With revenue in the world's largest gaming destination — Macau, China — still depressed, casino investors are 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 May. Here's a brief overview.
The Numbers
Nevada's non-restricted gaming licensees reported a total "gaming win" of $1,003,479,007 in May, a 4.5 percent year-over-year decrease.
The fiscal year has been solid for the state of Nevada so far. Total win from July 1, 2015, through the end of May is up 0.1 percent compared to the same period a year ago.
Related Link: Macau Gaming Revenue Misses Estimates In May: What You Need To Know
Las Vegas Strip
More than $531 million (about 55 percent) of Nevada's total gaming win in May came from the Las Vegas Strip.
Shareholders of strip mega-resort operators Wynn Resorts, Limited WYNN, Las Vegas Sands Corp. LVS, MGM Resorts International MGM and Caesars Entertainment Corp CZR are watching Strip numbers closely.
Win numbers for the Vegas Strip were down 11.6 percent year-over-year in May following April’s 1.5 percent decline. The current fiscal year total for the Strip is now 1.4 percent below last fiscal year's running total.
Downtown Vegas
Historic Downtown Las Vegas, which has performed extremely well in recent months, rebounded from a weak April with a 13.1 percent year-over-year revenue jump in May. Fiscal year numbers for Downtown Vegas remain 5.7 percent ahead of last year's numbers, the best growth of any region in the state.
Shares of Boyd Gaming Corporation BYD, which operates three downtown casinos, are up 22.8 percent in the past year.
Disclosure: The author holds no position in the stocks mentioned.
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