Today Fool.com contributor and gaming expert Travis Hoium looks at the cheapest stock in gaming today: Melco Crown (NASDAQ:MPEL).

As Travis explains, Melco has far more upside than competing gaming stocks because it's building off a smaller base of casinos. Plans to roll out additional locations will have a far more dramatic impact on the company's bottom line than more established operators like Las Vegas Sands (NYSE:LVS). Not only that, but Melco Crown is cheaper on an EV/EBITDA multiple as well.

That doesn't mean Melco is the only promising stock out there today. There is something to be said for mega-operator Las Vegas Sands as well. The company sports a dividend and some of the best properties in the world.

Las Vegas Sands is now looking to spread it's empire further, but will it be able to replicate its prior successes? Learn about all these opportunities, and the risks they pose, in our brand-new premium report on Las Vegas Sands. We're providing a full year of analyst updates to go with it, so make sure to claim your copy today by clicking here.