July revenue numbers are in for Nevada (-26% statewide) and the Strip is expectedly poor, down 39% ($330 million) and locals play is unexpectedly strong, off only 8% from last year. The statewide gross was $757 million and locals slot win was down 9% on 21% less coin-in, which implies some mighty tight holds. “The LV Locals market is exhibiting a faster recovery than the LV Strip GGR, which makes sense given the general Clark County area population (benefit from [Paycheck Protection Program]/unemployment checks) and retiree base in the area,” wrote JP Morgan analyst Joseph Greff, who added, “We continue to prefer LV Locals exposed operators … over LV Strip operators.” Think globally, buy locally!
Strip slots won $183 million, on 37% less coin-in and 8% hold. Table win plunged 39% ($140 million) due to 44% less wagering. Baccarat win fell 21%, thanks to tight hold, as wagering tumbled 39%. Downtown felt the pain, too, plummeting 20.5% to $41 million, while North Las Vegas toppled 28.5% to $19 million. The Boulder Strip was off 20% to $65.5 million and outlying Clark County was actually up, gaining 6% to $110 million. Given those numbers, we don’t think Boyd Gaming and Station Casinos execs will be hastening to reopen mothballed properties as—unlike Greff—we see continued softness on the Boulder Strip, in North Las Vegas and downtown. Reno was only off 10% but volatile Lake Tahoe receded 40% (in high season) to $21 million. Laughlin dipped 17% to $36.5 million and Elko held its ground at -5% ($24.5 million). One drive-in market came through big-time: Utah. Revenues in Mesquite were flat at $10 million while trusty Wendover was down only 4%, banking $16.5 million. Thank you, Church of Latter-Day Saints.
