Las Vegas Strip gaming win falls amid weak trends for table games and sportsbooks

[Beautiful Las Vegas after Sunset]
4kodiak/iStock Unreleased via Getty Images

Gaming win on the Las Vegas Strip decreased 5.5% in September to $687.8 million on a year-over-year comparison. The report from the Nevada Gaming Control Board confirms concerns of weak tourism trends in Q3, particularly from international visitors.

Statewide gaming win was down 2.3% year-over-year in September to $1.28 billion. Downtown Las Vegas casinos saw gaming win fall 2.0% during the month to $89.3 million. Meanwhile, Reno casinos reported gaming win increased 5.2% during the month to $75.6 million.

Across the state, gaming win was up 4.8% for the slot machine business on a win percentage of 7.7%. Table/counter/card game gaming win plunged 16.8% on a win percentage of 12.1%. Baccarat revenue was down 44% during the month, while roulette gaming win was down 20.4%. Gaming win at sportsbooks declined 32.8% year-over-year, due partially to low hold rates for football and baseball.

With its earnings report on Tuesday, Caesars Entertainment (CZR [https://seekingalpha.com/symbol/CZR]) noted that Las Vegas trends were weak in Q3, with revenue for their Strip properties falling nearly 10% year over year and adjusted EBITDA dropping almost 19%. CEO Tom Reeg described the period as a difficult summer with leisure demand softness, lower citywide visitation, and average daily rates down over 5% compared to last year. Occupancy fell to 92% from 97% a year ago, and table-game hold was significantly lower, which also weighed on the company's results.

SECTOR WATCH: Caesars Entertainment (CZR [https://seekingalpha.com/symbol/CZR]), MGM Resorts (MGM [https://seekingalpha.com/symbol/MGM]), Boyd Gaming (BYD [https://seekingalpha.com/symbol/BYD]), Wynn Resorts (WYNN [https://seekingalpha.com/symbol/WYNN]), Full House Resorts (FLL [https://seekingalpha.com/symbol/FLL]), Bally's Corporation (BALY [https://seekingalpha.com/symbol/BALY]), Sportradar (SRAD [https://seekingalpha.com/symbol/SRAD]), Genius Sports (GENI [https://seekingalpha.com/symbol/GENI]), and Red Rock Resorts (RRR [https://seekingalpha.com/symbol/RRR]).

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