With Macau’s gaming recovery beginning to gain momentum, Las Vegas hit a bit of a bump in the road in April.
Nevada’s state gaming control board released its report Wednesday on gaming revenue for the Las Vegas area in the month of April. Here’s a brief overview.
The Numbers
Nevada’s non-restricted gaming licensees reported a total taxable revenue of $854.8 million in April, a 0.1-percent year-over-year increase.
Statewide revenue is now up 2.9 percent in the past 12 months.
Las Vegas Strip
More than $446 million (about 52 percent) of Nevada’s statewide gaming revenue in April came from the Las Vegas Strip.
Shareholders of strip mega-resort operators Wynn Resorts, Limited WYNN, Las Vegas Sands Corp. LVS and MGM Resorts International MGM are watching Strip numbers closely.
Taxable revenue for the Vegas Strip was down 4.9 percent year over year in April but remains up 2.7 percent in the past 12 months.
Downtown Vegas
Historic Downtown Las Vegas, which has performed well in recent months, followed a huge March with another impressive 18.3-percent taxable revenue gain in April.
In the past 12 months, Downtown Vegas taxable revenue is up 8.6 percent, the strongest growth number of any region in the state.
Shares of Boyd Gaming Corporation BYD, which operates three downtown casinos, are up 32.8 percent in the past year. Nevada pure-play Red Rock Resorts Inc RRR is up 17.1 percent in that time.
Next Catalyst
After multiple analyst upgrades and positive data out of Macau in 2017, shares of Macau operators Las Vegas Sands, MGM, Wynn and Melco Resorts & Entertainment Ltd(ADR) MLCO have been on fire this year. The stocks are…
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