With Macau’s gaming recovery really starting to gain momentum, Las Vegas is off to a solid start to 2017 as well.
On Wednesday, The Nevada state gaming control board has released its report on gaming revenue for the Las Vegas area in the month of March. Here’s a brief overview.
The Numbers
Nevada’s non-restricted gaming licensees reported a total taxable revenue of $1.006 billion in March, a 7.0 percent year-over-year increase.
Statewide revenue is now up 2.4 percent year-to-date.
Las Vegas Strip
More than $543 million (about 54 percent) of Nevada’s statewide gaming revenue in March came from the Las Vegas Strip.
Shareholders of strip mega-resort operators Wynn Resorts, Limited WYNN 1.75%, Las Vegas Sands Corp. LVS 0.43% and MGM Resorts International MGM 0.42% are watching Strip numbers closely.
Taxable revenue for the Vegas Strip was up 7.8 percent year-over-year in March and is now up 2.0 percent year-to-date.
Downtown Vegas
Historic Downtown Las Vegas, which has performed extremely well in recent months, followed a solid February with a huge 18.4 percent taxable revenue gain in March.
So far in 2017, Downtown Vegas taxable revenue is up 14.1 percent, the strongest growth number of any region in the state.
Shares of Boyd Gaming Corporation BYD 0.41%, which operates three downtown casinos, are up 22.9 percent in the past six months. Nevada pure-play Red Rock Resorts Inc RRR 0.04% is up 4.1 percent in that time.
Next Catalyst
After multiple analyst upgrades and positive preliminary data out of Macau, shares of Macau operators Las Vegas Sands, MGM, Wynn and Melco Resorts & Entertainment Ltd(ADR) MLCO 0.8% have been on fire in April. The stocks are…
Click here to continue reading
Want to learn more about how to profit off the stock market? Or maybe you just want to be able to look sophisticated in front of your coworkers when they ask you what you are reading on your Kindle, and you’d prefer to tell them “Oh, I’m just reading a book about stock market analysis,” rather than the usual “Oh, I’m just looking at pics of my ex-girlfriend on Facebook.” For these reasons and more, check out my book, Beating Wall Street with Common Sense. I don’t have a degree in finance; I have a degree in neuroscience. You don’t have to predict what stocks will do if you can predict what traders will do and be one step ahead of them. I made a 400% return in the stock market over five years using only basic principles of psychology and common sense. Beating Wall Street with Common Sense is now available on Amazon, and tradingcommonsense.com is always available on your local internet!
