CZR/8800 – That ship has sailed at $22.5Bn.  How are they going to make $1Bn before the next time they go BK?  They lose $1.7Bn last year and they'll lose about 350M this year – they are going on on-line to save them.  BYD is $7Bn at $62 and they make about $500M and only lost $135M last year and back on track this year – much better and $7Bn is not crazy for those earnings.  BYD has 28 low-rent casinos but nothing wrong with that if they make money.  I think gaming makes a nice bonus for them so let's add a play on BYD to the LTP:

• Sell 10 BYD 2023 $50 puts for $6.50 ($6,500) 
• Buy 20 BYD 2023 $55 calls at $16 ($32,000) 
• Sell 20 BYD 2023 $75 calls for $8.50 ($17,000) 
• Sell 5 BYD Jan $70 calls for $4 ($2,000) 

That's net $6,500 on the $40,000 spread that's $14,000 in the money to start so the upside potential is $33,500 (515%) at $75 or better.  We made a 1/4 sale of short calls using 144 of our 508 days.  Three more sales like that and we have a free spread so no reason to press our luck.  Worst case is owning 1,000 shares at net $56.50 – still 10% off the current price.