Market Overview

June Marks 5th Straight Month Of Rising Nevada Gaming Win Data

Share:
June Marks 5th Straight Month Of Rising Nevada Gaming Win Data
Related CZR
Jim Cramer Weighs In On Caesars, Iqiyi and More
Jim Cramer Shares His Thoughts On Albermarle, Cisco And More
Vegas room rates tracking solid in Q1 (Seeking Alpha)
Related LVS
Jim Chanos Says He's Been Shorting Casino Stocks Since Summer
Casino Stocks Rip As China's Macau Territory Has Highest Monthly Revenue In 4 Years
29 Firms Going Ex-Dividend Next Week, Including General Electric, Royal Caribbean Cruises And Philip Morris (TalkMarkets)

The Nevada Gaming Control Board on Tuesday released its report on gaming revenue for the Las Vegas area in June.

What Happened

Nevada's non-restricted gaming licensees reported a total “gaming win” of $933 million in June, a 4.7-percent year-over-year increase.

Statewide revenue is now up 3.2 percent in the current fiscal year.

More than $581 million — about 53 percent — of Nevada's statewide gaming win in June came from the Las Vegas Strip.

Why It's Important

Shareholders of strip mega-resort operators Caesars Entertainment Corporation Common Stock (NASDAQ: CZR), Las Vegas Sands Corp. (NYSE: LVS) and MGM Resorts International (NYSE: MGM) watch Strip numbers closely. The gaming win for the Strip was up 5.3 percent from a year ago in June.

Strip gaming win is now up just 2 percent overall in the fiscal year, making the Strip one of the worst-performing regions in the entire state from a growth perspective.

Downtown gaming win was down 4.4 percent on the month and is now up just 3.2 percent in the fiscal year.

Shares of Boyd Gaming Corporation (NYSE: BYD), which operates three downtown casinos, are up 43.6 percent in the past year.

What’s Next

Casino stocks had been on quite a run in the past year on the strength of stable numbers out of Vegas and a strong recovery in Macau, bust shaky Macau numbers the past couple of months have put the casino rally on pause.

Macau is expected to report its monthly revenue report on Tuesday. Last month, Macau reported 12.5-percent revenue growth, short of analyst expectations of at least 17-percent growth.

Related Links:

Analysts Question The Accuracy Of Weekly Macau Estimates

Las Vegas Strip Revenue Up 6.3% In May

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

 

Related Articles (BYD + CZR)

View Comments and Join the Discussion!

3 Reasons Why RBC Craves Texas Roadhouse's Stock

Market Appears More Optimistic Following Tech-Led Selloff