The casino stock rollercoaster is headed higher today, but given the sector's recent volatility investors should be ready for a choppy ride.

Las Vegas Sands (NYSE: LVS - News) lost -$123 million or -19 cents a share in the third quarter. However, after adjusting for one-time items, which analysts excluded in their -1 cent loss per share expectations, the company posted positive EPS of 3 cents. Reports also emerged that the casino operator received approval for the Hong Kong IPO of its Macau assets, which the AP says should raise $2 billion or more.

The cash from the IPO should help Sands pay down some debt, and the surprise earnings are helping shares higher.

Ahead of the bell, the Casino Stocks Index is down by -10.5% since last Friday. It is now trailing the S&P 500 by -16.6% over the last month.

Earlier this week, casinos sold off after Wynn Resorts (NASDAQ: WYNN - News) and Boyd Gaming (NYSE: BYD - News) both reported their Q3 numbers.

Investors will be watching closely when MGM Mirage (NYSE: MGM - News) reports its earnings on November 5. The stock is moving higher on positive Las Vegas Sands sentiment, but a 15% run would be required to drag the company into positive territory for the week.

Monarch Casino & Resort (NADSAQ: MCRI), Melco Crown Entertainment (NASDAQ: MPEL - News), and Isle of Capri Casinos (NASDAQ: ISLE - News) are among the sector's worst performers in October.

As of this writing, the Casino Stocks Index is the 10 worst-performing tickerspy Indexes over the last month, down by -15.5%.

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