With revenue in the world's largest gaming destination – Macau, China – still depressed, casino investors are looking to the state of Nevada for some much-needed revenue growth this year.
The state's Gaming Control Board has released its report on gaming revenue for the month of March. Here's a brief overview.
Nevada's non-restricted gaming licensees reported a total "gaming win" of $922,272,002 in March, a 3.0 percent year-over-year decrease.
The fiscal year has been solid for the state of Nevada so far. Total win from July 1, 2015, through the end of March is up 1.0 percent compared to the same period a year ago.
Las Vegas Strip
More than $486 million (about 53 percent) of Nevada's total gaming win in March came from the Las Vegas Strip.
Shareholders of strip mega-resort operators Wynn Resorts, Limited (NASDAQ: WYNN), Las Vegas Sands Corp. (NYSE: LVS), MGM Resorts International (NYSE: MGM) and Caesars Entertainment Corp (NASDAQ: CZR) are watching Strip numbers closely.
Win numbers for the Vegas Strip were down 3.9 percent year-over-year in March following February’s 7.3 percent gain. The current fiscal year total for the Strip is now -0.1 percent below last fiscal year's running total.
Historic Downtown Las Vegas, which has performed extremely well in recent months, delivered a lackluster 4.1 percent year-over-year revenue decline in March. Fiscal year numbers for Downtown Vegas remain 7.4 percent ahead of last year's numbers, the best growth of any region in the state.
Shares of Boyd Gaming Corporation (NYSE: BYD), which operates three downtown casinos, are up 49.7 percent in the past year.
Disclosure: The author holds no position in the stocks mentioned.
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- Macau Revenues Come Up Short In March: What You Should Know
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