By Chris McKhann , analyst at OptionMonster

Shares of Las Vegas Sands ( LVS) have risen roughly 65% in the last week and options traders apparently see lots of room for more upside.

The stock, which closed Wednesday up 2.64% to $2.33, was above $9 at the beginning of 2009 before breaking back down. The casino operator's stock dropped below $3 in mid-February and hasn't been able to climb back above that level. It reached a low of $1.40 on March 12.

The options action is in the April 2.50 and April 5 calls, according to OptionMonster's tracking systems. The main trade is a bull call spread, with one block of 9,900 April 2.50 calls bought for 50 cents and the same number of the April 5 calls sold for 10 cents. This makes for a net debit of 40 cents, and therefore the trade will profit if Las Vegas Sands is above $2.90 at expiration.

The implied volatility for Las Vegas Sands sits at 230%, near the highs. The historical volatility is up to 206%, up from 150% three weeks ago but still well below the highs of 300% hit back in November.

At the time of publication, McKhann had no position in Las Vegas Sands.

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