Las Vegas Strip casino revenues fell 4% in February, in a month that was mildly positive on a statewide basis, up 1%. Blame baccarat: Play was down 22%, although players took the 
house to the cleaners, with casino win down 23%. Were it not for the baccarat blowout, Strip gaming revenues would have been up 3%. J.P. Morgan analyst Joseph Greff wrote that “the market should continue to experience volatility in baccarat play given the slowdown in Chinese players; that said, non-baccarat table and slot handle volumes are getting better,” adding that slot revenue numbers were artificially low because the month ended on a Saturday. (Weekend slot play isn’t counted until Monday.) Even so, slot win rose 4.5%, even on 2% lower coin-in. Non-baccarat table play was flat, grossing $165 million.
For a change, locals play outdid the Strip, rising 4%, even with Downtown only up 1% and North Las Vegas flat. Laughlin, however, enjoyed a 7% boost and the Boulder Strip rolled up an 11% increase. Reno revenues rose 3% and Lake Tahoe enjoyed what is, for it, a stable month, up 5%. Meanwhile, elsewhere in Nevada, the scars of the Great Recession continue to heal over.
Deutsche Bank analyst Carlo Santarelli blamed the Strip’s anemia on “a lighter large-scale convention calendar for the month … as large scale convention attendees were down 14% y/y.” On the Strip, The Cosmopolitan of Las Vegas reported a 13% increase in net revenue, to $739 million, and its operating loss narrowed to $69 million from $106 million. Those improved numbers were helped by a 31% growth in casino revenue ($203 million), meaning there’s hope for this place yet. Hotel revenue, up 16%, continues to be an impressive revenue driver, while the Cosmo scored with both F&B (up 9%), and entertainment/retail (also up 9%).
* NBC-TV is calling Donald Trump‘s bluff on his latest publicity stunt.
