Gaming win on the Las Vegas Strip increased on a year-over-year comparison in July in a report that could boost sentiment in the closely watched sector.
Statewide gaming win was up 4.0% year-over-year in June to $1.31 billion. The Las Vegas Strip saw a solid increase in gaming win of 5.6% to $709.3 million. Downtown Las Vegas casinos saw gaming win rise 3.6% during the month to $71.8 million. Meanwhile, Reno casinos saw gaming win increase 9.9% during the month to $69.3 million.
Across the state, gaming win was up 2.7% for the slot machine business on a win percentage of 7.4%. Table/counter/card game gaming win shot up 7.1% on a strong win percentage of 15.8%. Baccarat revenue was up 16.9% during the month against a soft comparable from a year ago. Craps and roulette gaming win were up at a double-digit pace. Gaming win at sportsbooks rose 9% year-over-year for the traditionally slow month of July.
Las Vegas tourism trends have been soft this year, with visitor volume, hotel occupancy rates, average daily room rates, and airport passenger traffic all down compared to a year ago. High resort fees and rising service prices are considered a major factor, as well as soft international tourism trends, especially from Mexico and Canada, per analysts sizing up recent data.
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).