Deutsche Bank Analyst: Could've Been Worse For November Las Vegas Revenue

Casino investors might gain solace from an analyst's view Tuesday that November's Las Vegas results could have been worse.

Winnings in the Las Vegas Strip district fell 4 percent during November to $508.3 million, from $529.4 million a year earlier, according to the Nevada Gaming Commission.

But Deutsche Bank's Carlo Santarelli had expected Strip winnings to fall 6.3 percent in November.

For the fourth quarter through November 30, winnings on the Strip are down 4.8 percent from a year ago, which Santarelli said "isn't that meaningful" relative to expectations.

High-stakes baccarat revenue fell 1 percent on the Strip to $127.6 million in November, its third straight month of declines.

Santarelli called the November baccarat decline "far less intimidating" than double-digit declines in September and October, and noted that during the year to date, revenue for the game is up 5 percent.

The Downtown district of Las Vegas saw total gaming revenue grow 12.8 percent on what Santarelli described as strong Hawaiian tourism and recent renovations and amenities.

Boyd Gaming Corporation BYD, which has a focus of operations in the Downtown district, recently gained 5.6 percent and was trading at $12.83.

MGM Resorts International MGM, noted for its Strip properties, was nearly unchanged at 21.42, while Caesars Entertainment Corp CZR, which recently unveiled details of a proposed financial restructuring, gained more than 4 percent to $16.09.