Strip beats the odds; DFS settlement in New York

Not even a 26% decline in baccarat wagers could put a damper on a strong September on the Las Vegas Strip. The house played lucky, experiencing only 8% less baccarat
harrahs-picwinnings. Table gaming wagering was down 9% overall — and yet winnings were 12%, as the house played luckier still — but Strip gaming revenues rose 7.5%, undeterred by 2% less coin-in at the slots but  11% more winnings for the house. Tighter hold didn’t hurt. Since final-weekend slot revenue hasn’t been reported yet (it will be rolled into October) that hurt the locals market, down 6%. The advantage of one extra weekend day was neutralized by having the end of the month fall on a Friday. With a $949 million gross, Nevada gaming revenue was up 4% for the month. Locals slot revenue was 9% down on microscopically higher coin-in, but table revenue was up 5.5% on 10% less money wagered.

Downtown Las Vegas was up 4%, Laughlin down by the same amount. North Las Vegas also ceded 4% but the Boulder Strip went into free fall, down 22%. All uncategorized Clark County markets were up 7%, which bodes well for border communities like Primm and Mesquite. The month was relatively uneventful for Reno and Lake Tahoe. We expect a steady performance from the Biggest Little City in the World but any relief from Tahoe’s volatility is welcome.

* After what FanDuel describes as “tough but fair” negotiations with New York State Attorney General Eric Schneiderman, it and DraftKings reached a modus vivendi with the Schneidermanstate. They avoided the unpleasantness of a trial over prior bad acts, at the cost of a $12 million settlement, and changes to the online language of their terms and conditions of their play, such as removing language like the line that the “average winner’s winnings for the last 12 months [was] $1,263” when 89% of DFS players actually lose money. The DFS providers will have to discontinue disingenuous ads in which people such as a sports analytics professional posing as an Average Joe brags on his DFS winnings. Still, if Schneiderman won the battle, DFS won the war, having been legalized in the Empire State during the last legislative session. At least we can hope to have heard the last of “I’m just a regular guy who goes to work every day. Anybody can win. It’s not just a game against professionals.”

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