Ever unpredictable, the Las Vegas Strip boomed last month, as gross gaming revenue shot up 18% (propelled by baccarat) to $616.5 million. Statewide, gambling win leapt 11.5% for a grand total of $1 billion. Perhaps it’s 
coincidental—but surely not—that McCarran International Airport set a June record for arrivals and departures. Strip slot win was up 10% on 8% higher coin-in while baccarat win rocketed an eye-popping 117% on only 20% higher wagering. The house, if it needs saying, played very luckily. Not on non-baccarat games, however: Win was down 10% on 7.5% less wagering. The June numbers helped out a 2Q19 that had been rather lackluster, up less than 1% for the quarter on 3% less table win and 4% greater slot win. The gross-revenue and baccarat comparisons for July will be easy, so it will be interesting to see if the Strip can repeat June’s command performance.
Since June ended on a weekend, two days of slot revenue got pushed into July. This was bad luck for the locals casinos, who could only report 7.5% greater slot win on 1% more coin-in. Table game numbers are not available but they must have been soft, 
as the growth in locals revenue aggregated to a 6.5% increase. Downtown ($52 million) fared exceptionally well, up 18.5%—remember when you couldn’t anybody to go there? North Las Vegas ($23 million) jumped 13%, the Boulder Strip ($66.5 million) rose 9.5% and Laughlin ($39.5 million) gained 8.5%. As for the rest of Clark County, it was 3% up to $99 million. Evidently people were having too much fun in the sun to gamble in Reno ($51 million) or Lake Tahoe ($16.5 million). They were down an ouch-inducing 14% and 12% respectively.
Getting back to the Vegas area, June visitation was 3.6 million, a 1% uptick. This led to 92% occupancy and ADRs rising 3%. Convention attendance gained 3%, with 514,000 conventioneers hitting town. In addition to heavy air traffic, auto visitation was strong, up 2.5%
Boyd Gaming‘s 2Q19 locals numbers came in lower than JP Morgan analyst Joseph Greff expected, but that was more than compensated for with strong Downtown performance (11% higher than expectations, with Hawaii-derived play continuing to grow), lower corporate expenses, and a boost from the Midwestern and Southern casinos. Greff applauded Boyd’s deleverage and “attractive” cash flow. Its former Pinnacle Entertainment assets and Valley Forge Resort Casino acquisition got an atta boy for “contributing nicely to margin gains and EBITDA growth.” All this moved Greff to raise his price target on Boyd to $33/share.
* What is it about the word “link” that gets Las Vegas casino executives in such a lather? The Strat is beginning a revamp of its rambling casino floor with an all-Aristocrat Technologies games zone called Link™ Slot Lounge. As 
you can see, they trademarked “Link” just to be safe and presumably in case any Caesars Entertainment boffins started thinking “copyright infringement.” Located near the BLVD & MAIN Taproom, the new slot parlor features 44 Aristocrat machines under a ceiling comprised of triangular mirrors. (No, I don’t know what the triangles signify.) The inspiration for the “Link” moniker comes from Aristocrat’s own Link series of slot machines, which will be showcased in the new lounge.
As for the larger casino remodel, Strat execs promise to have it finished by years end. It will cover 80,000 square feet, 750 slots and 44 tables. The style will be “inspired by the sky, sun, stars and moon with tones of blue and amber; the signature color the same sky blue that is used in the property’s new logo. The ceiling design is accentuated by an elegant box-like light filled extrusions for dimensionality within the ceiling elements.” I wonder if any other game makers will get exclusive showcases? We’ll follow this with interest.
* Congratulations to the Las Vegas Aviators for leading Minor League Baseball in attendance. BaseballParks.com was moved to name the Aviators’ new venue the 20th Annual Ballpark of the Year. The award, which covers major- and minor-league parks alike, is determined by “best combination of site selection, exterior appearance, architectural design, and fan amenities.” Maybe so, but I’ll always have a soft spot for home-run-friendly Cashman Field, so near Downtown.
