Las Vegas Strip Revenue Up 9.7% In June
With revenue in the world's largest gaming destination — Macau, China — still depressed, casino investors are looking to the state of Nevada for some much-needed revenue growth this year.
The state's gaming control board has released its report on gaming revenue for the month of June. Here's a brief overview.
The Numbers
Nevada's non-restricted gaming licensees reported a total "gaming win" of $883,125 in June, a 6.9 percent year-over-year increase.
June marked the end of a solid fiscal year for Nevada, with this year’s total gaming win coming in 1.1 percent higher than the previous fiscal year’s total.
Las Vegas Strip
More than $488 million (about 55 percent) of Nevada's total gaming win in June came from the Las Vegas Strip.
Shareholders of strip mega-resort operators Wynn Resorts, Limited (NASDAQ: WYNN), Las Vegas Sands Corp. (NYSE: LVS), MGM Resorts International (NYSE: MGM) and Caesars Entertainment Corp (NASDAQ: CZR) are watching Strip numbers closely.
Win numbers for the Vegas Strip were up 9.7 percent year-over-year in June following May’s 11.6 percent decline. The Strip finished the fiscal year about 0.6 percent below last year’s revenue total.
Downtown Vegas
Historic Downtown Las Vegas, which has performed extremely well in recent months, followed a strong May with a 1.6 percent year-over-year revenue gain in June. Fiscal year totals for Downtown Vegas came in 6.6 percent ahead of last year's numbers, the best growth of any region in the state.
Shares of Boyd Gaming Corporation (NYSE: BYD), which operates three downtown casinos, are up 13.9 percent in the past year.
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