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Las Vegas Strip Gaming Sales Down Nearly 9% In January

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Las Vegas Strip Gaming Sales Down Nearly 9% In January
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The Nevada state gaming control board released its report on gaming revenue for the Las Vegas area in January.

Nevada's non-restricted gaming licensees reported a total “gaming win” of $1.015 billion in January, a 2 percent year-over-year decrease.

Statewide revenue is now up 1.5 percent in the current fiscal year.

More than $554 million (about 55 percent) of Nevada's statewide gaming win in January came from the Las Vegas Strip.

Why It's Important

Shareholders of strip mega-resort operators Wynn Resorts, Limited (NASDAQ: WYNN), Las Vegas Sands Corp. (NYSE: LVS) and MGM Resorts International (NYSE: MGM) watch Strip numbers closely. Gaming win for the Strip was down 8.8 percent from a year ago in January.

Strip gaming win is now down 1.6 percent overall in the fiscal year, making the Strip the only region in the state experiencing negative revenue growth.

Downtown Vs. Strip

Downtown gaming win was up 1.7 percent on the month and is now up 6.9 percent in the fiscal year, making it one of the best-performing regions of the state in the current year.

Shares of Boyd Gaming Corporation (NYSE: BYD), which operates three downtown casinos, are up 78.5 percent in the past year.

Casino stocks have been on quite a run in the past year on the strength of stable numbers out of Vegas and a strong recovery in Macau. Macau reported its first annual revenue gain in three years in 2017, with gross gaming revenue jumping 19 percent last year. Macau is expected to report its monthly revenue report on Thursday before the market open.

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Posted-In: Las Vegas Las Vegas Strip MacauNews Econ #s Best of Benzinga

 

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