Skip to main content

Market Overview

Las Vegas Strip Gaming Sales Down Nearly 9% In January

Share:
Las Vegas Strip Gaming Sales Down Nearly 9% In January

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.

Related Links:

Height Sees Little Risk To Wynn Licenses

Susquehanna Upgrades Wynn Resorts Following CEO Departure: 'A Compelling Risk-Reward'

 

Related Articles (WYNN + LVS)

View Comments and Join the Discussion!

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

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com