Vegas Strip Revenue Up 8.3% In October, But Downtown Vegas Steals The Show
The world's largest gaming destination — Macau, China — seems to finally be recovering after a multi-year downturn. However, with Macau revenue 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 October. Here's a brief overview.
Nevada's non-restricted gaming licensees reported a total taxable revenue of $927.6 million in October, a 3.7 percent year-over-year increase.
October’s number mark’s a continuation of the strong performance by Nevada casinos so far this fiscal year. Statewide revenue is up 5.6 percent year-over-year since August 1.
Las Vegas Strip
More than $503 million (about 54 percent) of Nevada's total gaming win in October came from the Las Vegas Strip.
Taxable revenue for the Vegas Strip was up 8.3 percent year-over-year in October following September’s 7.0 percent gain. So far this fiscal year, Strip revenue is up 6.3 percent compared to last year.
Historic Downtown Las Vegas, which has performed extremely well in recent months, followed a solid September with a huge 28.7 percent revenue gain in October.
So far this fiscal year, Downtown Vegas taxable revenue is up 13.7 percent, the strongest growth number of any region in the state.
Shares of Boyd Gaming Corporation (NYSE: BYD), which operates three downtown casinos, are up 6.4 percent in the past month. Nevada pure-play Red Rock Resorts Inc (NASDAQ: RRR) is also up 4.9 percent in that time.
Tuesday Stock Movements
- Boyd was down 0.36 percent at $19.15.
- Las Vegas Sands was up 0.1 percent at $62.61.
- MGM was up 0.9 percent at $28.99.
- Red Rock was up 1.64 percent at $23.59.
- Wynn was down 0.83 percent at $101.15.
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