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Vegas Strip Delivers Impressive 21% Gaming Win Growth In August

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Vegas Strip Delivers Impressive 21% Gaming Win Growth In August
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The Nevada state gaming control board released its report Friday on gaming revenue for the Las Vegas area in August. 
 

Nevada's non-restricted gaming licensees reported a total taxable revenue of $930.2 million in August, an 8.8 percent year-over-year increase.
 

Statewide revenue is now up 2.9 percent over the past 12 months.
 

More than $486 million (about 52 percent) of Nevada's statewide gaming revenue in August 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.
 

Gaming win for the Strip was up 21.3 percent from a year ago. Taxable Strip revenue was up 10.7 percent year-over-year in August and is now up just 2.7 percent overall in the past 12 months.

Downtown Vs. Strip

The Strip even outpaced historic downtown Las Vegas in August. Downtown taxable revenue was up 6.4 percent on the month. In the past 12 months, downtown Vegas taxable revenue is up 9.4 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 30.8 percent in the past year.
 

The next major catalysts for casino stocks will be coming Oct. 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.

Related Links:

Vegas Strip Revenue Slumps In July
Downtown Las Vegas Continues To Outshine The Strip

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

 

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