The gaming exchange traded fund (ETF) seems to have had a stroke of luck lately, but how long can it really last?

Investors are placing their bets on the gaming industry yet again, as many companies are improving their balance sheets and tempting speculators. Howard Stutz for Casino City Times reports that nine of the 10 publicly traded casino operators and slot machine manufacturers viewed by analysts saw their average daily stock prices increase during October, due to announced debt refinancing plans and infusions of capital through stock sales. [It’s Vacation Season: Watch These ETFs.]

Despite the news, Harrah’s Entertainment was unable to go public with a $500 million IPO the same week that GM did. Michael J. De La Merced for The New York Times reports that the company may try again later, at a lower price. [Losing Streak Looms For Gaming ETF.]

One trouble spot? Las Vegas recently received the dubious honor of being named the world’s fifth-worst economy. Ouch. Big bets on real estate are bringing the gambling capital down, but the good news is that the measure isn’t factoring in Las Vegas’ future potential, says ABC News.

Whether investors should be worried that it will hurt Market Vectors Gaming (NYSEArca: BJK) is another matter. Many gambling companies have operations both elsewhere in the United States and around the world. Cases in point: gambling revenue in Macau rose 50% this year from 2009, while Las Vegas Sands (NYSE: LVS) reported a 67% jump in revenue over last year, primarily on overseas growth. LVS is 14.9% of BJK.

As long as gambling companies don’t place all their chips on Vegas, BJK may continue to perform decently.

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.