Market Overview

Vegas Strip Revenue Up 4.8%, But Fails To Boost Casino Stocks


Major casino shares were all down modestly Thursday, despite new data showing a 4.8 percent increase in "gaming win" from the Las Vegas Strip neighborhood.

Casinos stocks have faced recent slowdown in Macau as well as dire headlines on the financial woes of Caesars. Revenue for the Strip district, where most higher-end casinos are located, totaled $536.2 million in July, up from $511.4 million a year earlier.

Companies that dominate the neighborhood include Wynn Resorts (NASDAQ: WYNN), MGM Resorts (NYSE: MGM), Caesars (NASDAQ: CZR) and Las Vegas Sands (NYSE: LVS).

The city's downtown, where Boyd Gaming (NYSE: BYD) counts as an important presence, saw July gambling revenue slip 2.8 percent to $38.3 million.

For all of Clark County, a sprawling region of 8,000 square miles that includes Las Vegas and more, revenue was up just 2.2 percent to $800.4 million from $783.2 million last year.

Total Nevada gaming revenue grew 0.65 percent last month to $931.8 million.

Macau recently posted $3.5 billion in July gambling revenue, but that city has been hurt by a slowdown in China's economy and a crackdown on corruption there that has snagged thousands of high rollers.

Boyd slid 3.5 percent to $10.31 a share early Thursday; Caesars was off 1.3 percent, Las Vegas Sands fell 0.7 percent and MGM fell 1.4 percent.

Posted-In: casino Las Vegas MacauNews Econ #s


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