NEW YORK ( TheStreet) - Shuffle Master ( SHFL), Bally Technologies ( BYI), WMS Industries ( WMS), Gaming Partners International ( GPIC) and Entertainment Gaming Asia ( EGT) are five casino services stocks with up to 40% upside, according to analysts' 12-month price targets.

These companies provide gaming equipment and products to casinos, hotels and resorts. The products supplied are both non-consumable and consumable. Non-consumable products such as gaming chips, gaming furniture, and table accessories have a useful life of several years. Consumable products such as table layouts, cards, and dice represent recurring revenue for the companies.

Revenue growth for these companies depends on the spending plans of casino operators and new casino openings. However, the economic slowdown in the US has taken its toll on casinos. To offset this downturn, casino operators are looking for lucrative growth avenues, especially the Pan-Asian markets (Macau and Singapore).

Casino revenue in Macau, the world's biggest gaming market, rose 48% in March to $2.51 billion, the Macau government revealed recently. Growth comes on the back of a solid 2010, during which Macau witnessed 65% year-over-year growth, beating analyst forecast. Aaron Fischer, head of Asian consumer & gaming research at CLSA Asia Pacific Markets, has recommended a buy on the sector as he expects a growth of 25%-30% during the next two years.

Singapore, on the other hand is witnessing tremendous growth within just one year of the government opening the region to the gaming industry. According to a report from PricewaterhouseCoopers, Singapore is set to overtake South Korea and Australia this year, to become the second-largest Asia-Pacific casino market. PwC estimates Singapore's casino gaming market at $2.8 billion in 2010, which is forecast to grow to $5.5 billion in 2011 and $8.3 billion by 2014.

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