Casino revenue down on the Strip
For the third consecutive month, casino revenue fell on the Las Vegas Strip, the NGCB revealed.
US.- The Nevada Gaming Control Board revealed the Las Vegas casinos financial performance for December 2017 and reported a decrease in revenue for the third month straight. According to the regulator, gaming venues won nearly US$571.5 million during the last month of the year and followed a 6 per cent decline from both October and November.
Tuna Amobi, an analyst at CFRA Research, said: “I am a little surprised with the quickness of the deceleration in the Las Vegas Strip. It’s coming at a point when the Chinese territory of Macau is enjoying a rebound.” However, he highlighted the convention business in the area, which has been holding up despite the Strip’s poor performance overall: “What happens is that convention business has been doing a lot of the heavy lifting for companies like Las Vegas Sands and Wynn Resorts, etc. because that market I think probably has a much longer cycle,” he said.
Furthermore, casino stocks are showing weak reports as Steve Wynn, Wynn Resorts chairman and CEO, was accused of sexual misconduct by several employees. He was quick to deny such allegations but is being thoroughly investigated by regulators in Nevada and all over the world.
“There are still some investigations going on in Boston, in Las Vegas and in Macau — so all of those things are overhang on Wynn Resorts stock,” Tuna Amobi assessed.
