Silver State gaming revenues were down 22% last month, largely retarded by the Las Vegas Strip (-39%), while locals revenues showed remarkable strength, rising 10%—particularly impressive given the high level of unemployment in Nevada. The statewide gross was $743 million: not the good old days but encouraging nonetheless. Strip slots ($174 million) were down 33% on 27% less coin-in, while baccarat plunged 55% on 18% lower wagering, meaning the casinos got their collective clock cleaned by the high rollers. All other table games were down 39% on 31.5% less betting. Inclusive of baccarat, tables grossed $139 million.
Locals slot win was aided by a weak August 2019 comparison but the haul was up 12% despite 7% lower coin-in. Wrote JP Morgan analyst Joseph Greff, “we view this report as strong considering present gaming capacity constrictions.” He continues to like Station Casinos and Boyd Gaming over Strip-dependent stocks. (The locals numbers might encourage Frank Fertitta III to take the wraps off Texas Station, Fiesta Henderson and Fiesta Rancho—and keep them firmly on the Strip-ish Palms Casino.)
