A 2% decline in July revenues on the Strip may not seem like good news but the casinos were competing against the anniversary of a very 
good month for baccarat last year. By comparison, this July saw players drop 35% less money onto the felt, although the house was relatively lucky, its winnings only 21% down. Looking ahead, J.P. Morgan analyst Joseph Greff wrote, “we expect the market to continue to experience volatility in baccarat play given a likely slowdown in Chinese players.”
A slight uptick in coin-in plus tighter holds combined for a 9% increase in slot winnings. Players were luckier at non-baccarat table games, wagering and losing 3% less than last year. Take baccarat out of the equation and Strip revenues would have been up 4%.
Locals play is still cautious, down 2.5%. Downtown continues to enjoy a renaissance, up 6.5%, but the Boulder Strip was 11% off and North Las Vegas was down 9%. In outlying markets, Laughlin was 2% down, Lake Tahoe was minus 7% but Reno was 6% ahead. Percentage-wise the big winners were Elko and Carson Valley, each registering 10% gains.
* Former CEO Seth Schorr having been kicked upstairs to chairman of the board, new Downtown Grand CEO Jim Simms wants to address the “calamity of contradictions” at the property, although there’s one thing he knows he can’t fix: the fact that it’s “two long minutes” from Fremont Street. He effectively quashes sale rumors, being appreciative both of the high quality of the property and the equally high need to get its message out.
* Congratulations to Dan Ingster, newly appointed vice president of 
slot operations at Seminole Hard Rock Hotel & Casino Tampa. Ingster comes to Seminole Gaming by way of manufacturer Rocket Gaming. He got to the top the old-fashioned way, working his way up from being a slot-floor attendant for MGM Resorts International in Las Vegas 15 years ago. We wish him continued success at Hard Rock.
