NEW YORK (

TheStreet

) -- All signs indicate that casino stocks finally bottomed in 2010.

On average, the nine biggest players in the sector saw shares climb about 47% during the year, with most posting double-digit gains. The second half of the year gave investors the dose of confidence needed that the sector, at the very least, is starting to stabilize.

Ultimately, though, the casino recovery is can only truly be judged on a case-by-case basis. Where a casino is located, where its customers are situated and if any competitors get in between them will decide which companies will outperform in the New Year.

>>3 Reasons Not To Bet on Casino Stocks in 2011

Overall, the fundamental rebound of the casino sector has lagged the overall market, and analysts do not foresee any major catalysts to propel a turnaround in 2011.

While the Las Vegas Strip has reported incremental gains in gaming revenue, new competition with the opening of Cosmopolitan this week threatens to cannibalize some of the higher-end properties, like

MGM Resorts'

(MGM) - Get Report

Bellagio and CityCenter.

For Atlantic City there is little hope that a recovery is on the horizon, as competition grows in nearby markets like Pennsylvania, West Virginia and New York.

With few near-term catalysts domestically, international gaming will be a primary focus in 2011.

Singapore, for one, is expected to outpace Las Vegas by the end of 2011, according to Jon Oh, analyst at CLSA Americas. This has been a positive for

Las Vegas Sands

(LVS) - Get Report

, which opened its first casino in the market this spring. As a result, Sands ranks as the biggest casino stock gainer in 2010.

Macau, of course, has been a savior for the casino sector amid the recession. The Chinese gambling enclave is on track to report a 50% plus surge in gaming revenue in 2010. It comes as no surprise then that the top three casino stocks of 2010 are plays on China.

But government regulation threatens growth in Macau. Las Vegas Sands did not receive approval for its land concessions for what was known as Sites 7 and 8 on the Cotai Strip, and Macau leaders are making strides to tighten lending, which could impact credit to VIP players.

Other catalysts for 2011 include the possible legalization of online gaming and growth in Ohio and other regional markets.

Given this, which casino -- Las Vegas Sands,

Wynn Resorts

(WYNN) - Get Report

,

MGM Resorts

(MGM) - Get Report

,

Penn National Gaming

(PENN) - Get Report

or

Melco Crown Entertainment

(MPEL)

-- will be the biggest winner of 2011? Take our poll and see what other investors are saying.

--Written by Jeanine Poggi in New York.

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