Strip sets all-time record

Could last month’s Las Vegas Strip revenues really have been 46.5% higher than in July 2019? That’s what Wall Street analysts are telling us (Deutsche Bank‘s Carlo Santarelli says he only anticipated +5%) and there’s no reason to doubt them. The $794 million haul is an all-time monthly record for the Strip and a 30% explosion over June’s numbers. The previous all-time high, set in February 2013, was exceeded by $100 million. Locals-derived revenue was much less than expected but still up an impressive 13.5%. The $241 million locals gross would have been fatter had July not ended on a Saturday, leaving some slot lucre still in the hoppers (traditionally dumped on Mondays). Back on the Strip, slot coin-in leapt 36%, for win of $409.5 million. Table play rose 38% and win was up 31% to $226 million, despite lower hold. All-important baccarat saw increased wagering (+25%) and a lucky house, as win rocketed 114.5% upward (on significantly higher hold).

Looser holds and 15% high coin-in on locals slots negated each other for an 8% gain to $198 million. Tables were plenty healthy, though, with $43 million in win representing a 49% increase on 22% greater wagering. Downtown popped 35.5% to $71 million, so it’s no wonder Boyd Gaming is pulling the trigger on a Main Street Station reopening. Reno saw revenues grow 26% to $72.5 million. Not all jurisdictions prospered. North Las Vegas slipped 4% to $26 million, the Boulder Strip stumbled 14% to $70 million and Laughlin was down 2% to $43 million. Miscellaneous Clark County was robust, up 40% to $145 million. What’s truly amazing about the Strip comeback was that it was achieved in a month that saw 8% lower passenger loads into and out of McCarran International Airport than in 2019. 4.1 million people enplaned, almost all of them domestic travelers. Southwest Airlines fairly owned the market with 1.5 million passengers. If $794 million is what the Strip can do in a month like that, one’s mind boggles to think what will happen when the international tourists return en masse.

By contrast, sports betting in Tennessee was tepid last month. Handle bottomed out at $144.5 million. “Even with the NBA Finals and the Olympics this July, there wasn’t nearly as much to engage casual bettors as most any other month of the year,” said PlayUSA analyst Jessica Welman. Revenue was $15 million. Meanwhile, prospective OSB providers continue to rush the market, with Barstool Sports having the edge.

We know by now that what happens in Vegas doesn’t stay there … unless you have the misfortune to expire in Sin City. Then you may be left to the not-so-tender mercies of the Hites Funeral Home & Cremation Service, whose grisly saga is best not read on a full stomach. It’s sordid and gross, and not a lone example of lax oversight of Nevada funeral services. Money quote: “The sheeting over the body was soiled with blood, there were flies landing on the body and an intense odor. The body was warm to the touch.” If Hites can get away with this for years with but an occasional slap on the wrist then we take back every negative thing we’ve ever said about Nevada gaming regulators.

Jottings: Elvis Presley-themed traffic signs in Las Vegas? Why not? They already have them in Germany … While Gov. Phil Murphy (D) dithers, Unite-Here is pressing for a complete smoking ban in Atlantic City. Unfortunately for them, they are up against powerful figures in Trenton … Dominoes continue to topple in Indian Country. Mole Lake Casino in Michigan has been closed through Labor Day due to Covid-19 issues. Rival casino owners the Sokaogon Chippewa Community are offering free play to anyone who can prove they’ve been vaccinated … Scarlet Pearl Casino in Mississippi is making vaccination a condition of employment. One worker walked out rather than get pricked but the initiative seems to be going over well. “We’re not going to compromise on caring,” said Senior Vice President of Marketing Ben Koff … Daily fantasy sports goes live in Arizona this weekend but so far only FanDuel and Penn National Gaming are licensed … The Oakland Athletics continue to play games with Las Vegas, as team execs make a fifth visit to Sin City to suss out potential stadium sites. The ominous phrase “public-private partnership” is being bandied about … Yokohama‘s new mayor is a Communist and he’s preparing to nix any casino project. Japan increasingly looks like a sucker bet.