Too Many Bets Placed on Empire Resorts

The planned Indian casino in upstate New York would be a tremendous success for the state, the tribe and Empire Resorts(NYNY Quote), the company that would manage the property.

Empire Resorts' stock is up 36% this year on news that the long-planned Catskills casino is close to final approval. Last Tuesday, New York Gov. Eliot Spitzer gave his final approval for the project, sending shares up 19% last week alone.

Anyone thinking of jumping on the bandwagon of Empire's stock is likely too late, however. And those who are already on board might be wise to cash out. ...