As if Wynn Resorts, Limited WYNN 2.11%‘s Q1 earnings report wasn’t bad enough news for Las Vegas casino operators, even more bad news came out of the state of Nevada on Wednesday. The state’s Gaming Control Board released its report on the gaming revenue for the month of March. Here’s a summary of the report.
The Numbers
Nevada’s nonrestricted gaming licensees reported a total “gaming win” of $951,245,276 in March, a 3.15 percent year-over-year decrease. The updated fiscal year picture is not much better, as total win from July 1, 2014 through the end of March is down 2.12 percent from the same period a year ago.
Las Vegas Strip
More than $507 million (over 53 percent) of Nevada’s total gaming win in March came from the Las Vegas Strip. Shareholders of strip mega-resort operators Wynn, Las Vegas Sands Corp. LVS 0.04%, MGM Resorts International MGM 0.19% and Caesars Entertainment Corp CZR 1.28% are watching Strip numbers closely.
Win numbers for the Vegas Strip were some of the weakest in the state, as the March number represented a 9.58 percent year-over-year decline. However, the current fiscal year totals for the Strip are the worst of any gaming area in the state, lagging the state’s overall numbers and trailing the previous fiscal year’s total by 4.81 percent.
Downtown Vegas
While the Vegas Strip is struggling, historic Downtown Las Vegas’ numbers continue to be relatively strong. Fiscal year numbers for Downtown Vegas are slightly ahead of last year’s numbers, but the March total gaming win for downtown was $53,569,175, a 4.59 percent increase from last March’s numbers. Shares of Boyd Gaming Corporation BYD 0.46%, which operates three downtown casinos, were trading down about 0.83 percent.
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