Amid the continuing market crash, gaming stocks have been hammered over the past week. As of yesterday's close, the weekly decline of MGM Resorts (NYSE: MGM) was 24%, Las Vegas Sands (NYSE: LVS) is down 22%, Wynn Resorts (Nasdaq: WYNN) has lost 18%, and Melco Crown (Nasdaq: MPEL) has lost the most chips, falling 34%.

If you were busy counting your losses, you may have missed that MGM Resorts reported earnings last night. Despite what the market may be telling us even today, its results were actually better than expected.

Alas, earnings are still growing
MGM's consolidated revenue grew 17% in the quarter, to $1.8 billion, and was driven by Macau. Domestically, revenue grew 4%, driven by room revenue growing 9%. That means casino revenue is struggling at MGM's resorts despite gaming growth at competitor Wynn Las Vegas.

On the earnings side, MGM reported an adjusted loss per share of $0.05 when you take out a $6.30 per share gain from the MGM China IPO. Analysts were expecting a $0.13 loss per share, so at least the loss was smaller than expected.

Changes to the financial statements
Like Las Vegas Sands and Wynn Resorts, MGM is now consolidating its Macau operations, which means its financial statements will require a little more careful attention. Revenue will include growth from Macau, where MGM does not own 100% of the property. Earnings will more accurately reflect MGM's ownership stake in its properties. This is just something to keep in mind going forward.

What to do now
I've been investing in gaming stocks for nearly a decade now, and I have yet to see a section of the market that's as irrationally greedy and incredibly fearful at the top and bottom of the market. Where are we now?

Despite the fall in share price, I don't think gaming stocks are terribly cheap right now and we may have further to drop. When it doesn't seem like gaming stocks can get any lower, that's the time to buy. We aren't quite there yet but keep gaming stocks on your watchlist to find out when this Fool is buying.