LAS VEGAS (Bloomberg) — Options traders are doubling down on MGM Mirage, betting a new 67-acre complex of gaming tables, hotels, condominiums and stores will restore the casino operator's profits.

Investors buying contracts to purchase MGM for twice its current stock price through January 2011 helped drive the number of bullish options on the shares to 1.5 times the level of bearish ones, the highest ratio since June 2008, according to data compiled by Bloomberg. Existing January, 2011 $20 calls increased 12-fold last week as the shares fell to $9.50.

"It's an aggressive play," said Frederic Ruffy, the senior options strategist at WhatsTrading.com, the New York- based provider of options-market analysis. "They're looking for a substantial move higher."