Gaming win on the Las Vegas Strip decreased 5.5% in September to $687.8 million on a year-over-year comparison. The report from the Nevada Gaming Control Board confirms concerns of weak tourism trends in Q3, particularly from international visitors.
Statewide gaming win was down 2.3% year-over-year in September to $1.28 billion. Downtown Las Vegas casinos saw gaming win fall 2.0% during the month to $89.3 million. Meanwhile, Reno casinos reported gaming win increased 5.2% during the month to $75.6 million.
Across the state, gaming win was up 4.8% for the slot machine business on a win percentage of 7.7%. Table/counter/card game gaming win plunged 16.8% on a win percentage of 12.1%. Baccarat revenue was down 44% during the month, while roulette gaming win was down 20.4%. Gaming win at sportsbooks declined 32.8% year-over-year, due partially to low hold rates for football and baseball.
With its earnings report on Tuesday, Caesars Entertainment (CZR) noted that Las Vegas trends were weak in Q3, with revenue for their Strip properties falling nearly 10% year over year and adjusted EBITDA dropping almost 19%. CEO Tom Reeg described the period as a difficult summer with leisure demand softness, lower citywide visitation, and average daily rates down over 5% compared to last year. Occupancy fell to 92% from 97% a year ago, and table-game hold was significantly lower, which also weighed on the company’s results.
Sector watch: Caesars Entertainment (CZR), MGM Resorts (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).