best capitalized casino company."

Boyd Gaming(BYD Quote) also posted on Tuesday a 26% profit tumble in its third-quarter, missing expectations by a penny.

Despite the news, Wynn is still trading lower, down 1.5% to $55.31. The rest of the sector, however, is spiraling out of control. Boyd is plunging 9.3% to $7.96, Las Vegas Sands(LVS Quote) is slipping 5.9% to $13.48, MGM Mirage(MGM Quote) is off 5.7% to $9.07 and Isle of Capri(ISLE Quote) is falling 7.6% to $8.21.

-- Reported by Jeanine Poggi in New York.

Follow TheStreet.com on Twitter and become a fan on Facebook.