Market Overview

Vegas Strip Gaming Win Down In February, Revenue Up 8.9%

Vegas Strip Gaming Win Down In February, Revenue Up 8.9%

After a multi-year downturn in Macau, the gaming industry appears to once again be firing on all cylinders.

The Nevada state gaming control board has released its report on gaming revenue for the Las Vegas area in the month of February. Here's a brief overview.

The Numbers

Nevada's non-restricted gaming licensees reported a total taxable revenue of $907.8 million in February, a 2.6 percent year-over-year increase.

Statewide revenue is now up 1.5 percent in the past 12 months.

Las Vegas Strip

More than $541 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) and MGM Resorts International (NYSE: MGM) are watching Strip numbers closely.

Taxable revenue for the Vegas Strip was up 8.9 percent year-over-year in February, while total gaming win dropped 4.9 percent on the month. In the past 12 months, Strip revenue is up 1.5 percent.

Related Link: Macau Might Finally Be Headed In The Right Direction

Downtown Vegas

Historic Downtown Las Vegas, which has performed extremely well in recent months, followed a strong January with a solid 0.7 percent taxable revenue gain in February.

In the past 12 months, Downtown Vegas taxable revenue is up 3.8 percent, one of the strongest growth numbers of any region in the state.

Shares of Boyd Gaming Corporation (NYSE: BYD), which operates three downtown casinos, are up 11.5 percent in the past six months. Nevada pure-play Red Rock Resorts Inc (NASDAQ: RRR) is down up 3.8 percent in that time.

Stock Movements

Most Nevada-exposed gaming stocks were trading flat at last check on Tuesday:

  • Boyd was up 0.3 percent.
  • Red Rock Resorts was flat.
  • Wynn was down 0.4 percent.
  • MGM was up 0.4 percent.
  • Las Vegas Sands was up 0.2 percent.

Posted-In: Historic Downtown Las Vegas Las VegasNews Econ #s Best of Benzinga


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