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 has released its report on gaming revenue for the month of December. Here's a summary of the report.
The Numbers
Nevada's non-restricted gaming licensees reported a total "gaming win" of $982,060,730 in December, a 3.3 percent year-over-year (Y/Y) increase.
The first half of the fiscal year has been encouraging for the state of Nevada. Total win from July 1, 2015, through the end of December is up 1.1 percent from the same period a year ago.
Las Vegas Strip
More than $600 million (about 61 percent) of Nevada's total gaming win in December 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.
Related Link: Why Credit Suisse Is Still Waiting To Upgrade Wynn Resorts
Win numbers for the Vegas Strip were up 8.2 percent Y/Y, an improvement upon November’s 5.3 percent increase. The current fiscal year total for the Strip is now only 1.0 percent below last fiscal year's running total.
Downtown Vegas
Historic Downtown Las Vegas, which has performed relatively well in recent months, delivered a huge 25.2 percent Y/Y revenue gain in December. Fiscal year numbers for Downtown Vegas are now 9.4 percent ahead of last year's numbers, the best numbers of any region in the state.
Shares of Boyd Gaming Corporation BYD, which operates three downtown casinos, are up 32.9 percent in the past year.
Disclosure: The author owns shares of Wynn Resorts.
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