Nevada Gambling Revenues Rise Slightly in October
In its latest report on gambling revenues in the state, the Nevada Gaming Commission said that total revenue for October 2012 came in at $979 million, up 1.9% compared with October 2011. The Las Vegas Strip accounted for more than half of the state's revenue, with an October total of $581 million, up 3.6% from October 2011.
MGM Resorts International (NYSE: MGM), Wynn Resorts Ltd. (NASDAQ: WYNN), and Las Vegas Sands Corp. (NYSE: LVS) have posted either a modest loss for the past month or, in the case of MGM, an 8% gain. Ceasars Entertainment Corp. (NASDAQ: CZR) is up 37% in the same month, even though the company still labors under a mountain ($20 billion) of debt.
Over the past 12 months, the story is significantly differ, at least for Ceasar's, which is down 53%. MGM shows a share price gain of about 4% for the past 12 months, while Wynn is down about 3% and Las Vegas Sands is down about 4%.
Revenue to the state of Nevada has dropped from $1 billion in July, and is up 4.6% statewide. Revenue from the Strip was up 7.4% in October, comparable to a rise of 7.9% in Macau.The revenue base from Macau, however, is expected to be six times larger than 2012 revenue in Las Vegas.
Filed under: 24/7 Wall St. Wire, Casinos & Hotels Tagged: CZR, featured, LVS, MGM, WYNN