Nevada’s casino industry overcame gaming revenue declines on the Las Vegas Strip and in Reno to post its first month in the black since June.
Boosted by double-digit percentage increases from three Southern Nevada markets gaming win statewide inched up in September by 1.2 percent to $991.2 million compared to September 2017, according to figures released by the state Gaming Control Board.
It was a tough month on the Strip, with win falling 3.7 percent to $546 million. In Reno, revenue dipped 1.5 percent to $57.8 million, the first decline in the larger Washoe County market in 16 months.
The fall-off on the Strip was not unexpected, however, based on forecasts from some of the large listed operators that third-quarter numbers would be down.
Las Vegas Convention and Visitors Authority figures for September show tourism in Southern Nevada was down 3.1 percent to 3.4 million visitors, due in part to one fewer weekend day compared to a year ago and a 5.6 percent decline in convention attendance.
In light of which, Credit Suisse gaming analyst Cameron McKnight said the Strip’s performance was “much better than feared”. He added that third-quarter concerns within the investment community were “overdone,” citing healthy slot machine and mass-market table game volumes as proof that the “everyday” customer is “doing well.”
Slot win grew 5 percent for the month and handle was up 3 percent. Wagering on blackjack, roulette and craps was up a combined 5 percent.
It was largely baccarat that drove the Strip decline. Win was down 27 percent on a 14.6 percent drop in volume. But as Macquarie Securities gaming analyst Chad Beynon pointed out operators held a paltry 9.9 percent on the game, the lowest win rate in three years.
Off the Strip it was a good month. North Las Vegas was up 22.4 percent, Downtown Las Vegas was up 11.6 percent and the Boulder Strip, which includes the suburb of Henderson, was up 27.45 percent.
Several areas of rural Nevada also did well. Elko County’s gaming revenue was up 12.8 percent, Carson Valley’s increased by 10.5 percent.
Year on year through September, statewide win is up 2 percent.
