Southeast Asia returned to the gaming tables in 2010, lifting Macau entrepreneurs Wynn Resorts ( WYNN) and Las Vegas Sands ( LVS) to multiyear highs. Las Vegas Sands handily outperformed its rival, tripling in price, compared to a 78% run for Steve Wynn's namesake. Both rallies stalled in November, at the same time that China took steps to cool down its overheated economy.

No, it doesn't make sense for these international giants to trade like China stocks, but the Macau projects have been market movers for both operations in recent years because revenue growth in their American properties has dropped substantially in reaction to a weak economy and overdevelopment in key gambling hubs.

Despite Asian rate jitters, it's unlikely that actions taken to reduce Chinese growth will greatly affect gambling revenues, so these stocks can easily survive and head higher in the next few months. However, despite their similarities, I expect Wynn Resorts to outperform Las Vegas Sands in 2011, given a more bullish reaction to macro challenges since the November downturn.

Let's examine both issues, in their long- and short-term perspectives, and set price targets for the next six to 12 months.

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