There's a bright spot amidst the gambling gloom, and it's showing up far from the bright lights of Las Vegas.

In recent days, Ameristar Casinos (Nasdaq: ASCA), Pinnacle Entertainment (NYSE: PNK), and Penn National Gaming ( Nasdaq: PENN) have each produced quarterly earnings results that beat Wall Street estimates.

The common theme: None has a casino in Las Vegas. None operates a casino in Atlantic City, either.

Patient investors -- and you have to be patient or numb given the recession-induced trashing of casino stocks -- have seen a healthy rise in these companies' shares since early March. On Thursday, Ameristar hit a 52-week high in intraday trading, although the others are still down for the last 12 months.

Coping with the residue of recession
Given the continuing economic erosion and still-rising unemployment, it's possible these companies won't be able to sustain their near-term gains. Each company's quarterly revenue barely beat or barely missed Wall Street estimates, indicating that better earnings came from cutting expenses.

However, each appears to have better control over their future than many of their public and private peers. Unlike MGM (NYSE: MGM), Wynn (Nasdaq: WYNN), and Las Vegas Sands (NYSE: LVS), they have no properties in Las Vegas. Hence, they can cater to people willing to spend money to make a short trip rather than take a longer vacation.     

But back to the earnings …
On Wednesday, Ameristar said it was reinstating its quarterly dividend, thanks to a revised agreement with lenders. The dividend had been suspended following the third quarter of 2008. Ameristar still has a ton of debt -- $1.65 billion -- but it extended the maturity dates for some borrowings to August 2012 from November 2010.

Ameristar, which owns casinos in five states, reported January-March earnings per share of $0.52, blasting past the Wall Street consensus of $0.33, even as quarterly revenue was slightly below the consensus forecast. Continued...