Vegas Strip Revenue Up 7.3% In February
With revenue in the world's largest gaming destination -- Macau, China – finally showing signs of stabilization, casino investors are still looking to the state of Nevada for some much-needed revenue growth this year.
The state's Gaming Control Board has released its report on gaming revenue for the month of February. Here's a brief overview.
Nevada's non-restricted gaming licensees reported a total "gaming win" of $989,818,839 in February, an 8.0 percent year-over-year increase.
The first eight months of the fiscal year has been solid for the state of Nevada. Total win from July 1, 2015, through the end of February is up 1.5 percent from the same period a year ago.
Las Vegas Strip
More than $570 million (about 57 percent) of Nevada's total gaming win in February came from the Las Vegas Strip.
Shareholders of strip mega-resort operators Wynn Resorts, Limited (NASDAQ: WYNN), Las Vegas Sands Corp. (NYSE: LVS), MGM Resorts International (NYSE: MGM) and Caesars Entertainment Corp (NASDAQ: CZR) are watching Strip numbers closely.
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Win numbers for the Vegas Strip were up 7.3 percent year-over-year, a strong rebound compared to January’s 7.7 percent decline. The current fiscal year total for the Strip is 0.3 percent above last fiscal year's running total.
Historic Downtown Las Vegas, which has performed relatively well in recent months, kept its winning streak alive by delivering a huge 17.0 percent year-over-year revenue gain in February. Fiscal year numbers for Downtown Vegas are now 9.2 percent ahead of last year's numbers, the best numbers of any region in the state.
Shares of Boyd Gaming Corporation (NYSE: BYD), which operates three downtown casinos, are up 48.1 percent in the past year.
Disclosure: the author holds no position in the stocks mentioned.
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