With revenue in the world’s largest gaming destination, Macau, China, continuing to decline, casino investors have been looking to the state of Nevada for some much-needed good news this year. The state's Gaming Control Board recently released its report on gaming revenue for the month of August. Here’s a summary of the report.
The Numbers
Nevada’s non-restricted gaming licensees reported a total “gaming win” of $908,240,074 in August, a 1.39 percent year-over-year decrease.
The fiscal year is off to a slow start for the state of Nevada. Total win from July 1, 2015, through the end of August is down 1.1 percent from last year.
Las Vegas Strip
More than $527 million (about 58 percent) of Nevada’s total gaming win in August came from the Las Vegas Strip.Shareholders of strip mega-resort operators Wynn Resorts, Limited WYNN, Las Vegas Sands Corp. LVS, MGM Resorts International MGM and Caesars Entertainment Corp CZR are watching Strip numbers closely.
Win numbers for the Vegas Strip were down 4.6 percent year-over-year (Y/Y), a slight drop off from July’s 2.1 percent decline. The current fiscal year totals for the Strip remain 3.4 percent below last fiscal year’s running total.
Downtown Vegas
While the Vegas Strip is struggling, historic Downtown Las Vegas’ numbers continue to be among the strongest in the state. Fiscal year numbers for Downtown Vegas are 10.5 percent ahead of last year’s numbers, and the August total gaming win for downtown was $39,979,250 – a 15.0 percent increase from last August’s numbers.
Shares of Boyd Gaming Corporation BYD, which operates three downtown casinos, are up 2.7 percent on Wednesday following the release of the latest numbers out of Vegas.
Disclosure: The author holds no position in the stocks mentioned. Image Credit: Public Domain© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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