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Vegas Strip Revenue Slumps In July

Vegas Strip Revenue Slumps In July
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The Nevada state gaming control board on Wednesday released its report on gaming revenue for the Las Vegas area in the month of July.

Nevada's non-restricted gaming licensees reported a total taxable revenue of $946.0 million in July, a 0.2 percent year-over-year decrease.

Statewide revenue is now up 2.6 percent over the past year.

More than $519 million (about 55 percent) of Nevada's statewide gaming revenue in July 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 down 5.9 percent year over year in July and is now up just 2.2 percent overall in the past 12 months.

Related Link: Vegas Strip Gaming Win Outpaces State Of Nevada In June

Downtown Vs. Strip

Despite solid numbers from the Strip, historic Downtown Las Vegas once again outpaced the Strip in July, delivering 9.3 percent revenue growth. In the past 12 months, Downtown Vegas taxable revenue is up 9.6 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 31.5 percent in the past six months.

The next major catalysts for casino stocks will be coming on Sept. 1 when Macau reports gross gaming revenue totals for the month of August. The four U.S.-listed Macau gaming stocks are Las Vegas Sands, MGM, Wynn and Melco Resorts & Entertainment Ltd(ADR) (NASDAQ: MLCO).

Disclosure: The author is long MLCO.

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


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