April saw mixed fortunes the Las Vegas Strip. Although overall gambling revenue was only up 1.5%, winning percentages tended to favor the house by considerable amounts. For instance, although baccarat players wagered 21% more but house win was up 10%. “While we expect the market to continue experiencing volatility in baccarat play given a slowdown in Chinese players, this drag should moderate,” wrote JP Morgan analyst Joseph Greff. Other table games (in which Nevada now includes poker) saw 11% higher wagering but less than 2% more house win. Players were luckiest at the slots, with casino win down 4% on 1.5% higher coin-in. In an odd accounting quirk, slot handle was fully counted (although April ended on a Saturday) but revenue was not.
Downtown Las Vegas had a bad month, off 13.5%, while North Las Vegas dropped 14% and the Boulder Strip dropped off a staggering Continue reading