Still, Greff also believes there is potential for near-term margin pressure from its competitor River City, which is expected to ramp up its marketing.

Shares of Ameristar are falling 3% to $17.73 in morning trading.

Empire Resorts ( NYNY), meanwhile, is plunging 6.2% to $2.13, after it said that a court found it defaulted on $65 million in senior convertible notes issued to Bank of New York Mellon and The Depository Trust Company. The court ruled that Empire Resorts must now repurchase the senior convertible notes.

Regardless, when it comes to first-quarter earnings results, most analysts note that while the market is improving, investors should remain cautious about placing bets on casinos.

"Although we have seen strong returns in the first quarter, we still believe that it is prudent to remain patient and await a more attractive entry environment before adding to, or establishing, positions across a sector that relies on consumer discretionary dollars that are increasingly being spent in other areas during this rebound in confidence and spending," KeyBanc analyst Dennis Forst wrote in a note.

-- Reported by Jeanine Poggi in New York.

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