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Vegas Strip Revenue Jumps 9% In March

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Vegas Strip Revenue Jumps 9% In March
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The Nevada state gaming control board released its report on gaming revenue for the Las Vegas area in March.

What Happened

Nevada's non-restricted gaming licensees reported a total “gaming win” of $1.024 billion in March, a 3.3 percent year-over-year increase.

Statewide revenue is now up 2.4 percent in the current fiscal year.

More than $573 million (about 56 percent) of Nevada's statewide gaming win in March 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 up 9.1 percent from a year ago in March.

Strip gaming win is now up 0.8 percent overall in the fiscal year, making the Strip the worst-performing region in the entire state from a growth perspective.

Downtown Vs. Strip

Downtown gaming win was down 14.1 percent on the month and is now up just 3.5 percent in the fiscal year.

Shares of Boyd Gaming Corporation (NYSE: BYD), which operates three downtown casinos, are up 47.4 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 before the market open next on Tuesday. Last month, Macau reported 22 percent revenue growth, topping consensus analyst expectations of 13 to 18 percent growth.

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

 

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