Strip sizzles, locals thriftier; Penn’s pride and joy

While tourists were more open-handed than ever, cash flow among Las Vegas locals may be drying up, as win/day fell 11% from September. By contrast, the same metric from the Las Vegas Strip was +6%. Further tipping the scales against locals-oriented casinos was the fact that Oct. 31 fell on a Sunday, meaning that two days of weekend slot revenue will be sloughed into November, per ancient Nevada accounting quirk. No need for crying towels: Locals still shed 3% more than in 2019. Slot win was up 2% on 11% more coin-in. That paled in comparison to the Strip, though, up a whopping 30%. Strip slot revenue of $368 million rose 21% on 26% more coin-in (and lower hold) while non-baccarat table win was 26% higher on 49% greater wagering. But the number that gladdened casino executives’ hearts the most was the amazing, 63% rise in baccarat win ($91 million)—even before international players have returned in earnest—despite 13% less wagering. Overall, Strip casinos won $702 million.

All this was accomplished in an October in which visitation was down 8% from two years ago, which says a lot about the f-you money Americans have to blow on a Vegas vacation. 3.4 million visitors was a 16% acceleration from September and puts quite a tailwind into the winter months. Occupancy was 81.5%, enabling resorts to realize $154/night in revenue per available room, as average daily rates shot up 26%. The weekday/weekend split was 77.5% occupancy vs. 90.5%, with an “improving convention segment” credited. Airline passenger loads were down 9% but drive-in traffic was up 5% overall and 11% from California, further fueling the recovery.

Except for miscellaneous Clark County ($132 million, +19%), all jurisdictions paled in comparison to the Strip. Downtown casinos won $76 million, up 11%, Boulder Strip ones pulled in $68 million (-14%), meaning ‘Don’t reopen Eastside Cannery yet, Boyd Gaming.’ A pallid North Las Vegas was down 13% to $23 million and Laughlin slipped 7.5% to $41 million. Reno swelled 17.5% to $72.5 million and Lake Tahoe grossed $16 million (-18%), suggesting a hangover from the Caldor wildfires. The Elko area, which includes Wendover, grew 28% to $32 million, so say a thank-you to all those Utah-fleeing customers.

‘Stool sample: New York Magazine takes a deep dive into the septic tank that is the world of Barstool Sports founder Dave Portnoy, aka “the King of the Dipshits.” A typical Portony-ism: “Even though I never condone rape, if you’re a size 6 and you’re wearing skinny jeans you kind of deserve to be raped right?” Even though it has cost Penn National Gaming a shot at New York State, Penn CEO Jay Snowden‘s bromance with Portnoy continues to blow fervidly (although Snowden recently issued a non-apology apology to Penn employees for some certain Portnoy escapades). Barstool is a cash cow and is long as it keeps pumping out gold-plated manure, Penn is evidently prepared to follow it as low as Portnoy can go.