Las Vegas casinos had another rough month in April

Gaming win on the Las Vegas Strip fell for the third straight month, according to a new report from the Nevada Gaming Control Board.

Statewide gaming win was down 0.5% year-over-year in April to $1.24 billion. The Las Vegas Strip saw a decline in gaming win of 2.9% to $646.9 million, while downtown Las Vegas casinos and locations on the Boulder Strip saw increases during the month.

Las Vegas Strip gaming win was lower for both slot machines and table/counter/card games during the month, despite a solid win percentage of 7.5% for total betting on slot machines and 12.5% for table/counter/card games. Sports betting gaming win rose 38% year-over-year during the month off strong results for basketball games.

Last week, Las Vegas Convention and Visitors Authority CEO and President Steve Hill said the organization and its partners in the resort industry are expecting a downtown in Las Vegas visitation trends this summer. “That downturn could be relatively shallow and relatively short-lived, or there could be decisions that are made that exacerbate it,” noted Hill.

Meanwhile, Wall Street analysts are watching to see of if consumer confidence continues to rebound from the low in March and if declining tourism trends from Canada and Mexico worsen.

Sector watch: Caesars Entertainment (NASDAQ:CZR), MGM Resorts (NYSE:MGM), Boyd Gaming (BYD), Wynn Resorts (WYNN), Full House Resorts (FLL), Bally’s Corporation (BALY), Sportradar (SRAD), Genius Sports (GENI), and Red Rock Resorts (RRR).