The gains over the past year have been exceptional, and no one should consider them continuing at quite that rate. That being said, I think that gaming in particular does have continuing upside potential because of pure supply and demand factors.

While the sector's had a great run, there are still a number of companies that are fundamentally undervalued. But as the industry continues to prosper, investors need to be extremely selective.

People are going to continue to drink. They're going to continue to smoke. They're going to continue to gamble.

This is not to say that nuts and bolts contractors are at a disadvantage, ... But if you look at long-term trends, there will need to be more refurbishing of a lot of equipment so I've been increasingly looking towards tech-slanted defense contractors.

It's my personal belief that the Gaming and Casino Industry can continue to out-perform the overall market, on average, for years to come.

Although Constellation's been a good performer every year, it hasn't been off the charts. There haven't been scary triple-digit returns.