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Las Vegas Strip Revenue Up 6.3% In May

Las Vegas Strip Revenue Up 6.3% In May
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The Nevada state gaming control board released its report on gaming revenue for the Las Vegas area in May.

What Happened

Nevada's non-restricted gaming licensees reported a total “gaming win” of $1.044 billion in May, a 5.2-percent year-over-year increase.

Statewide revenue is now up 3.1 percent in the current fiscal year.

More than $581 million — about 55 percent — of Nevada's statewide gaming win in May 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. The gaming win for the Strip was up 6.3 percent from a year ago in May.

Strip gaming win is now up 1.7 percent overall in the fiscal year, making the Strip the worst-performing region in the entire state from a growth perspective.

Downtown gaming win was down 3.4 percent on the month and is now up just 3.9 percent in the fiscal year.

Shares of Boyd Gaming Corporation (NYSE: BYD), which operates three downtown casinos, are up 38.7 percent in the past year.

What’s Next

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 over the weekend. Last month, Macau reported 12-percent revenue growth, short of analyst expectations of 17-percent growth.

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