Market Overview

Vegas Strip Revenue Up 8.3% In October, But Downtown Vegas Steals The Show

Share:
Vegas Strip Revenue Up 8.3% In October, But Downtown Vegas Steals The Show
Related MGM
Vegas Strip Gaming Win Down In February, Revenue Up 8.9%
Fewer Casino Openings, Weaker Powerball Sales Make International Game Tech A Riskier Bet This Year
Related LVS
Don't Wait For Wynn To Pull Back; Aegis Capital Says Go Ahead And Buy Now
Wall Street's M&A Chatter From March 17: Wynn, Innocoll, PTC Therapeutics
The Vetr community has upgraded $LVS to 3.5-Stars. (Vetr)

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.

The Numbers

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.

Shareholders of strip mega-resort operators Wynn Resorts, Limited (NASDAQ: WYNN), Las Vegas Sands Corp. (NYSE: LVS) and MGM Resorts International (NYSE: MGM) are watching Strip numbers closely.

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.

Downtown Vegas

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.

Posted-In: casinosNews Topics Travel Econ #s Movers Trading Ideas General Best of Benzinga

 

Related Articles (BYD + LVS)

View Comments and Join the Discussion!