Nevada Gambling Revenues Pop in July (MGM, LVS, WYNN, CZR)
In its latest report on gambling revenues in the state, the Nevada Gaming Commission said that total revenue for July 2012 came in at $1 billion, up 17% compared with July 2011. The Las Vegas Strip accounted for more than half of the state's revenue, with a July total of $597.5 million, up 21% from June 2011.
Here are a few interesting numbers for the Nevada report:
- Total slot machine revenue represented about 59% of the state's win at all the state's casinos.
- Penny slots provide more than 5x the revenue of dollar machines at all casinos.
- On the Las Vegas Strip, table games revenues jumped 45%, while slot machine revenue was up 11%.
- Slot machines account for about 42% of revenues on the Strip.
MGM Resorts International (NYSE: MGM), Ceasars Entertainment Corp. (NASDAQ: CZR), Wynn Resorts Ltd. (NASDAQ: WYNN), and Las Vegas Sands Corp. (NYSE: LVS) have all posted gains in the past week, with MGM up nearly 11%. The story for the past year is far different, however, as only MGM has managed to put up a gain over the past 12 months. Ceasar's is down 53% since its IPO in February and Wynn is down more than 30% over the last year.
The Gaming Control Board's full report is available here.
Filed under: 24/7 Wall St. Wire, Casinos & Hotels Tagged: CZR, LVS, MGM, WYNN