MGM Mirage (NYSE:MGM) reported second-quarter results yesterday, and they weren't much different than what was expected. Las Vegas -- where most of MGM's properties are -- has been slumping, so results across the board got whacked. And unlike competitors Wynn (NASDAQ:WYNN) and Las Vegas Sands (NYSE:LVS), MGM doesn't have significant operations in Macau to provide any cushion for the Las Vegas downturn.

But I'm not going to waste time running down the specifics of the results (aka "the losses"). You can get the numbers for yourself directly from MGM's press release. Make sure to come back, though, because I'm going to tackle an important question: In light of these results, is MGM worth considering as an investment?

In the past, I've been critical of the company because of the state of its balance sheet, which carried more than $12 billion in debt at the end of the quarter. However, I believe recent moves that the company has made have drastically cut the probability that it will end up declaring bankruptcy.

This leaves us with a company that is potentially priced well below what its assets are really worth. For Sands and Wynn fans, I think they're attractive for different reasons, but neither can boast a cheaper valuation than MGM.

This isn't to understate the potential risks here. For the June-ended quarter, MGM's EBITDA covered interest expense a mere 1.5 times. That's still scary. And with the bankruptcy filing of Station Casinos less than a week ago, we were reminded just how serious debt problems can get. But while that big downside remains, I think the potential has dropped.

So if you're in the market for a gaming stock, at this point I'd skip the smaller players like Boyd (NYSE:BYD), Ameristar (NASDAQ:ASCA), or even Penn National (NASDAQ:PENN), and head for the big boys. Look to Wynn for the tightest-run company with the best balance sheet, Las Vegas Sands for the best global growth prospects, and MGM for the absolute lowest price.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool. The Fool's disclosure policy is in awe of the dominance of super-filly Rachel Alexandra.