{"id":27648,"date":"2020-07-30T09:13:20","date_gmt":"2020-07-30T17:13:20","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=27648"},"modified":"2020-08-03T05:47:39","modified_gmt":"2020-08-03T13:47:39","slug":"chilly-june-in-las-vegas","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/chilly-june-in-las-vegas\/","title":{"rendered":"Chilly June in Las Vegas"},"content":{"rendered":"\n
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June revenue on the Las Vegas Strip<\/strong> plunged 61% to $238 million. Locals revenue was down 28% (those stimulus checks only go so far). Statewide, it wasn’t quite so bad, off 46% to $567 million. Casinos reopened June 4, which explains the declivity a little bit, and were operating at half-capacity, which explains a lot more. On the brighter side, locals’ slot handle was only off 16%, “which we view as a positive given properties did not open until June 4th<\/sup>\u00a0and consistent with [Boyd Gaming’s] commentary last night re: a stable LV Locals market,” wrote JP Morgan<\/strong> analyst Joseph Greff<\/strong>. “Similarly, we believe these results reflect LV Strip traffic coming from mostly, if not all, drive-in visitors, operating with limited amenities (F&B, no shows, nightclubs, etc.), and the staggering of reopenings.” Bottom line: buy Boyd and Station Casinos<\/strong> (RRR), sell everybody else.<\/p>\n\n\n\n\n\n\n\n

Strip slot revenue was $113 million, reflecting a 48% decrease in coin-in and low hold\u2014the lowest since December 2015. Table game revenue plummeted 63% to $118 million, only -57% when baccarat is excluded (it suffered a -70% wipeout on anemic hold). Locals revenue was $136 million, reflecting 28% less slot win. Downtown<\/strong> was down 55.5% to $23 million, North Las Vegas<\/strong> -23% to $17.5 million, the Boulder Strip<\/strong> -32.5% to $45 million, miscellaneous Clark County<\/strong> -26% to $73.5 million, while Laughlin<\/strong> suffered little, off 14.5% to $34 million. Lake Tahoe<\/strong>‘s $13 million represented a 20.5% falloff but Reno<\/strong> was down only 8.5%, grossing $46.5 million. Elko<\/strong> was even more resilient, yielding just 3% for a $24.5 million gross. Utah<\/strong> residents must be famished for gambling: Mesquite<\/strong> was up<\/em> 3%, grossing $10 million. And plucky little Wendover<\/strong>, economic barometer of Nevada<\/strong>, was only down 2%, grossing over $16.5 million.<\/p>\n\n\n\n

Don’t look to far out of state for help: Air traffic at McCarran International Airport<\/strong> fell 76.5%, for a comparatively mingy 1 million arrivals and departures (McCarran tried to spin this as a plus). Year to date, air traffic in and out of Las Vegas is down 54%. There were 70\u2014count ’em\u201470 international passengers (via WestJet<\/strong>), which is 100% more than we’ve seen in recent months. Passenger volume heavily favored Southwest Airlines<\/strong>, despite a 63.5% falloff. Losing the least amount of market share was Allegiant<\/strong>, down 56% but notching the second-highest number of travelers. When you do start flying again, expect to pay more for leisure travel, business traffic being so far off, the Wall Street Journal predicts. “If the cost of travel increases for the average traveler, there will be less demand. Smaller airlines, fewer hotels, less choice. Vaya con dios<\/em>, Vegas.<\/p>\n\n\n\n

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June revenue on the Las Vegas Strip plunged 61% to $238 million. Locals revenue was down 28% (those stimulus checks only go so far). Statewide, it wasn’t quite so bad, off 46% to $567 million. Casinos reopened June 4, which … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[88,60,51,14,22,76,49,126,78,79,57,9,19,100,247],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27648"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=27648"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27648\/revisions"}],"predecessor-version":[{"id":27649,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/27648\/revisions\/27649"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=27648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=27648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=27648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}