Hudson Securities Releases Las Vegas January Visitation Statistics For Las Vegas Sands, MGM Resorts, Wynn Resorts, (LVS) (MGM) (WYNN)

In a recent research report Hudson Securities commented on the Las Vegas January visitation numbers for Las Vegas Sands LVS, Wynn Resorts WYNN, MGM Resorts MGM.

“Visitation was up 8.6% to 3.13 million visitors, on a large increase in convention attendance.' Hudson Securities writes. “The visitation increase was led by a bigger CES this year and 3 shows taking place in January this year that were held in February last year. However, January's visitation increase didn't translate into higher gaming revenues for the month.”

“Strip gaming revenues were down 2.5% in January. Looked at another way, each Las Vegas visitor produced $154 of gaming revenues in January 2011, a 10% reduction from the $172 they produced last year. Likewise, gambling revenues per occupied room fell 13% to $133 this year versus $152 last year.”

Hudson Securities concluded by saying, “Strong January visitation drove better hotel results but didn't help much on the casino floor. Weak gaming revenues were primarily, although not exclusively, the result of soft baccarat play. This makes sense, given that large Baccarat players are a relatively small number and would go under the radar in the visitation stats and conventioneers generally aren't baccarat players. Despite more bodies in town, slot drop was down 2.4% and non-baccarat table drop was down 6.1%.”

Current prices WYNN $122.54, MGM $12.91, LVS $38.98.