Most of the areas (or companies) you mention are lumped by the Nevada Gaming Control Board into the "balance of Clark County" category. However, in the most recent set of data, released Nov. 27, results for October were largely positive. North Las Vegas was down a fraction of a percentage point but Boulder Strip (+2.8%), Mesquite (+1.8%), and "balance of Clark County" (+4.9%) were all on the rise. Only downtown Vegas disappointed, reporting 2.9% less win than in October 2012.
These off-Strip markets can be volatile. Just a month earlier, North Las Vegas – where Station is heavily concentrated -- leapt 14.3%, "balance of Clark County" was down 1.5%, and Mesquite was down as much as it would be up in October. Downtown revenues rose 2%. The Boulder Strip was relatively stable, dipping just half a percentage point.
Going back one month further, we find North Las Vegas (one of the hardest-hit areas of the Las Vegas economy) diving 18.3% in August. Downtown fell 8.3%. The Boulder Strip was hurting, too, down 12.7%. Mesquite was much better off, down but 1.4% and "balance of Clark County" was 4.5% up. So, if last month’s positive results can be maintained, it would appear that the non-Strip casinos are on a positive trajectory after the harsh results of late summer.
J.P. Morgan analyst Joseph Greff visited Las Vegas recently and had this take on the locals market: "Gaming revenues here are growing slowly despite positive Clark County economic indicators (real estate values increasing, unemployment lower, retail sales improving), and slow growth is likely being driven by stagnating wage increases and stubbornly low average hours worked per week. The positive is that the LV locals market remains rational in terms of marketing, advertising, and … comps." (That means less comping, alas.) So stay hopeful, friends.
